Smiths Group PLC Smiths Group FY2020 Q1 Trading Statement (1763T)
November 13 2019 - 2:00AM
UK Regulatory
TIDMSMIN
RNS Number : 1763T
Smiths Group PLC
13 November 2019
News Release
London, 13 November 2019
For immediate release
Smiths Group Q1 Trading Statement
Smiths Group plc ("Smiths" or "the Group") today announces that
management expectations for the full year remain unchanged, based
on its first quarter performance.
Revenue for the three months ended 31 October for Continuing
Operations(1) was up 11% on an underlying(2) basis. This
reflected:
-- Continued good growth in John Crane in both original equipment and aftermarket.
-- Strong growth in Smiths Detection, helped by previously
announced contract wins and a low comparator.
-- Organic growth in Flex-Tek from both aerospace and industrial applications.
-- Expected performance at Smiths Interconnect, including the
impact of a slowdown in the semiconductor market.
For the full year, the Group expects year on year growth to be
weighted towards the first half and to result in a more even
balance in overall performance between the first and second halves
of the year.
Revenue for the three months ended 31 October for Smiths
Medical, recorded as Discontinued Operations, was up 2% on an
underlying(2) basis. The previously announced planned separation of
Smiths Medical is progressing well and is on track to be completed
by the end of H1 CY2020.
In October 2019, Smiths Interconnect completed the acquisition
of Reflex Photonics ("Reflex") for an enterprise value of CAD$40m.
Reflex's technological leadership in ruggedized fibre optics is
critical to demanding applications in defence, space, aerospace and
industrial market segments.
(1) Continuing Operations exclude Smiths Medical which is
accounted for as 'Discontinued Operations - businesses held for
distribution to owners', given the intended separation of Smiths
Medical by the end of the first half of CY2020.
(2) Underlying modifies headline performance to adjust prior
year to reflect an equivalent period of ownership for divested
businesses and excludes the effects of foreign exchange,
acquisitions and supplemental sales for divested businesses.
END
Investor enquiries Media enquiries
Marion Le Bot, Smiths Group Deborah Scott, FTI Consulting Alex Le May, FTI
+44 (0)20 7004 1672 +44 (0)20 3727 1459 Consulting
+44 (0)75 8315 4386 +44 (0)797 953 7449 +44 (0)20 3727 1308
marion.lebot@smiths.com smiths@fticonsulting.com +44 (0)7702 443
312
smiths@fticonsulting.com
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths is a global technology company listed on the London Stock
Exchange (SMIN) and operates a sponsored level one ADR programme
(SMGZY). Its businesses share common characteristics
(well-positioned in growing markets, technology-led, asset-light,
digitising, with a high proportion of aftermarket revenues) and a
common operating model (The Smiths Excellence System). For more
information visit www.smiths.com.
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END
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