Salem Radio Network News Wednesday, June 7, 2023


Smiths Group upgrades forecasts after first-half profit jumps

LONDON (Reuters) – British industrial technology company Smiths Group upgraded its annual forecasts after first-half profit climbed 27% boosted by strong demand for its products from customers in the oil, gas, airports, ports and defence sectors.

For the 12 months to the end of July, Smiths said it now expected organic revenue growth of at least 8%, up from guidance given in January for growth of at least 7% after its first-half results beat expectations.

Headline operating profit came in at 241 million pounds ($296 million) for the first-half, 27% higher than the same period last year, and above a consensus forecast, on organic revenue growth which stood at 13.5% in the period.

The chief executive of FTSE 100 group Smiths, which makes valves, connectors and specialist tubing as well as the precision scanners used at airports and other borders said he was pleased with first-half progress.

“With order books healthy and trading strong, we are again raising our full-year 2023 organic revenue growth guidance,” he said in a statement on Friday.

Shares in Smiths have risen 14% in the last 6 months, outperforming Britain’s bluechip index which is up 7%.

($1 = 0.8145 pounds)

(Reporting by Sarah Young; Editing by Kate Holton)


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