LONDON -(Dow Jones)- IMI PLC (IMI.LN), an international engineering group, said Thursday for the six months ended June 30 pretax profit fell 23% to GBP79.7 million from GBP103.7 million a year earlier.
MAIN FACTS:
-Revenue GBP900 million (2008: GBP911 million)
-Segmental operating profit GBP97.4 million (2008: GBP120.6 million)
-Adjusted profit before tax* GBP86.4 million (GBP114.2 million)
-Operating profit GBP89.5 million (2008: GBP108.8 million)
-Adjusted earnings per share** 18.5 pence (24.5 pence)
-Basic earnings per share 17.0 pence (2008: 22.2 pence)
-Diluted earnings per share 17.0 pence (2008: 22.0 pence)
-Restructuring costs GBP17.5 million (2008: GBP5.6 million)
-Net borrowings at June 30 GBP264 million (Dec.31, 2008: GBP299 million)
-Dividend 8.0 pence (2008: 8.0 pence)
-Underlying levels of demand appear to have stabilised following very sharp reductions seen in some businesses in early part of year.
-Not assuming any improvement in general economic conditions during second half
-Well placed to benefit when it improvement materialises.
-*before restructuring, investigation costs and fines, acquired intangible amortisation and impairment and financial instruments, excluding economic hedge contract gains and losses) totalling GBP6.7 million (2008: GBP10.5 million)
-**before after tax cost of exceptional items totalling GBP4.6 million (2008: GBP7.2 million)
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com