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Smiths quarterly revenue down 2%; says trading in line for full year
StockMarketWire.com
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Engineering company Smiths said its first-quarter revenue from continuing operations had fallen 2%, underpinning confidence that it would meet market expectations for the full year.
Smiths said the performance for the three months through October was 'good' and demonstrated resilience during a time of global disruption.
The John Crane division had performed as expected, with challenging market conditions in the energy sector partially offset by modest growth in industrials.
The detection business delivered a strong performance in aviation, driven by delivery of original equipment orders, which was offset by other security systems.
Good momentum had continued at the interconnect division, while revenue at the medical unit had risen 4% on an underlying basis.
Smiths said its strategic restructuring programme was progressing well and would deliver an anticipated £30 million of savings in the current year and a full £70 million benefit in the 2022 financial year.
Cash balances at 31 October had increased to £413 million.
Story provided by StockMarketWire.com
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