IMI PLC (LON:IMI) has announced its 2026 Half Year Results
Consistent execution delivers a strong first half performance
On track to deliver our sixth consecutive year of mid-single digit organic revenue growth
Full year guidance reconfirmed
2026 Half Year Results
| Adjusted1 | Statutory | ||||||
| H1 2026 | H1 2025 | Change | Organic4 | H1 2026 | H1 2025 | Change | |
| Revenue | £1,159m | £1,091m | 6% | 5% | £1,159m | £1,091m | 6% |
| Operating profit | £217m | £198m | 10% | 8% | £201m | £158m | 27% |
| Operating margin | 18.7% | 18.2% | 50bps | 17.3% | 14.5% | 280bps | |
| Profit before tax | £209m | £190m | 10% | £190m | £163m | 17% | |
| Basic EPS | 63.4p | 56.1p | 13% | 57.7p | 45.7p | 26% | |
| Operating cash flow 2 | £208m | £158m | 32% | £262m | £172m | 52% | |
| Free cash flow3 | £171m | £30m | 472% | ||||
| Dividend per share | 12.1p | 11.0p | 10% | ||||
| Net debt / EBITDA5 | 1.2x | 1.4x | |||||
1 Excluding the effect of adjusting items as reported in the consolidated income statement. See Note 2 for definitions of alternative performance measures.
2 Adjusted operating cash flow, as described in Note 2 to the financial statements. Statutory measure is Cash generated from operations as shown on the cash flow statement.
3 Free cash flow before corporate activity – dividends, M&A and share buybacks.
4 After adjusting for acquisitions, disposals and exchange rates (see Note 3).
5 Net debt / Adjusted last twelve months EBITDA.
Highlights
· One IMI operating model compounding earnings growth
o 5% organic revenue growth and 8% organic adjusted operating profit growth
o Statutory revenue 6% higher and statutory operating profit up 27%
o £78m of Growth Hub orders, up 22%
o Adjusted operating margin of 18.7%, 50 basis points higher than H1 2025
o Adjusted basic earnings per share 13% higher than H1 2025
· Automation revenue up 5% organically
o Another strong performance in Process Automation, Aftermarket orders up 7% organically
o Industrial Automation benefiting from improved market conditions and softer H1 comparator
· Life Technology revenue up 5% organically
o Continued demand in Climate Control, £18m of data centre orders (H1 2025: £6m)
o Good organic growth in Life Science & Fluid Control and Transport
· Over £300m returned to shareholders in the first half
o Adjusted operating cash flow up 32%, free cash flow materially higher
o £500m share buyback progressing, £250m completed in the first half
o 10% increase in interim dividend declared
· Full year guidance reconfirmed
o On track to deliver our sixth consecutive year of mid-single digit organic revenue growth
o Continue to expect full year adjusted basic EPS to be between 136p and 142p
o Underlying adjusted EPS (ex. Truflo Marine) in line with typical c.45% H1 / 55% H2 weighting
Roy Twite, Chief Executive Officer, said:
“I would like to thank all of our people at IMI for their commitment, hard work and pride in delivering another strong performance.
The first half of 2026 demonstrates our strategy in action: consistent execution of the One IMI operating model, supported by three long-term megatrends – Energy, Automation and Healthcare. We delivered 5% organic revenue growth, 8% organic adjusted operating profit growth and a further 50 basis points of adjusted operating margin expansion.
Over half of IMI’s revenue is directly supported by rising energy demand and the need for greater energy efficiency. We saw strong demand in Nuclear, Power and LNG in the first half, as we continue to benefit from widespread electrification and investment in data centres.
IMI is a growing, highly cash generative business with a clear and disciplined approach to capital allocation. This gives us the flexibility to continue investing in organic growth, pursue value-enhancing bolt-on acquisitions and return capital to shareholders. We returned over £300m to shareholders during the first half and are pleased to declare a further 10% increase in the interim dividend today.
The strength of our first half performance gives us confidence in our outlook for 2026. We remain on track to deliver our sixth consecutive year of mid-single digit organic revenue growth. We continue to expect full year adjusted basic earnings per share to be between 136p and 142p.”
