Skip to main content

12 March 2003


  • Operating profits of 180m (before goodwill), down 1% on a year ago.
  • EPS of 20.8p on ordinary activities: Interim dividend maintained at 8.75p.
  • Productivity gains counteract 10m adverse currency and 10m higher R&D.
  • Operating cash at 88% of operating profit (after capex), and free cash-flow of 92m.
  • Further progress on disposals and acquisitions to strengthen the business.
  • Pensions not a major issue for Smiths, FRS17 adopted.


Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:

While the business environment continued to deteriorate, we held sales to within 2% and operating profits to within 1% of a year ago, and delivered profits largely in cash. This first half achievement, coupled with continued productivity gains in the second half, provide confidence in our outlook for the full year, subject to the outcome of the current uncertain geopolitical situation.

An audio webcast of a meeting with analysts at 9.00 am UK time can be accessed on, and the meeting can be heard on +44 (0) 20 7784 1018


Related articles


Smiths Interconnect launches new technology to reduce power loss in industrial batteries

Innovative, environmentally friendly product provides up to 90% more energy transfer than existing offering

Find out more Call to action arrow icon
Alister Cowan

Smiths Group Appoints Alister Cowan as Non-Executive Director

Find out more Call to action arrow icon
Earth View

Smiths Group plc – Q3 Trading Update

Find out more Call to action arrow icon
Sign up for updates Call to action arrow icon