Mission Statement, Vision, & Core Values (2025) of IMI plc.

An Overview of IMI plc

An Overview of IMI plc

IMI plc, founded in 1862, is a UK-based engineering company specializing in advanced fluid and thermal management. Historically, the company has developed a strong reputation through its innovative solutions in areas such as control technologies, motion and fluid control, and heat exchange. IMI operates through three main divisions: IMI Precision Engineering, IMI Hydronic Engineering, and IMI Critical Engineering. As of 2024, IMI's sales have reached approximately £1.68 billion, a reflection of robust demand across its product lines.

Company's Financial Performance

In the latest financial report for the year 2023, IMI plc recorded a remarkable revenue increase, reporting a total revenue of £1.68 billion, marking a year-on-year growth of 15%. The growth was predominantly driven by strong sales in the IMI Precision Engineering sector, which alone contributed about £800 million to the total revenue.

The company's operating profit for the year was reported at £400 million, resulting in an impressive operating margin of 23.8%. This performance highlights the efficiency and effectiveness of IMI’s operational strategies. The net profit for 2023 stood at £300 million, yielding an earnings per share (EPS) of £1.50, up from £1.20 in the previous year.

Geographically, IMI has seen significant growth in the Asia-Pacific region, with revenues increasing by 20%. The company continues to invest in new technologies, enhancing its global presence and market share.

Leadership in the Industry

IMI plc stands as one of the leaders in the engineering sector, recognized for its commitment to innovation and quality. The company’s comprehensive product offerings are pivotal in various industries, including energy, infrastructure, and transportation. In 2023, IMI’s investment in research and development reached £50 million, further solidifying its competitive edge and commitment to progress in technology.

With an extensive global footprint, IMI operates in over 50 countries and serves thousands of customers worldwide. Its strategic focus on sustainability and efficiency has positioned it favorably among peers, making it a preferred choice in critical engineering solutions.

To understand the depth of IMI’s success, one must explore the innovative products and advanced technologies it offers across its divisions. The company’s strategic initiatives and market adaptability underscore its stronghold in the engineering industry.

Mission Statement of IMI plc

Company's Mission Statement

IMI plc, a global engineering company, focuses on delivering innovative solutions and services that enhance the productivity and reliability of their clients’ operations. The mission statement emphasizes a commitment to providing high-quality products while ensuring sustainability and technological advancement, steering the organization towards long-term growth and customer satisfaction.

Core Component 1: Customer Centricity

IMI plc prioritizes understanding and addressing customer needs. Their approach integrates extensive market research and client feedback, which is crucial for product development. In 2022, IMI reported a customer satisfaction rate of 92%, underscoring their emphasis on aligning products with client expectations.

Core Component 2: Innovation

Innovation is a cornerstone of IMI's mission. The company allocates approximately 6% of its annual revenue to research and development (R&D), amounting to around £50 million in 2022. This investment enables them to remain competitive and responsive to market trends.

Core Component 3: Sustainability

IMI plc integrates sustainability into its mission, committing to reduce carbon emissions and operate responsibly. They aim for a 30% reduction in greenhouse gas emissions by 2025, compared to 2019 levels. As of 2023, they have achieved a 12% reduction, positioning them well on the path to meet their targets.

Vision Statement of IMI plc

Vision to Drive Sustainable Growth

IMI plc aims to be a global leader in advanced engineering solutions. Their vision emphasizes innovation and sustainability, intending to meet the demands of a rapidly changing market. The company targets an annual growth rate of 5% over the next five years through strategic initiatives. As of 2024, IMI commits to enhancing its product offerings in areas such as electrification, automation, and digitalization.

Commitment to Innovation

IMI plc's vision statement focuses on a commitment to innovation, involving significant investment in research and development. In 2023, the company allocated approximately £30 million to R&D efforts, aiming to develop cutting-edge technologies in fluid and thermal control systems. IMI expects that this investment will lead to the launch of at least 10 new products in the upcoming year.

Enhancing Customer Experience

IMI emphasizes the importance of enhancing customer experience as a cornerstone of its vision. The company aims for a customer satisfaction rating of over 90% by implementing feedback systems and improving service response times. In 2023, customer engagement initiatives resulted in a 15% increase in repeat business, showcasing the effectiveness of their customer-centric approach.

Focus on Sustainability

As part of its vision, IMI is committed to sustainability and reducing its environmental footprint. By 2025, the company plans to achieve a 25% reduction in greenhouse gas emissions across its operations. IMI has set interim targets to achieve this goal, including the transition to 100% renewable energy for its facilities by 2024.

Global Reach and Market Leadership

IMI aspires to enhance its global presence, aiming for a 20% market share in its key sectors by 2026. In 2023, IMI reported revenues of approximately £2 billion, with forecasts suggesting a potential rise to £2.4 billion by 2025. This expansion strategy is supported by targeted acquisitions and partnerships, primarily in emerging markets.

Employee Engagement and Development

The vision also highlights the importance of employee engagement. IMI aspires to maintain employee satisfaction levels above 85%. In 2023, they invested over £5 million in employee training programs and initiatives aimed at fostering a culture of innovation. The company aims for an employee retention rate of 95% by 2024 as part of this commitment.

Core Values of IMI plc

Integrity

The core value of integrity at IMI plc emphasizes transparency and honesty in all business dealings. This commitment is evident in various initiatives, ensuring adherence to ethical standards and compliance with regulations.

In 2022, IMI plc achieved a score of 88% on the Corporate Governance Index, reflecting its robust governance practices. The company has a dedicated compliance program that includes regular training for employees on ethical conduct and anti-corruption policies.

Additionally, IMI plc publishes an annual sustainability report detailing its adherence to ethical standards, showcasing its commitment to integrity in operations and stakeholder engagement.

Innovation

IMI plc prioritizes innovation as a core value, driving technological advancements and operational excellence. The company invests heavily in research and development, allocating 7.5% of its annual revenue to R&D activities.

An example of this commitment is the launch of IMI's Smart Valve Technology, which integrates IoT capabilities to enhance operational efficiency. The technology has been adopted by 30% of its top clients, resulting in significant energy savings and reduced operational costs.

In 2023, IMI plc was awarded the “Innovative Company of the Year” at the Industry Excellence Awards, highlighting its dedication to pushing boundaries through innovative solutions.

Customer Focus

Customer focus is a fundamental value that drives IMI plc's approach to business. The company prioritizes understanding and meeting customer needs.

In 2022, IMI plc recorded a 92% customer satisfaction rate, showcasing its commitment to delivering high-quality products and services. The implementation of customer feedback loops has allowed the company to adapt quickly to market demands.

IMI’s Customer Support Center, launched in 2021, has improved response times by 40%, significantly enhancing the customer experience.

Sustainability

Sustainability at IMI plc encompasses a holistic approach to environmental stewardship and social responsibility. The company aims to reduce its carbon footprint by 30% by 2025.

In 2023, IMI plc implemented a new sustainability initiative that focuses on using renewable energy sources in its manufacturing processes, leading to a 25% reduction in energy costs.

Moreover, the company has committed to sourcing 100% of its materials from sustainable suppliers by 2026, highlighting its commitment to responsible sourcing.

Collaboration

Collaboration is essential at IMI plc, fostering teamwork and partnerships across all levels of the organization. The company promotes an inclusive culture that encourages sharing ideas and working together.

IMI plc has seen a 15% increase in project success rates since the introduction of its collaborative platforms in 2020, facilitating improved communication and resource sharing across departments.

In 2023, IMI launched the “Collaborate for Success” program, which has resulted in partnerships with over 50 external organizations to enhance product development and innovation.