94
IMI plc
The following table illustrates how the results for the segments reconcile to the overall results reported in the income statement.
Revenue
Operating profit
Operating margin
2014
2013
2014
2013
2014
2013
£m
£m
£m
£m
%
%
Continuing operations
IMI Critical Engineering
692
716
119.8
116.8
17.3%
16.3%
IMI Precision Engineering
710
723
126.4
140.5
17.8%
19.4%
IMI Hydronic Engineering
284
305
51.9
64.3
18.3%
21.1%
Total continuing segmental revenue/operating profit/operating margin
1,686
1,744
298.1
321.6
17.7%
18.4%
Restructuring costs (non-exceptional)
(2.6)
-
Total segmental revenue/operating profit/operating margin after
non-exceptional restructuring
1,686
1,744
295.5
321.6
17.5%
18.4%
Reversal of net economic hedge contract losses/(gains)
6
(1)
3.9
(5.1)
Restructuring costs (exceptional)
(8.6)
(14.2)
Gains on special pension events
7.0
-
Impairment losses
(40.8)
-
Acquired intangible amortisation
(19.6)
(21.9)
Gains on disposal of subsidiaries
34.2
-
Acquisition and disposal costs
(1.8)
(9.9)
Total revenue/operating profit reported
1,692
1,743
269.8
270.5
Net financial expense
(24.1)
(21.2)
Profit before tax from continuing operations
245.7
249.3
Retail Dispense - discontinued operations
Beverage Dispense
-
337
-
51.2
-
15.2%
Merchandising
-
174
-
29.8
-
17.1%
Discontinued segmental revenue/operating profit
-
511
-
81.0
-
15.9%
Total Group revenue/operating profit
1,686
2,255
298.1
402.6
17.7%
17.9%
As explained on the previous page, the following table illustrates how the Group’s 2014 segmental reporting would be presented on the new basis to be used
for our 2015 reporting.
Revenue
Operating profit
Operating margin
2014
2014
2014
First half Second half
Total
First half Second half
Total
First half Second half
Total
£m
£m
£m
£m
£m
£m
%
%
%
Continuing operations
IMI Critical Engineering
315
377
692
56.1
75.3
131.4
17.8% 20.0% 19.0%
IMI Precision Engineering
355
355
710
69.4
69.1
138.5
19.5% 19.5% 19.5%
IMI Hydronic Engineering
139
145
284
25.8
31.0
56.8
18.6% 21.4% 20.0%
Corporate Costs
(14.1)
(14.5)
(28.6)
Total continuing segmental revenue/
operating profit/ operating margin
809
877
1,686
137.2
160.9
298.1
17.0% 18.3% 17.7%
The following table illustrates how revenue and operating profit have been impacted by movements in foreign exchange, acquisitions and disposals.
Revenue
Operating profit
IMI Critical
IMI Precision IMI Hydronic
IMI Critical
IMI Precision IMI Hydronic
Engineering Engineering Engineering
Total
Engineering Engineering Engineering
Total
£m
£m
£m
£m
£m
£m
£m
£m
31 December 2013
716
723
305
1,744
116.8
140.5
64.3
321.6
Organic growth
16
25
(2)
39
10.6
(3.8)
(9.1)
(2.3)
Movement in foreign exchange
(37)
(40)
(19)
(96)
(6.9)
(7.6)
(3.3)
(17.8)
Impact of acquisitions and disposals
(3)
2
-
(1)
(0.7)
(2.7)
-
(3.4)
31 December 2014
692
710
284
1,686
119.8
126.4
51.9
298.1
Organic growth %
2% 4% -1% 2% 10% -3% -15% -1%
SECTION 2 – RESULTS FOR THE YEAR
Continued
