13 May 2005
13 May 2005
IMI plc Annual General Meeting
IMI plc, the major international engineering group, is holding its 2005 Annual
General Meeting at 12 noon today. At the meeting Jim Leng, Chairman, will
'2004 was another year of solid progress, with profit before tax, goodwill
amortisation and exceptional items at £155.4m being the highest ever made by the
Group, and adjusted earnings per share up 12% from 25.7p to 28.9p.
As part of the ongoing capital management of the Group, we announced in March
that we would undertake an on-market share buy-back programme. To date we have
purchased 5 million shares at an average price of 404.5p and retain the shares
We reported in March that we had provided certain confidential information to a
number of parties who had expressed an interest in acquiring Polypipe. Some of
these parties have been invited to participate in more detailed discussions and
an update will be given as appropriate in due course.
The first four months of this year overall have been much as expected, with
mainland Europe and the UK somewhat subdued but encouraging momentum elsewhere.
Although there are some indications that general macro-economic conditions may
be less favourable our expectations for 2005 remain unchanged from those
communicated in March.'
In accordance with our usual practice, it is our intention to issue a trading
update on 30 June 2005, which will comment in more detail on current trading.
For further information contact:
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne / Susanne Walker / Stephanie Badjonat Tel: 020 7067 0700
Information about IMI plc can be found on the website: www.imiplc.com
Note to editors:
IMI plc is an international engineering business specialising in innovative
solutions and services for a wide range of industrial and retail customers. Its
future growth is being built on the two business areas of Fluid Controls and
IMI's operations in these two business areas share the following core
characteristics: strong market positions in growing markets; the ability to be
clearly differentiated from their competitors through technological innovation
or after-sales service; and the provision of 'added value' through bespoke
solutions rather than a high manufacturing or material content.
IMI is quoted on the London Stock Exchange and is capitalised at approximately
This information is provided by RNS
The company news service from the London Stock Exchange