IMI Annual Report & Accounts 2014 - page 38

Down 3%
Up 3%
£692m
Operating profit
£119.8m
Revenue
Oil & Gas
IMI Critical Engineering is the global market leader
in the supply of anti-surge valve and actuator
systems to the world’s largest LNG compression
facilities, including Gorgon in Australia. Our systems
operate below -160°C, with ultra-fast response to
maximise liquid natural gas production while
protecting the compressor.
Petrochemical
IMI Critical Engineering is the global leader in the design
and manufacture of integrated flow control systems for
critical applications in Fluid Catalytic Cracking (FCC).
We also supply bespoke valves into the ethylene and
polypropylene production processes, as well as for
delayed coking at temperatures up to 1,600°C.
Power – Fossil & Nuclear
IMI Critical Engineering supplies the critical, customised
turbine by-pass valves to the world’s most efficient
power stations. Our valves control high pressure super-
heated steam at temperatures up to 650°C, protecting
the turbine and optimising power yield. Globally, we
have an installed base of over one hundred thousand
valves and are a leader in the combined cycle gas
sector. We also supply both products for new nuclear
reactors and upgrades to existing facilities to improve
safety levels. To date we have supplied products to
over half the world’s reactor fleet.
Operational Review
IMI Critical Engineering
IMI Critical Engineering is a world-leading provider of flow
control solutions that enable vital energy and process industries
to operate safely, cleanly, reliably and more efficiently.
We operate a global service network, with manufacturing
facilities in 12 countries and employ over 4,300 talented people
across a range of disciplines, all committed to providing excellent
service to our customers.
We design, manufacture and install customised, highly engineered
solutions for new plant builds and also provide complete plant
lifecycle service support. This ensures that our customers benefit
from efficient maintenance, speedy issue resolution and plant
optimisation at all times.
Our products are at the heart of complex energy and production
processes. They control the flow of steam, gas and liquids in harsh
environments – they are designed to withstand temperature,
and pressure extremes, as well as intensely abrasive or corrosive
cyclical operations.
Our engineering expertise sets us apart. We combine technical
knowledge, engineering design capability, application experience
and innovative custom-designed products to deliver safe, reliable
and durable solutions.
Performance
Full year order intake at £686m (2013: £742m) was flat on an organic basis (after
adjusting for disposals and exchange rate movements). In the second half order intake
increased 16% on an organic basis. The Oil & Gas sector, where we have a significant
position in the LNG market, continued to be strong with orders up 3% despite order
intake in the prior year including a £40m contract for a high integrity pressure protection
system (HIPPS). Despite slower new order activity in China, Fossil Power orders were
up 4% on the prior year. In the Petrochemical sector, orders were down 12% mainly
due to lower project activity in China. As anticipated, Nuclear orders were down 27%
reflecting ongoing weakness in the market post-Fukushima. As previously announced,
as a result of a material drop in demand in the nuclear fuel enrichment market, we took
the decision to close the IMI Components manufacturing site in Birmingham,
UK which supplied non-valve components.
36
IMI plc
Engineering
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