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IMI plc (IMIUY) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Roy Twite
CEO & Director

Good morning, everyone, and welcome to IMI’s 2025 Full Year Results Presentation. I am joined here today by our CFO, Luke Grant. Together, we will take you through another year of strong strategic and financial progress. And I would like to begin by thanking all of our people for their tremendous contribution.

The execution of our growth strategy is creating significant value for shareholders, and it was another strong performance in 2025. We have now delivered 5 consecutive years of mid-single-digit organic revenue growth and supported by the delivery of our financial framework, we are compounding earnings growth. We delivered 5% organic sales growth and 8% organic adjusted operating profit in 2025 and achieved a 20% operating margin for the first time.

It was another year of strong cash generation, and we are committed to deploying this capital for growth and to enhance shareholder returns. Organic investment is at record levels, and I am pleased to be announcing a GBP 500 million share buyback alongside a proposed 10% increase to the final dividend.

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We expect to deliver our sixth consecutive year of mid-single-digit organic growth in 2026. And based on current market conditions, full year adjusted basic EPS is expected to be between 136p and 142p.

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Uncertainty Clouds Future of Corey Lewandowski at DHS Following Kristi Noem’s Dismissal

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Corey Lewandowski

The future of Corey Lewandowski, the controversial senior advisor to the Department of Homeland Security (DHS), remains in flux following President Donald Trump’s decision this week to remove Kristi Noem as the agency’s secretary.

Corey Lewandowski
Corey Lewandowski

The departure of Noem, the first cabinet-level shake-up of Trump’s second term, has sent shockwaves through the department and raised immediate questions about the standing of her closest aides. While the White House has announced that Oklahoma Republican Sen. Markwayne Mullin will be nominated to succeed Noem, official word on the status of Lewandowski—who served as an unpaid special government employee (SGE) and Noem’s top aide—has yet to be finalized.

A Tumultuous Tenure Ends

President Trump announced on social media Thursday that he was replacing Noem, citing a desire for new leadership while also thanking her for her service. Noem, who has been at the center of the administration’s aggressive immigration and deportation agenda, is slated to transition to a newly created role as a “special envoy for The Shield of the Americas,” a security initiative the administration plans to unveil in the coming days.

Noem’s tenure, which began in January 2025, was marked by intense scrutiny. Her final week as secretary included two days of grueling testimony before the Senate Judiciary Committee, where she faced sharp, bipartisan criticism regarding the management of her department, including the handling of a $220 million advertising campaign and allegations of mismanagement within Immigration and Customs Enforcement (ICE).

The “Shadow” Role of Corey Lewandowski

Throughout Noem’s time at DHS, Lewandowski’s presence was a frequent flashpoint for congressional investigators and internal critics. Despite holding a position as an unpaid advisor rather than a traditional political appointee, reports from ProPublica and other news outlets indicated that Lewandowski exerted significant influence over department operations.

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Internal DHS records reviewed by investigators revealed that Lewandowski frequently signed off on multimillion-dollar equipment contracts and policy changes, appearing to wield authority that went well beyond the typical scope of an informal advisor. His unusual status as an SGE allowed him to retain outside interests while serving in a de facto leadership role, leading to ongoing clashes with oversight committees who questioned the transparency of his influence.

Reports also emerged of a strained internal culture, with allegations of berating staff and the use of polygraph tests to enforce loyalty. Furthermore, rumors regarding a personal relationship between Noem and Lewandowski persistently circulated, further fueling the political pressure surrounding the pair. Both Noem and Lewandowski have consistently dismissed those allegations.

Transition and Lingering Questions

Following the announcement of Noem’s removal, Lewandowski reportedly told reporters that “no decisions have been made” regarding his own future at the department. However, multiple sources close to the administration suggest his departure is imminent, as the transition to the incoming secretary, Sen. Mullin, is expected to include a broader assessment of the agency’s leadership team.

The nomination of Mullin, a fierce defender of the president’s agenda, is viewed by political analysts as a strategic effort to stabilize a department that has been mired in controversy and stalled by a congressional funding deadlock. Democrats in Congress, who have been vocal in their opposition to the department’s direction under Noem, welcomed her firing while signaling that significant policy shifts remain their primary objective for the incoming leadership.

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“Secretary Noem’s tenure at DHS was a trainwreck marked by mismanagement,” U.S. Sen. Jack Reed (D-RI) said in a statement following the announcement. “Her departure is overdue, but it doesn’t solve the deeper problems at Trump’s DHS.”

Looking Toward the Senate

The confirmation of Sen. Mullin will now become the administration’s immediate priority. While Republicans hold the majority, the nomination is expected to be a contentious focal point on Capitol Hill, as lawmakers look to exert more control over the department’s controversial immigration enforcement operations.

For now, the hallways of the DHS headquarters in Washington remain in a state of transition. As the agency prepares for a change at the top, the uncertainty surrounding Lewandowski serves as a coda to a tenure defined as much by internal turmoil as it was by the administration’s sweeping policy goals.

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New Kroger CEO Foran: ‘We need to grow sales faster’

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New Kroger CEO Foran: ‘We need to grow sales faster’

Ex-Walmart US chief gives first take on supermarket chain’s business strategy.

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Once Upon a Farm launches new products

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Once Upon a Farm launches new products

Three new product lines are available for babies and children. 

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(VIDEO) Japan vs. Chinese Taipei 2026 World Baseball Classic

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Shohei Ohtani #17 of the Los Angeles Angels looks on during his at bat during the third inning against the Seattle Mariners at Angel Stadium of Anaheim on July 18, 2021 in Anaheim, California.

TOKYO — The 2026 World Baseball Classic (WBC) began in emphatic fashion at the Tokyo Dome on Friday, as defending champion Japan signaled its intent for a repeat title with a commanding 13-0 mercy-rule victory over Chinese Taipei.

Shohei Ohtani #17 of the Los Angeles Angels looks on during his at bat during the third inning against the Seattle Mariners at Angel Stadium of Anaheim on July 18, 2021 in Anaheim, California.
Shohei Ohtani

In front of a sold-out crowd of 42,414, the contest quickly evolved into a showcase for global superstar Shohei Ohtani. The Los Angeles Dodgers designated hitter, who famously closed out the 2023 tournament by striking out his then-teammate Mike Trout, proved once again that he thrives under the brightest international lights.

An Explosive Second Inning

The decisive moment of the night arrived in the top of the second inning, which saw Japan erupt for 10 runs—a staggering display of efficiency that all but ended the competitive phase of the matchup.

After Chinese Taipei starter Hao-Chun Cheng loaded the bases, Ohtani stepped to the plate with two outs. He connected on a hanging curveball, driving it deep over the right-field wall for a grand slam. The blast sent the Tokyo Dome into a frenzy and served as the centerpiece of a record-setting inning that effectively buried the opposition.

By the time the inning concluded, Ohtani had already recorded a double in his first at-bat and a stinging single later in the second, finishing his night 3-for-5 with five RBIs. He fell just a triple shy of hitting for the cycle, a testament to his dominance in a game that was called after seven innings due to the tournament’s 10-run mercy rule.

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Pitching Prowess and Defensive Stability

While the offense grabbed headlines, Japan’s pitching staff was equally surgical. Yoshinobu Yamamoto, the 2025 World Series MVP, took the mound for his first start of the 2026 season. Though he battled minor command issues—walking three batters and leaving the game in the third inning after 53 pitches—he surrendered no hits.

Yamamoto and a trio of relievers—Shoma Fujihira, Hiroya Miyagi, and Koki Kitayama—combined to hold Chinese Taipei to just a single hit throughout the entire evening. The lone hit, a loopy single into right field by Yu Chang in the sixth inning, offered a brief moment of respite for the visitors, but the Japanese defensive unit remained unfazed.

“It was a complete team effort,” Japan manager said after the game. “We wanted to set the tone early, and the players executed the game plan perfectly.”

A Mountain to Climb for Chinese Taipei

For Chinese Taipei, the loss compounds a difficult start to the tournament. Having fallen to Australia 3-0 in their opener on Thursday, the team now faces an uphill battle to advance out of the highly competitive Pool C.

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The disparity in the score reflected the gap between the two programs; while Japan utilized its depth of MLB talent and elite domestic stars, Chinese Taipei struggled to find an answer for the relentless offensive pressure. They will look to regroup quickly as they prepare for their next matchup against the Czech Republic.

Looking Ahead: The Rivalry Continues

With the tournament’s round-robin phase now fully underway, Japan turns its attention to the next marquee matchup in Pool C. On Saturday, they will face arch-rival South Korea in a game that historically carries massive implications for the tournament bracket and national pride.

For fans in Tokyo and beyond, Friday’s performance was more than just a victory; it was a statement. With Ohtani leading the charge and a pitching staff that appears to be in mid-season form, the path to the 2026 WBC title remains firmly centered on the Samurai Japan squad.

As the tournament shifts to venues across the Americas—including Houston, San Juan, and Miami—the pressure will only increase. But for one night in Tokyo, the spotlight belonged to Ohtani and a Japanese team that looks ready to defend its crown.

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Flight paths squeezed as Iran conflict closes more airspace

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Flight paths squeezed as Iran conflict closes more airspace

A drone attack on Azerbaijan has narrowed choices for airlines scrambling to respond to disruption in the Gulf.

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Which Countries Are on Australia’s ‘Do Not Travel’ List (As of February 2026)?

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Moscow, Russia
Moscow, Russia
Random Institute / Unsplash

The Australian government’s Smartraveller, is where every Aussie should check when it comes to travel advisories.

Specifically, it assigns each country what is known as the “advice level.” The higher the level, the higher the risk to the safety and wellbeing of the traveller.

The highest level there is is Level 4, which means “do not travel.” But which countries have been given this level?

Countries on Australia’s ‘Do Not Travel’ List

The following countries are on Level 4 as of February 28, 2026, which means Aussies are discouraged from travelling to said locations:

  • Afghanistan
  • Bahrain
  • Belarus
  • Burkina Faso
  • Central African Republic
  • Chad
  • Democratic Republic of the Congo
  • Haiti
  • Iran
  • Iraq
  • Israel
  • Kuwait
  • Lebanon
  • Libya
  • Mali
  • Myanmar
  • Niger
  • North Korea
  • Palestine
  • Qatar
  • Russia
  • Somalia
  • South Sudan
  • Sudan
  • Syria
  • Ukraine
  • United Arab Emirates
  • Venezuela
  • Yemen

Why Are These Countries on Level 4?

As previously mentioned, those countries on Level 4 post a high risk to safety and security of Aussies.

“At level 4, your health and safety are at extreme risk,” according to Smartraveller. “This may be because of a high threat of terrorist attack, conflict, violent social unrest, widespread infectious disease or critical levels of violent crime. It could be a combination of risks.”

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For example, the Democratic Republic of the Congo, Venezuela, Myanmar and North Korea were all updated to Level 4 in December 2025. According to Time Out, this is due to “dangerous security situations.”

It should be noted that advice levels can be updated, as seen in previous example. Aussie travellers are advised to check Smartraveller first to see if their intended destination has a travel warning or advisory.

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Hull Business Expo 2026 to be ‘largest ever’ with thousands set to attend

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Hull Business Expo 2026 to be 'largest ever' with thousands set to attend

The annual event, organised by The Business Culture Hull and East Yorkshire, is set to be the largest yet with thousands of businesspeople and entrepreneurs expected to attend

Hull Business Expo takes place on March 25.

Hull Business Expo takes place on March 25.(Image: The Business Culture Hull and East Yorkshire)

In the coming weeks, Hull city centre is set to welcome thousands of business professionals and entrepreneurs for the Hull Business Expo. The annual event’s organisers, networking group The Business Culture Hull and East Yorkshire, anticipate this year’s edition will be the biggest yet.

Each year, the networking and exhibition event draws an estimated 7,000 attendees from across Yorkshire. Co-founder Tony Bowler stated: “This is the most exhibitors we’ve ever had and we can’t wait for another successful event centred around connection, engagement and support.

“We listened to feedback from businesses and adapted to make sure we’re ticking the right boxes for everyone – so we don’t have speakers, as they can often detract from the stands. It’s more important than ever that the business community works together and supports each other, and this is another way of bringing everyone together.

“We’ve built a fantastic community over the last 10 years and we want people to realise what Hull has to offer from its people, its businesses and its culture.”

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Exhibitors who convene at the expo are known to frequently collaborate, with the event not restricting participation to one business per sector. This year’s headline sponsors include Hull City Council, John Roe Group, 107FM, the Federation of Sport and Leaflet Delivery UK, reports Hull Live.

Tony continued: “We’re one big support network and a business community of friends. We bring people together from a huge range of sectors. We love the high energy, the support and the sense of community our events create, and we’ve built a system that ensures every visitor sees every stand.

“You usually have to register to go to an expo but we know this creates a barrier and we want everyone to come along whilst extending that support to the city centre economy and local businesses.”

Councillor Mike Ross, leader of the city council, commented: “I’m pleased to support the Hull Business Expo 2026. Hull is a tremendous place to do business and I’m keen to see the council do all it can to support the local business community. We recognise just how important the strength of the local economy is for the residents of Hull and we want to work with it to attract more for the city. Supporting the expo is just one way we can do that.

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“We want to see Hull be somewhere local businesses can flourish. It’s hard to find a place where the local business community is as supportive of each other as Hull and that is a credit to those in the city.”

Did you know you can make Hull Live a preferred source of Hull news in Google, which will mean you get more of our breaking news, exclusives, and must-read stories straight away?

Hull-based Scott Dixon Inc, which manufactures flight cases for the touring music industry, including protective cases for instruments, band equipment, stage lights and more, will be exhibiting at the expo for a second consecutive year.

Tracy Hutty, the company’s chief financial officer, said: “60% of our products are exported and the expo offers us the chance to tell local people about what we do. There are a lot of great things going on in Hull that people don’t necessarily know about.

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“The location at Princes Quay is what makes the expo unique because most events of this kind are in hotels or out of the way. It’s really good for the city and anyone can come.”

This year’s event takes place on the ground floor of the Princes Quay Shopping Centre from 10am on March 25.

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Tyre wholesaler Oak Group establishing its first logistics site in Wales creating 75 jobs

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Tyre wholesaler Oak Group establishing its first logistics site in Wales creating 75 jobs

It has acquired a 155,000 sq ft site in Newport

Oak Group’s new warehousing site at Queensway Meadows industrial estate in Newport.

One of the UK’s largest independent tyre wholesalers is expanding into Wales after acquiring a warehouse formally used as a TV studio for £7.75m.

Oak Group Holdings has acquired a 155,150 sq ft site on the Queensway Meadows industrial estate in Newport. Previously occupied by production company Urban Myth Films, the warehouse was used for TV projects such as the Lazarus Project and The Undeclared War.

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The company supplies over 6,000 tyre fitters and retailers with tyres, consumables and accessories from a portfolio that includes established brands such as Davanti, Landsail, and Envoy. With seven warehouses across the UK, it is able to hold over 900,000 tyres in stock for its customers.

READ MORE: Business body CBI Wales appoints new chairREAD MORE: Car insurance to loans group Admiral post record profits

Property advisory firm JLL acted on behalf of sellers, Freshwater Group of Companies on the transaction for the property.

The warehouse will be Oak Group Holdings’ first premises in Wales, marking an expansion for the business that will help to create 75 jobs The business will also benefit from the strong transport links Queensway Meadows will provide to its delivery fleet of over 150 vehicles,

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Kate Openshaw, industrial and logistics associate at JLL, said: “Vacancy rates across Wales’ industrial market are moving to the lowest levels we have seen this decade. That brings challenges as the continued lack of new high-quality stock means supply levels are constrained against a background of continued occupier demand.

“Increasingly we are seeing occupiers look to purchase buildings in a market where grade A options are limited, prioritising outright ownership where investment is required to adapt the space to meet their needs. It’s important that occupiers like Oak Group Holdings are able to act fast when they spot an opportunity like this, and it was great to help them complete this expansion into Newport.”

Peter Cross, commercial director at Oak Group Holdings, said: “Oak Group Holdings is delighted to add this new distribution facility to our network. The site is exceptionally well located, with excellent access to the M4 and M5.

“We look forward to bringing the facility online in the near future, where it will play a key role in enhancing the availability of our brand portfolio and strengthening our service capabilities across the UK.”

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Avison Young’s Cardiff and Bristol offices acted for Oak Group Holdings.

Paul Hobbs, director in the industrial agency team at Avison Young, said: “We were delighted to assist the North West based team in their strategic acquisition. Since the removal of the toll, Newport creates some excellent value property opportunities when compared to Bristol and it’s great to be part of one of the largest property deals in Wales during 2025.”

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Utz Brands debuts new protein snacks

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Utz Brands debuts new protein snacks

Protein-packed pretzels and cheese curls are launching. 

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Gorgeous Makeup Ideas for Different Salwar Kameez Styles

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Gorgeous Makeup Ideas for Different Salwar Kameez Styles

The salwar kameez is a staple in every woman’s wardrobe and for good reason. It is versatile, glamorous, and comfortable. However, no salwar kameez look is truly complete without the most important aspect– the makeup.

The makeup you choose truly ties the whole look together, and hence, you must be careful with your choice. You need to pick a makeup look that complements the fit, silhouette, color, and fabric of your outfit. For instance, the romantic and flowy Anarkali calls for a soft glam look, while the vibrant Patiala suits look wonderful with bold and flashy makeup.

Whether you are dressing up for a wedding, a festive occasion, or even as you head to work, picking the right makeup will instantly elevate your appearance. So, what makeup goes with which salwar kameez suits? Today, in this blog, we are going to answer this question and more. Read along to know in detail about the best makeup styles for various salwar kameez silhouettes.

Anarkali Suit:

The queen of salwar kameez styles, the Anarkali, is celebrated for its flowy flair and cinched bust. Dramatic and statement-making in nature, Anarkalis are a top pick for weddings and festivals. Makeup for an Anarkali suit is balanced and focuses on either the eyes or the lips. Go for a bold eyeliner with a sharp wing. Touch up your lashes with a mascara. If you are attending a wedding, then you can go bolder with your makeup and try smoky eyes. Always keep the base dewy and fresh using a lightweight foundation or a BB cream. Lightly contour your cheekbones for definition and use highlighter on your nose, brows, and cupid’s bow. Match your eye makeup with a nude or soft pink lipstick.

Patiala Suit:

The Patiala suit, which is renowned for its pleated bottoms, should be your outfit of choice if you want to exude an effortless look. Often paired with a short, structured kurti and a dupatta, this look gives off Punjabi Kudi vibes like a dream. The whole outfit exudes a traditional vibe, and hence, your makeup choices should match the outfit. Think bold eyes and a glowing, dewy base. Prep your base with a lightweight skin tint and add in a bronzer for warmth. Make your eyes pop with traditional shades such as champagne, light gold or soft pinks. Ensure you apply generous quantities of mascara, or you could even go for dramatic faux eyelashes to highlight your eyes.

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Straight Cut Suit:

These suits fall straight from the waist to the ankles and have minimal flare. They are best suited for office wear and informal occasions. The makeup that suits them the best is office or formal makeup. Minimal makeup looks enhance the beauty of these suits with ease. Avoid bold makeup as it may clash with the simplicity of your outfit. Go for a soft glam look instead. You can easily achieve this look with a natural foundation and a simple winged eyeliner. Lips should be understated and go for colors like nude-pink, mauve. A simple tinted lip balm would suffice for this look. Also, don’t forget to define your brows for a truly professional look.

Sharara Suit:

Sharara suits

feature an interesting silhouette that is tight till the knees and then flares down dramatically towards the bottom. These suits are appropriate for wedding guest looks or even bridal wear. For these high-profile events, go all out with your makeup. After all, you don’t want your makeup to pale compared to your outfit. The right makeup look is the one that adds extra glamour to your ensemble. For day events, opt for subtle shimmery eyeshadow, and for the night, go all glam with smoky eyes or crease-cut eyeshadow. Balance your heavy eye makeup with nude lips and shimmering lip gloss. Eye lash extenstions suit the Sharara very well.

Churidar Suit:

Churidar suits are as classic as they come. They feature a tight, structured bottom with ankle gathers (Churis) at the end. They exude subtle elegance, and hence, your makeup look should be understated and not overdone.  Use a luminous foundation for a fresh look. Mascara elongates your lashes and brightens your face. Use soft brown or champagne eyeshadow for definition. Go for shiny pink or nude lip gloss to accentuate your lips. Add a bindi to complete the look.

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Palazzo Suit:

The modern woman’s favorite, the Palazzo suit, exudes contemporary glamor. These suits come with bottoms that are relaxed, and hence are a go-to pick for daily wear as well as work wear. Since the design of this suit is so modern, your makeup should be contemporary as well. Enhance your eyes with a brown or beige eyeshadow. Highlight your lips in bold colors like red or coral. A soft blush will add warmth to the face. Overall, keep it modern, natural, and fresh.

Final Thoughts

The makeup look you choose complements, not competes with, your outfit. Each salwar kameez silhouette has a different vibe to it, and hence, your makeup should change accordingly. However, the most important accessory that you can carry is your confidence; your makeup just highlights it.

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