- Engineering company IMI reported a rise in profit as cost cuts offset a slip in revenue on weaker performance in its motion control and commercial vehicle businesses.

For the year ended 31 December, pre-tax profit rose 11% to £227 million year-on-year, while revenue slipped 3% to £1.83 billion.

Following its decision to reset its dividend cover ratio, the company proposed a final dividend of 15.0 pence, down from 26.2 pence, taking the total dividend for the year to 22.5 pence, a decrease versus last year's 41.1 pence

Looking ahead, the company expects a reversal of the temporary surge of ventilator demand to be largely offset by improving markets in motion control and commercial vehicle.

Baring no worsening impact from coronavirus, the company forecast 2021 adjusted earnings per share of between 75 pence and 82 pence.

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