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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Imi Plc | LSE:IMI | London | Ordinary Share | GB00BGLP8L22 | ORD 28 4/7P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14.00 | 0.81% | 1,739.00 | 1,738.00 | 1,740.00 | 1,743.00 | 1,735.00 | 1,736.00 | 14,824 | 09:00:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Manufacturing Industries,nec | 2.2B | 237.3M | 0.9076 | 19.16 | 4.55B |
From Apr 2019 to Apr 2024
TIDMIMI
RNS Number : 5084U
IMI PLC
29 March 2019
29 March 2019
Annual Financial Report of IMI plc (LEI: 2138002W9Q21PF751R30)
IMI plc (the "Company") announces that copies of the Annual Report and Accounts for the year ended 31 December 2018 and the Notice of Annual General Meeting for 2019 are available from today on the Company's website www.imiplc.com and may be viewed and downloaded online at www.imiplc.com/investors (click on Annual Reports).
Hard copy documents are being posted to shareholders who have elected to receive them and are also available from the Company Secretary at the Company's registered office at Lakeside, Solihull Parkway, Birmingham Business Park, Birmingham, B37 7XZ.
Copies of the above documents, together with the form of proxy for the 2019 Annual General Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at:
http://www.morningstar.co.uk/uk/nsm
The Company's 2019 Annual General Meeting will be held at the Crowne Plaza Hotel, Pendigo Way, Marston Green, Birmingham on Thursday 9 May 2019, commencing at 10am.
The Company's preliminary results announcement of 1 March 2019 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The Annual Report and Accounts submitted to the National Storage Mechanism today also contains information regarding the Company's principal risks and uncertainties and a responsibility statement relating to the content of the Annual Report and Accounts (from the Directors in office as at 28 February 2019); an extract of this information is provided below as required under paragraph 6.3.5 of the DTR, however this material should be read in conjunction with and is not a substitute for reading the preliminary results announcement of 1 March 2019.
This announcement should be read in conjunction with and is not a substitute for reading the full Annual Report and Accounts.
There are no related party transactions requiring disclosure.
Page and note references in the text below refer to page numbers and notes in the Annual Report and Accounts.
Statement of Directors' Responsibilities
The following statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 143 of the Annual Report and Accounts and is signed by order of the Board by John O'Shea, Company Secretary. Responsibility is for the full Annual Report and Accounts and not the extracted information presented in this announcement or the preliminary results announcement.
Directors' responsibility statement under the Disclosure and Transparency Rules
Each of the directors, as at the date of this report, confirms that:
-- the Group and parent company financial statements in this Annual Report, which have been prepared in accordance with applicable UK law and with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the Annual Report (which includes the Directors' Report and the Strategic Report) includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the principal risks and uncertainties that they face.
Our risk management framework
The Board has overall responsibility for ensuring that we manage our risk exposure appropriately to achieve our strategic objectives and build sustainable shareholder value.
The Board determines our risk appetite and monitors and reviews the risk management processes we operate. The Board delegates responsibility for implementing and monitoring internal controls and other elements of risk management to the Chief Executive and the Executive Committee. The Board has also tasked its committees with responsibility for key areas of risk, as follows:
>> oversight of financial reporting, internal financial controls and assurance processes - the Audit Committee;
>> succession risk - the Nominations Committee; and >> remuneration and incentive structure risk - the Remuneration Committee
Our risk appetite
In determining our risk appetite, the Board considers a number of factors including our strategic opportunities, the risks that could affect our business and our ability to mitigate their impact. Our risk appetite, the nature and level of risk we are prepared to accept to achieve our strategic objectives, is divided into three categories: prudent, balanced and receptive.
How we approach risk management
Across the Group we operate a "top-down, bottom-up approach" to risk management which is illustrated below. This approach allows the Board and the senior leadership team to actively assess strategic risks and monitor the measures used to mitigate, transfer or avoid such risks. It also ensures that operational risks are identified and managed at multiple levels and that key risk information is communicated effectively across the Group.
Our risk management process is embedded in all our businesses. It provides guidance on how to identify, evaluate and manage risks which could impact our performance and our ability to implement our strategy.
Hot Features
Premium
Strategic risk management Operational risk management process
process
--------------------------------------- --------------- ---------------------------------------
>> Determines risk appetite. Board >> Reviews bi-annually a detailed
>> Reviews principal risks. analysis of the Group's risk profile
>> Monitors and reviews risk including supporting divisional
management processes. data and the actions undertaken
to ensure compliance with the
UK Corporate Governance Code.
>> Reviews annually the effectiveness
of the Group's internal controls.
--------------------------------------- --------------- ---------------------------------------
>> Responsible for ensuring Divisional >> Develops bi-annually a detailed
risk management culture is and Executive Group and divisional risk profile
integrated across their division Committee which is based on information
and aligned to the Group's uploaded to the Group intranet
objectives. by each manufacturing operation.
>> Determines principal risks This profile analyses each division's
and mitigation strategies. most significant risks and outlines
>> Monitors changes in the mitigation strategies.
risk profile.
>> Monitors quality and effectiveness
of business level risk management
processes.
--------------------------------------- --------------- ---------------------------------------
>> Operates and monitors an Operating >> Maintains an up-to-date risk
active and effective risk companies profile which identifies the key
management process. risks facing the business, assesses
>> Updates operating companies mitigating processes and controls,
on principal risks and mitigation operates key performance indicators
strategies. to validate the effectiveness
>> Operates reporting systems of those controls and identifies
that increase management ownership areas for improvement.
and accountability. >> Publishes risk profiles for
each manufacturing operation to
the Group intranet twice a year.
>> Provides monthly updates on
key risks, mitigation and controls
through incorporation of risk
profile data in monthly management
reporting process.
--------------------------------------- --------------- ---------------------------------------
Our principal risks
The principal risks facing the Group are shown in order of priority in the table below. This analysis covers how each risk could impact our strategy and explains what we are doing to monitor and mitigate each risk area.
The Group is also exposed to broader financial market risks, in particular, currency exchange rate volatility following the Brexit referendum. A description of these risks and our centralised approach to managing them is described in Section 4.4 of the financial statements.
Principal Risks Why we think this is How we are managing
important risk
----------------------------------- ---------------------------------- ------------------------------------
GLOBAL ECONOMIC >> The threat of a >> Build flexibility
OR POLITICAL INSTABILITY 'no-deal' Brexit is to respond to market
>> The possibility the risk of both EU conditions and the
that the UK leaves and UK ports not coping potential impact associated
the EU with neither with the additional with Brexit.
a transition period volume of customs work >> Divisional project
nor a free trade agreement which could impact teams formed to identify
in place continues our supply chain and 'no-deal' Brexit risks
to pose a risk to the sales delivery. and build mitigation
supply chains, ongoing >> The Group operates contingency plans.
operations and profitability in diverse global markets EU-UK cross-border
of the Group. and demand for our transaction flows have
>> IMI Critical Engineering products is dependent been mapped, and critical
continued to face highly on economic and sector-specific supply chain risks
competitive markets environments. identified by customer
and an ongoing slow-down >> A downturn in a and part, with specific
in the New Construction global or regional action plans put in
Fossil Power sector. economy or political place. Our main objective
The impact has been instability could impact and the focus of our
managed through ongoing end market demand, contingency planning
restructuring actions negatively impacting is to minimise interruptions
including expanding revenue and our ability to our supply chain
the division's Value to deliver our strategy and ensure our customer
Engineering activities and achieve market delivery commitments
and entering new less expectations. are met.
severe market areas. >> Maintain a balanced
>> Whilst remaining portfolio operating
in a strong competitive across a range of markets,
position, IMI Precision sectors and geographies
Engineering has also with no single dependency.
experienced volatility >> Monitor key customers
in some geographies and respond quickly
and sectors. to changes in their
>> IMI Hydronic Engineering demands.
markets remained stable >> Utilise core forecasting
with steady growth processes that ensure
in most markets, and operational output
right-sizing actions can be right-sized
were undertaken to to market demand.
ensure the business >> Undertake enhanced
could respond to market stress testing and
changes. sensitivity analysis
of business plans and
regularly review key
market and sector metrics.
>> Focus on enhancing
competitiveness by
increasing investment
in New Product Development
and Value Engineering
and improving operational
performance.
>> Develop robust contingency
plans to ensure agility
to realign the cost
base as required.
----------------------------------- ---------------------------------- ------------------------------------
FAILURE TO DELIVER >> The Group is continually >> Operate robust systems
MAJOR evolving, both in response and procedures to manage
TRANSFORMATIONAL PROJECTS to external market and monitor business
ON TIME AND ON BUDGET pressures and to achieve projects, including
>> Successful ERP implementations our strategic goals. clear and measurable
across the Group in >> Change projects milestones, which are
2018 continued to demonstrate include business reorganisations reviewed regularly
the proficiency of and implementations by Divisional Managing
our system implementation of complex new IT systems. Directors.
teams and proven effective >> Failure to deliver >> Review major project
control. these change projects progress at monthly
>> IMI Critical Engineering on time and on budget, Executive Committee
has successfully managed and failure to respond meetings.
a number of significant to changing market >> Continue to enhance
restructuring projects conditions, could adversely risk assessment processes
over the course of impact our financial and mitigation action
2018 - including several performance. plans.
plant closures - on >> Undertake specialist
time and to budget. IT and Group Assurance
reviews of major IT
projects.
>> Develop detailed
contingency plans.
>> Hold monthly operational
and ERP steering committee
meetings which rigorously
review project progress.
>> Post go-live audits
to review progress
on implementation plans.
----------------------------------- ---------------------------------- ------------------------------------
QUALITY ISSUES LEADING >> Developing safe, >> Established Group-wide
TO innovative and technically standard for Advanced
PRODUCT FAILURE, RECALL, advanced products is Product Quality Planning
WARRANTY ISSUES, INJURY, at the heart of what process (APQP) which
DAMAGE OR DISRUPTION we do. every business reports
TO >> Failure to deliver on weekly and monthly.
CUSTOMERS' BUSINESS the quality required This identifies improvements
>> Our operational could result in negative in the early phases
performance continued financial and reputational of the development
to improve over the damage. process.
course of 2018. Details >> Continued focus
of key developments on Quality Management
can be found on page Systems and audits.
22. >> Test finished products
>> During the year, and secure customer
we successfully launched sign-off on the most
a range of new products, critical products.
maintaining our high >> Deploy targeted
standards for quality Lean events to improve
and customer satisfaction. quality, including
The level of risk has implementation of Obeya
remained the same year-on-year reviews. Reviewed every
due to the strength 6-months with Group-wide
of the procedures and Lean assessment programme.
controls in the New >> Continue to upgrade
Product Development talent with a focus
process. on quality and product
development expertise
and experience.
----------------------------------- ---------------------------------- ------------------------------------
FAILURE TO INTEGRATE >> An integral part >> Undertake annual
ACQUISITIONS SUCCESSFULLY of our strategic plan review to identify
AND DELIVER THE REQUIRED is to make value enhancing potential target acquisitions
SYNERGIES acquisitions. that align with our
>> Our post acquisition >> Failure to deliver strategy.
integration process, the post-acquisition >> Identify hard and
which deploys a mix strategy could reduce soft synergies within
of divisional and Group the value of acquired targeted acquisition
resources, ensures businesses. opportunities.
that the right people >> Adhere to formal
across all disciplines acquisition approval,
are available to successfully due diligence and post-acquisition
project manage acquisition integration processes.
integration. >> Deploy a rigorous
>> Successfully deployed 100-day process to
the integration process effectively monitor
to monitor and manage and manage post acquisition
Bimba Manufacturing integration.
post acquisition. Progress
has been tracked using
a structured integration
plan with key milestones
and responsibilities.
----------------------------------- ---------------------------------- ------------------------------------
FAILURE TO COMPLY WITH >> The global markets >> Committed to fostering
LEGISLATION OR A BREACH and regulatory environment a positive culture
OF OUR OWN HIGH STANDARDS demand the highest underpinned by core
OF ETHICAL BEHAVIOUR standards of conduct values and behaviours
>> We do not engage and adherence to compliance that promote fair and
with customers, suppliers rules and procedures. ethical working practices.
or any other third >> Failure to comply >> Continue a robust
parties who are not with legislative requirements internal controls declaration
aligned with our own or a breach of our process.
code of conduct and Code of Conduct could >> Established dedicated
strong ethical standards. result in significant compliance resources
>> During the year financial and reputational at Group, divisional
we introduced internal damage. and local levels. Each
controls and procedures >> As we expand our division have specific
to ensure compliance operations to achieve compliance plans in
with the EU General growth it is essential place which are executed
Data Protection Regulation. that we maintain our over the course of
>> Prior to the November high standards of conduct the year.
2018 deadline, we closed and compliance procedures. >> All employees are
down all trading activities >> Legislative requirements provided with easy
with Iran following in relation to tax, access to policies,
the re-imposition of anti-bribery, fraud manuals, guidelines
US sanctions. and competition law and standard operating
>> The challenging include rigorous monitoring procedures via our
territories in which and training of new global intranet.
we operate make the and existing employees. >> Undertake regular
risk of regulatory employee training focused
breach a continued on key risk areas such
area of focus. As such, as fraud, antibribery
our risk profile remains and corruption and
unchanged. how to apply the IMI
Way in everyday situations.
>> Operate a confidential
independent hotline
to report concerns.
>> Undertake rigorous
due diligence and approval
procedures on third
party agents. Terminate
all non-compliant agents.
>> Operate stringent
procedures and processes
for dealings with higher
risk territories, including
formal training for
relevant employees.
>> Actively monitor
and manage trade sanctions.
----------------------------------- ---------------------------------- ------------------------------------
FAILURE TO MANAGE >> We depend on a significant >> Authorise the purchase
THE SUPPLY CHAIN number of suppliers and manufacture of
>> The possibility who provide essential long lead-time components
that the UK leaves products and services. to and from our UK/EU
the EU with neither >> Failure to manage supply base.
a transition period our supply chain, especially >> Execute our contingency
nor a free trade agreement in respect of quality plans in the case of
in place continues or on-time delivery a 'no-deal' Brexit
to pose a risk to the to our customers, could and continue to monitor
supply chains, ongoing have a material impact the situation and react
operations and profitability on our financial performance accordingly.
of the Group. and reputation >> Monitor risks on
>> Growth in our IMI a regular basis and
Precision Engineering develop contingency
markets has placed plans to mitigate the
pressure on our suppliers, impact of supplier
in some cases impacting failure, increased
on our delivery performance pricing or any other
in 2018. In response, supplier associated
the division upgraded risk.
its supplier management >> Assess specific
processes and is executing Supplier Code of Conduct
specific improvement risks across divisional
plans for critical supply chains and audit
suppliers. high-risk suppliers
for all aspects of
supply chain risk including
Modern Slavery.
>> Operate preferred
supplier lists for
all major materials
and components. Where
appropriate, certain
suppliers are operating
under a framework agreement.
>> Regular review meetings
with key suppliers
and, as required, deploy
escalation meetings.
>> Monitor key supplier
performance using supplier
scorecards.
>> Carry adequate safety
stock and/or maintain
dual supply sources
for critical components.
----------------------------------- ---------------------------------- ------------------------------------
UNAUTHORISED ACCESS >> While we have a >> Continue our IT
TO well-developed strategy Security Improvement
OUR IT SYSTEMS to keep abreast of programme across the
>> The digital and new threats and continually Group. This includes
security threat environment improve the Group's 24/7 network monitoring
in relation to our IT infrastructure, via a security operations
IT systems and infrastructure we cannot guarantee centre.
is constantly and quickly that our actions are >> Centralised security
evolving. We continued keeping pace with the software in place.
to invest in strengthening constantly evolving Continued emphasis
our IT systems and threat environment. on upgrading and strengthening
protecting our data, >> Unapproved access our existing hardware
alongside raising awareness to our IT systems could and software against
of cyber security across result in loss of intellectual new and emerging threats.
all parts of our business. property, fraudulent >> Monthly reviews
>> During 2018 the activity, theft and with Divisional Managing
Group significantly business interruption. Directors to assess
upgraded our anti-malware, progress and monitor
intruder detection, future actions and
USB device control priorities.
and internet filtering >> Continue to raise
capabilities. In addition, awareness of cyber
we have deployed laptop security through regular
encryption and completed employee communications.
a significant number >> Instigated disaster
of firewall replacements recovery plans on all
to reinforce our infrastructure essential IT assets,
against new and emerging including stringent
threats. system back up procedures
>> A security awareness at all of our businesses
campaign, 'Be Cyber
Safe' commenced roll
out during 2018 and
will continue to run
throughout 2019.
----------------------------------- ---------------------------------- ------------------------------------
INCREASINGLY COMPETITIVE >> Increased competition >> Continue to embed
MARKETS could lead to loss effective New Product
>> Market dynamics of customers and/or Development processes
continues to be a significant pricing pressures resulting including competitor
consideration for the in lost sales, reduced tear down testing,
Group and impacts all profits and margin benchmarking competitor
three divisions. We deterioration. products and Value
have experienced increases Engineering.
in material, labour >> Active participation
and other costs which in international trade
impacted our business fairs and shows.
over the course of >> Utilise our metrics
2018. to track performance
>> Value Engineering and identify areas
processes enabled IMI for improvement.
Critical Engineering >> Continue to review
to win GBP180m of new site capacity to ensure
orders in 2018. best utilisation and
>> Divisional restructuring improve productivity.
activities continue >> Developed standard
to efficiently manage costings to ensure
our fixed cost base thorough understanding
and will remain an of product cost and
ongoing focus over internal processes
the course of 2019. to track and manage
cost increase appropriately.
>> Continue to enhance
operational performance,
quality delivery and
service standards through
Lean implementation.
>> Undertake regular
customer feedback performance
surveys and implement
action plans where
improvements are required.
>> Continue Value Engineering
activities in all three
divisions to deliver
better, more cost-effective
products to the customer.
>> Operate market specific
pricing strategies
to maintain margins
and continually review
supply chain performance
to mitigate or defer
input cost inflation.
----------------------------------- ---------------------------------- ------------------------------------
NEW PRODUCT >> Our sustainable >> Embed New Product
DEVELOPMENT long-term growth is Development into strategic
>> Our end to end Advanced reliant on delivering planning process with
Product Quality Planning a pipeline of innovative technology and product
(APQP) and New Product new products. roadmaps included in
Development processes >> Failure to deliver each division's five-year
have successfully delivered market leading products plan.
competitively priced on time and on budget >> Continue to invest
new products to market. will impact our ability in research and development
>> During 2018, processes to grow. to ensure we target
covering design, prototyping, the most profitable
testing, costing and opportunities.
launch to markets, >> Established centres
were embedded across of design and technological
all three divisions. excellence.
>> A New Product Development >> Track new product
and Future Innovation introduction plans
strategy was put in and actions on both
place for each division a weekly and monthly
in 2018. basis.
>> Further information >> Track key performance
about our New Product metrics including sales
Development activities from new products and
are detailed on page research and development
24. spend against sales.
>> Continue competitor
product tear down and
testing.
Enquiries to:
James Segal Corporate General Counsel Tel: 0121 717 3700
John Dean Investor Relations Tel: 0121 717 3700
End.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSJLMBTMBITBML
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