13th Nov 2019 08:27
(Alliance News) - Smiths Group PLC on Wednesday said its annual expectations remain unchanged following double-digit revenue growth in the first quarter.
The FTSE 100-listed engineer said revenue for the three months to the end of October was up 11% on an underlying basis, thanks to continued "good" growth in John Crane in both original equipment and aftermarket.
Elsewhere, Smiths reported "strong" growth in its Detection division, helped by contract wins, while the Interconnect unit was hurt by a slowdown in the semiconductor market.
The Flex-Tek division, meanwhile, experienced organic growth, driven by both aerospace and industrial applications.
Revenue for the quarter for Smiths Medical, recorded as discontinued operations, was up 2% on an underlying basis. The planned separation of Smiths Medical is progressing "well", the company noted, and is on track to be completed by the end of the first half of 2020.
For the full year, the London-headquartered company said it expects year-on-year growth to be weighted towards the first half.
Smiths shares were trading 0.2% higher in London on Wednesday morning at 1,621.00 pence each.
By Evelina Grecenko; [email protected]
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