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22 September 2005

Highlights:

  • Sales from continuing operations increased by 13% to exceed £3 billion
  • All divisions contributed double-digit growth in headline profit
  • Headline* PBT and EPS increased by 18%, to £413m and 54.3p
  • On a statutory basis, PBT and EPS were £310m and 39.3p (2004: £300m and 38.0p)
  • Cash generation below target, but expected to recover
  • Outlook is for continued growth in 2006
  • Annual dividend increased for 35th year, by 7.4% to 29.0p

* Before amortisation and impairment of goodwill and other intangible assets, and exceptional items

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

The increase in earnings came from a good performance across the company. We achieved underlying growth, improved our productivity and added valuable acquisitions. We are also seeing the benefit of recent higher investments in R&D. Looking ahead, the principal markets for our products are robust, and we have strengthened our competitive position within them. The plan for 2006 will follow a consistent formula: driving the top line ahead, controlling costs and finding value enhancing acquisitions. We are confident that we can deliver continued growth from across Smiths Group.

ENDS

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