IMI PLC (LSE:IMI) surged more than 5% on Friday after the engineering firm unveiled a £200 million buyback and flagged record profits for last year.
Operating profit was up 6% at £436 million on a 1% increase in revenue to £2.2 billion in the year to December 31, results showed.
Trading in process automation had been “outstanding,” while good demand and resilience was highlighted in its climate control and industrial automation wings respectively.
A full-year dividend of 31.1p per share was declared, marking a 10% increase, while an additional £200 million buyback, adding to £100 million of repurchases in 2024, was unveiled.
"Based on current market conditions, we anticipate another year of strong financial and strategic progress in 2025," chief executive Roy Twite commented.
Shares jumped 5.3% to 1,993p on the results.