Acquisitions boost Smiths Group FY profits
Smiths Group on Friday reported a 13% rise in full year profits, driven by acquisitions and favourable currency conditions.
The engineering business reported revenue of £2.5bn for the year ended 31 July, up 7%, as all divisions delivered growth, except for Smiths Detection where some large orders were deferred to 2020.
Revenue from higher margin regions climbed 9%, driving profit before tax to £376m. New purchases United Flexible and Advanced Diamond Technologies contributed £12m to pre-tax profits.
The separation of Smiths Medical was progressing well, the company said, with the division's revenue rising by 2% in the second half as its demerger remained on course to be completed by the end of the first half of the new financial year.
The company proposed a final dividend of 31.80 pence per share for a total of 45.90p, up 3%.
Smiths Group shares were up 0.18% at 1,643.00p at 0804 BST.
(Writing by Frank Prenesti; Editing by Michele Maatouk and Josh White)