Chairmans statement on the current outlook
Speaking at the Annual General Meeting of Smiths Group held at 2.30pm today in London, Donald Brydon, Chairman of the company said:
In the 2005 Report & Accounts the Chief Executive, Keith Butler-Wheelhouse indicated that Smiths expects to deliver continuing growth in the current year, with each division contributing a better performance, aided by the full-year benefit of recent acquisitions.
A month further into the 2006 financial year, I can confirm that the company remains on track to achieve another year of improved performance.
The business environment is positive across most of the companys markets, and this is being reflected in organic growth. There has been good progress on the integration of Medex and the other acquisitions made last year, while in the new year another £30m has been spent on acquisitions.
Three of the divisions are expected to show good growth in the first half of the year. In Aerospace, which has recently secured strong positions on new aircraft programmes, growth will be concentrated in the second half, due to the timing of development expenditure charged to profit.