IMI PLC on Friday declared a 10% improved interim dividend and announced a £100 million share buyback, following a rise in half-year profit.

The Birmingham, England-based engineering firm also said Chief Financial Officer Daniel Shook will leave next year, though no earlier than May, after nine years with the company. And it named a new chief operating officer.

IMI said pretax profit was £162.5 million, up 17% from £138.5 million a year before, as revenue inched up 1.3% to £1.10 billion from £1.08 billion.

Revenue from the Automation division was up 5%, while revenue from Life Technology was down 5%. On an organic basis, total revenue was up 5%, including a 9% rise for Automation and 1% decline for Life Technology.

Adjusted operating profit was £196 million, up 1.6% from £193 million a year before, and up 6% organically. The adjusted operating profit margin improved to 17.9% from 17.8%.

IMI said this was in line with expectations.

At the half-year stage, basic earnings per share was 48.2 pence, up 14% from 42.2p, and adjusted basic EPS was 54.7 pence, up 1.3% from 54.0p. IMI said it still expects 120p to 126p in adjusted basic EPS for all of 2024. This would be up at least 2.7% from 116.8p in 2023.

IMI declared a 10.0 pence interim dividend, up 10% from 9.1p a year before. It also announced at £100 million share buyback, without providing further details.

The company said it has started a search for a new CFO to replace Shook. It named Jackie Hu as COO, reporting to Chief Executive Officer Roy Twite. Hu currently is CEO of the Automation division.

IMI shares were up 0.6% to 1,812.00p early Friday in London.

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