Financial performance
Interim results 2008
|
|
Headline* |
|
Statutory |
||
|
|
2008 |
2007 |
|
2008 |
2007 |
|
Continuing activities |
|
|
|
|
|
|
Sales |
1,088 |
1,021 |
7% |
1,088 |
1,021 |
|
Operating profit |
158 |
148 |
7% |
170 |
149 |
|
Operating margin |
14.5% |
14.5% |
– |
15.6% |
14.6% |
|
Pre-tax profit |
159 |
134 |
19% |
165 |
136 |
|
Basic EPS (p) |
30.8p |
17.4p |
|
34.3p |
18.6p |
|
Interim dividend (pps) |
10.5p |
10.5p |
|
10.5p |
10.5p |
*In addition to statutory reporting, Smiths Group reports its continuing operations on a headline basis. Headline profit is before exceptional items (incl. impairment of assets and income and expenditure relating to John Crane litigation), amortisation of acquired intangible assets, profit/loss on disposal of businesses and financing gains/losses from currency hedging.
Business highlights
Smiths Detection: Headline operating profit up 13% to £31m
- Strong sales of checkpoint explosive detection systems to UK and US customers
- Roll-out of the joint chemical agent detector (JCAD) to the US military
- Customs and border cargo screening continues to grow
Smiths Medical: Headline operating profit flat at £61m
- 24-month performance improvement programme underway
- New product launches to be boosted with increased investment in R&D
Smiths Specialty Engineering: Headline operating profit up 10% to £66m
- John Crane reports strong demand from petrochemical customers
- Margins to be enhanced through cost control and top line growth
- Smiths Interconnect has benefited from the roll-out of 4G communications in the US