Full Year 2024 IMI PLC Earnings Call Transcript

Feb 28, 2025 / 09:00 AM GMT

Release Date Price: $23.85

Transcript

Key Points

Positve

IMI PLC (IMIAF) reported a strong financial performance in 2024, with 4% organic sales growth and 10% organic adjusted operating profit growth.
The company increased its adjusted operating margins by 100 basis points to 19.7% and set a new medium-term margin target of 20% plus.
IMI PLC (IMIAF) announced a 10% increase in the final dividend and a 200 million pounds share buyback program, reflecting confidence in future performance.
The company expects to generate over a billion pounds in free cash flow over the next three years, indicating strong cash generation capabilities.
IMI PLC (IMIAF) successfully managed a cyber incident, returning to normal operations swiftly and enhancing IT security measures.

Negative

The company faced foreign exchange and tax rate headwinds, which impacted adjusted basic EPS growth, limiting it to 5% higher than 2023.
Restructuring costs were higher than initially estimated, totaling 48 million pounds in 2024, which affected overall financial performance.
The life sciences sector experienced a 2% decline in organic revenue, with no forecasted recovery in the near term.
Industrial automation saw a 3% decline in organic revenue due to softer markets in Europe and the Americas.
The company anticipates a one-off exceptional charge of 20 to 25 million pounds in 2025 related to IT systems recovery and infrastructure upgrades following the cyber incident.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IMI.L - IMI PLC
Full Year 2024 IMI PLC Earnings Call
Feb 28, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everybody and welcome to IMI's 2024 preliminary results presentation. I am joined here as usual by Dan Shirk, our CFO.

And the first thing to say is that 2024 was another strong year for IMI demonstrating the success of our growth strategy that we put in place five years ago. We delivered 4% organic sales growth and 10% organic adjusted operating profit growth.

Adjusted operating margins we're up another 100 basis points at 19.7%, and given the confidence we have in the business, we are increasing our medium-term margin target to 20% plus.

Our return on invested capital remains strong, and we had another good year of cash generation with more to come. In fact, over the next 3 years, we expect to generate in excess

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