Smiths interims rise but warns on tough aviation market
Diversified UK engineer Smiths Group reported a rise in interim profit but said it expected a more challenging aviation market in an uncertain geopolitical and macroeconomic environment.
FTSE 100
8,109.32
16:35 18/11/24
FTSE 350
4,473.50
17:09 18/11/24
FTSE All-Share
4,431.13
16:49 18/11/24
General Industrials
7,643.20
17:09 18/11/24
Smiths Group
1,691.00p
16:40 18/11/24
The company on Friday posted an 14% rise in operating profit to £189.9m. It also held guidance for full-year revenue growth of 3%.
On a pre-tax basis, profits almost doubled to £160m for the six months to January 31. Revenue increased to £1.19bn from £1.15bn in the company’s first results since it offloaded its medical division.
Underlying profit climbed 11.1% year-on-year to £189m.
Smiths also said it had suspended sales in Russia in response to the country's invasion of Ukraine and said the war as a "moderate risk" to growth due to its impact on global supply chains.
It added that it was managing cost inflation but warned it expected a more challenging original equipment market for its aviation division in the near term.
The board declared an interim dividend of 12.3p a share, up from 11.7p a year prior.