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15 March 2006


  • Sales increased by 19% to £1,590m in the first half of the year
  • Headline operating profit up 22% to £194m, headline EPS up 18% to 24.0p
  • Statutory operating profit up 19% to £188m, EPS up 12% to 23.7p
  • Cash conversion at 90% in the first half, with working capital reduced
  • Company-funded R&D at 6% of sales, driving future growth and returns
  • Interim dividend increased by 6.5% to 9.85p
  • Aerospace sales up 10% with continued investment for future returns
  • Strong sales and profit growth in Detection, with technology base broadened
  • Underlying sales growth of 6% in Medical; Medex integration on track
  • Increased sales and margins in Specialty Engineering


Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said: For the first half of 2006, Smiths has recorded another period of strong growth.  Headline pre-tax profit grew by 18%, following the 18% increase in the 2005 full year.  We have improved the operating margin, generated a robust cash-flow and stepped up our investment to drive future sales and profits.  Market conditions are positive, and we expect to sustain the pace of growth through the second half.  The dividend increase reflects the Boards confidence that Smiths will continue to perform well.


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