IMI PLC on Friday reported a solid annual performance despite logistics and inflation challenges, and is confident of an even stronger 2022.

The Birmingham, England-based engineering company reported a 14% rise in pretax profit to £244.6 million in 2021 from £214.3 million in 2020.

Revenue increased 2.2% to £1.87 billion from £1.83 billion.

Chief Executive Roy Twite said: ‘In 2021 we have made excellent progress with our accelerated growth strategy through increasing customer intimacy, market-led innovation and reducing complexity. The Growth Hub and Sprint Teams continue to lead important cultural change, as well as increasing orders. We also completed the acquisition of Adaptas in the attractive Life Sciences market and concluded a £200 million share buyback programme.’

IMI acquired Massachusetts-based laboratory equipment manufacturer Adaptas Solutions last December.

IMI did note that it has felt the global supply chain crunch as well as input price inflation.

‘Like most industrials, IMI has experienced supply chain constraints for certain components as well as increased inflation, creating continuing pressure for the sector and IMI. This pressure continues to be well managed, minimising the impact on service levels to our customers and protecting financial returns,’ the company said.

A final dividend of 15.8 pence per share was declared, which was a 5.3% rise from 2020’s 15.0p. This brings the full year payout to 23.7p, up 5.3% from 22.5p.

IMI expects 2022 full-year adjusted earnings per share to surpass the 100p mark and group margins between 18% and 20%. This compares to an EPS of 92.0p and margins of 17.0% in 2021.

IMI shares were up 0.6% to 1,507.60p each on Friday morning in London.

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