Smiths Group plc (“Smiths” or “the Group”) today announces its trading update for the three months ended 31 October 2017.
Revenue during the first quarter decreased 2% on an underlying1 basis, primarily due to order timing. Management expectations for the full year remain unchanged, with the Group returning to growth for FY2018.
On 1 November, Tutco LLC, part of Flex-Tek’s Heat Solutions business, completed the previously announced acquisition of the heating element division of Osram, broadening its portfolio into faster-growing engineered heating solutions.
During the period, further steps were taken to de-risk the Group’s pension liabilities through a £207 million bulk annuity buy-in agreement. Over 95% of the Group’s total pension liabilities are now hedged through our liability investment strategy.
Smiths will be holding a Capital Markets Day in London for investors and analysts on 6 December 2017.
1 Underlying excludes the effects of foreign exchange translations and acquisitions but includes divested businesses for the period they were owned in the reported period and adjusts the prior financial year comparator as if the divested business were owned for the same period in that financial year to aid comparability.
Jemma Spalton, Smiths Group
+44 (0)20 7004 1637
+44 (0)78 6739 0350
Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
Andrew Lorenz, FTI Consulting
+44 (0)20 3727 1323
+44 (0)77 7564 1807
Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449
About Smiths Group
Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the medical technology, security & defence, energy, space & commercial aerospace, construction, transportation and general industrial markets worldwide. Smiths Group employs c.22,000 colleagues in over 50 countries. For more information visit www.smiths.com.
This announcement contains certain statements that are forward-looking statements. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and, unless otherwise required by applicable law, Smiths undertakes no obligation to update or revise these forward-looking statements. Nothing in this document should be construed as a profit forecast.
No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per Smiths ordinary share for the current or future financial years would necessarily match or exceed the historical published earnings per Smiths ordinary share. Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested. It should be noted that past performance is no guide to future performance. Persons needing advice should consult an independent financial adviser.