Jul 26, 2019 / 07:30AM GMT
Roy M. Twite - IMI plc - CEO & Director
Right. Good morning. I'm really excited to stand here in front of you today to present IMI's half year results and my early thoughts around the strategy. This next phase for IMI will have a real emphasis on customers, market-led innovation and profitable growth. We're absolutely focused on improving our through-cycle financial performance.
So turning to the first half, it is pleasing to note that we came in absolutely in line with expectations. Cash delivery was strong, despite the continuing investments in the business. Precision has clearly been impacted by the weakness in Industrial Automation as we signaled in the IMS in May. And as a result, we will take cost action and have increased our expected restructuring cost to GBP 35 million this year, GBP 15 million of which will be spent on Precision. We now expect to drive GBP 30 million of annualized savings from these rationalization programs. Critical orders were up 19% in the first half and margins were robust in the face of the expected reductions in sales. Hydronic also made good progress on
Half Year 2019 IMI PLC Earnings Call Transcript
Feb 13, 2024
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