Smiths Group 1st Half Pretax Profit More Than Doubles
March 24 2017 - 4:28AM
Dow Jones News
By Olga Cotaga
LONDON--Smiths Group PLC (SMIN.LN) on Friday said its pretax
profit more than doubled in the first half thanks to some robust
sales and profit from a disposal.
Strong sales at its Smiths detection unit, which makes detection
and screening technology, offset a decline in sales in its medical
and John Crane businesses, which makes products for the energy
industry.
The manufacturer of control systems and instruments for
industrial applications made a pretax profit of 346 million pounds
($432.4 million) in the six months ended Jan. 31, more than the
GBP168 million made in the corresponding period a year earlier.
Revenue also rose to GBP1.62 billion from GBP1.37 billion.
Commenting on the planned acquisition of Morpho Detection from
France's Safran SA, Chief Executive Andy Reynolds said: "Morpho
Detection makes compelling sense and will increase our exposure to
a growing market," adding the company is in the final stages to get
all the approvals for the acquisition.
On the company's outlook, the CEO said the company expects some
improvement in Smiths Medical's revenue performance in the second
half but John Crane's "first-fit end markets" are expected to
remain tough.
Overall, he expects the full-year outlook to remain unchanged.
The board raised the interim dividend by 2.3% to 13.55 pence a
share.
Shares closed Thursday at 1,556 pence.
Write to Olga Cotaga at Olga.Cotaga@wsj.com
(END) Dow Jones Newswires
March 24, 2017 04:13 ET (08:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Smiths (PK) (USOTC:SMGZY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Smiths (PK) (USOTC:SMGZY)
Historical Stock Chart
From Sep 2023 to Sep 2024