20th Nov 2007 12:00
Smiths Group PLC20 November 2007 INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 3 NOVEMBER 2007 Speaking at the Annual General Meeting of Smiths Group, held at 12.00 noon todayin London, Donald Brydon, Chairman of the Company, provided the followinginterim management statement for the quarter ended 3 November 2007. "The financial year has started well with performance in the first quarter beingin line with our expectations. All three divisions have made a good start tothe year. Smiths Detection has, as previously announced, secured a number of significantorders during the quarter, including the new aTiX (Advanced ThreatIdentification X-ray) to be deployed at both UK and USA airport checkpoints. Smiths Medical has won contracts from customers in the US, notably in the safetysolutions and power port markets, building on successful launches of productssuch as the hypodermic NeedlePro EDGE and the safety needle PORT-A-CATH(R)injectable port. The transfer of manufacturing to Mexico continues on track forcompletion in the second quarter. Smiths Specialty Engineering has recently announced the sale of its MarineSystems business and the acquisition of Sartorius Bearings, which adds to JohnCrane's range of advanced technology products, providing opportunities toleverage its global sales and service network. Net debt increased by £28 million to £616 million at 3 November 2007, mainly theresult of increased inventory in Smiths Detection relating to customer orders. Overall, the Board remains confident of an enhanced performance in the currentyear although, as stated at the time of the Group's preliminary results, therate of reported growth will be affected by the currency translation impact onour US dollar earnings." ENDS Smiths is a global technology company listed on the London Stock Exchange. Aworld leader in the practical application of advanced technologies, Smiths Groupdelivers products and services for the threat & contraband detection, medicaldevices, energy and communications markets worldwide. Our products and servicesmake the world safer, healthier and more productive. Smiths Group employs morethan 20,000 people in over 50 countries. For more information visitwww.smiths.com Investor Relations [email protected] [email protected]+44 (0)20 8457 8203 +44 (0)20 8457 8403 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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