Smiths underlying revenue up 11% in first quarter, says medical demerger on track

  • Wed 13 Nov 2019 07:30

    Engineering company Smiths said its underlying revenue from continuing operations rose 11% in the first quarter and that its expectations for the full year were unchanged.

    For the full year, Smith said it expected growth to be weighted towards the first half and result in a more even balance in overall performance between the first and second halves of the year.

    Growth in three months through October was driven by a continued good performance at energy-focused division John Crane and strong growth at security scanning division Smiths detection, the company said.

    It added that it had seen organic growth at Flex-Tek from both aerospace and industrial applications, whil the performance at the interconnect unit was 'expected', including the impact of a slowdown in the semiconductor market.

    The company's medical division, which is being spun off and was included as a discontinued operation, rose 2% on an underlying basis.

    Smiths said the separation process was progressing well and was on track to be completed by the end of the first half of calendar 2020.

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Smiths Group (SMIN)

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