IMI full-year profit little changed; to buy back shares

March 7 Thu Mar 7, 2013 2:20am EST

March 7 (Reuters) - British engineering company IMI Plc reported a marginal rise in full-year adjusted pretax profit and said it plans to buy back up to 175 million pounds ($263 million) of its shares over the next 12 months.

The company, which makes fluid control systems such as valves and beverage dispensers, said it expects market conditions to remain subdued in the first half of 2013 but to improve gradually as the year progresses.

Adjusted pretax profit rose to 366.3 million pounds in 2012 from 363.4 million pounds a year earlier.

Revenue increased 3 percent to 2.19 billion pounds.