Smiths Group PLC Smiths Group Q1 Trading Statement (3500F)
November 16 2020 - 1:00AM
UK Regulatory
TIDMSMIN
RNS Number : 3500F
Smiths Group PLC
16 November 2020
News Release
London , 16 November 2020
For immediate release
Smiths Group Q1 Trading Statement
Smiths Group plc ("Smiths" or "the Group") today announces its
trading statement for the first quarter of FY2021.
Smiths delivered a good trading performance in the first
quarter. In a period of ongoing global disruption, the Group
continues to demonstrate its resilience, founded on market-leading
positions and a high proportion of aftermarket revenues.
Revenue for the three months ended 31 October for Continuing
Operations(1) was down (2)% on an underlying(2) basis. This
underpins the Group's confidence in meeting market expectations for
the full year.
-- John Crane performed as expected, with challenging market
conditions in Energy, partially offset by modest growth in
Industrials
-- Smiths Detection delivered a strong performance in Aviation
during the quarter, driven by delivery of original equipment
orders, which was offset by Other Security Systems
-- Flex-Tek delivered strong Industrial sales that more than offset Aerospace weakness
-- Good momentum continued in Smiths Interconnect
Revenue for the three months ended 31 October for Smiths
Medical(1) was up 4% on an underlying(2) basis driven by further
growth in Infusion Systems and Vital Care.
The Group's strategic restructuring programme is progressing
well and will deliver the anticipated GBP30m of savings in the
current year and the full GBP70m benefit in FY2022.
The Group continues to demonstrate its strong cash generation
and cash balances at 31 October had increased to GBP413m.
On 27 October 2020, the Trustee of the Smiths Industries Pension
Scheme secured a further GBP146.5m bulk annuity buy-in agreement
with Canada Life, which insured the benefits of a further c.1,000
pensioners, demonstrating further progress in the de-risking of the
Company's pension liabilities.
(1) Continuing Operations exclude Smiths Medical which is
accounted for as 'Discontinued Operations - businesses
held for distribution to owners', given the intended separation of Smiths Medical.
(2) Underlying modifies headline performance to exclude the
effects of foreign exchange.
END
Investor enquiries Media enquiries
Jemma Spalton, Smiths Group Richard Mountain, FTI Alex Le May, FTI
+44 (0)7867 390 350 Consulting Consulting
jemma.spalton@smiths.com +44 (0)7909 684 466 +44 (0)7702 443
smiths@fticonsulting.com 312
smiths@fticonsulting.com
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths is a global technology company listed on the London Stock
Exchange (SMIN) and operates a sponsored level one ADR programme
(SMGZY). Its businesses share common characteristics
(well-positioned in growing markets, technology-led, asset-light,
digitising, with a high proportion of aftermarket revenues) and a
common operating model (The Smiths Excellence System). For more
information visit www.smiths.com .
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END
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