Smiths Group has five divisions - John Crane, Smiths Medical, Smiths Detection, Smiths Interconnect and Flex-Tek. They are focused on the threat & contraband detection, medical devices, energy, communications and engineered components markets worldwide. Customers range from governments and their agencies, to hospitals, petrochemical companies and equipment manufacturers and service providers in various sectors around the world.

http://www.smiths-group.com/about-smiths-group.aspx

StockMarketWire.com
Smiths Group has agreed to sell its John Crane's Bearings business to private Austrian company Miba for an enterprise value of $35m.

The transaction was subject to the satisfaction of certain regulatory conditions and was expected to complete by the end of March, Smiths Group said.

"The divestment is part of the ongoing corporate programme to concentrate the portfolio on scalable market leading positions in the company's chosen markets," it added.

Proceeds would be reinvested in "attractive growth opportunities", Smiths Group said.

StockMarketWire.com
Engineering company Smiths Group posted a 28% fall in annual profit after a regulatory suspension of some of its products in Europe and the loss of US customers hurt its medical division.

The company also announced it had sold the medical division's sterile water bottling business to Amsino Healthcare for an enterprise value of $40m.

Pre-tax profit for the year through July fell to £435m, as revenue slipped 2% to £3.21bn.

The company declared annual dividends of 44.55p, up 3% on-year.

On an 'headline underlying basis', which stripped out impacts such as currency movements, revenue for the year rose 2%, while pre-tax profit fell 8%.

Smith Group's operating margin fell 110 basis points to 16.9%.

'In the 2019 financial year we anticipate at least sustaining the rate of underlying revenue growth,' chief executive Andy Reynolds Smith said.

'As in previous years, group performance is expected to be weighted towards the second half.'

'Foreign exchange will provide a tailwind to reported revenue and operating profit, if current rates prevail.'

The company said it would also continue to pursue 'active portfolio management' after it recently pulled a deal to sell its medical division on valuation grounds.

JP Morgan Cazenove today downgrades its investment rating on Smiths Group PLC (LON:SMIN) to neutral (from overweight) and cut its price target to 1660p (from 1690p).