LONDON (dpa-AFX) - Smiths Group Plc (SMIN.L) said it has delivered growth in nine-month sales, chiefly driven by increased underlying volumes in John Crane and the acquisition of Power Holdings Inc., with the 9-month underlying headline operating profit also ahead of the prior year, reflecting margin improvement in John Crane and Flex-Tek. Overall, full-year expectations remain in line with the guidance given at the interim results, despite the continued difficult economic and trading conditions.
Meanwhile, John Crane continued to deliver a strong performance in the first nine months, reflecting demand for its first-fit original equipment and aftermarket services in the oil and gas markets. Nine-month underlying sales at Smiths Medical were flat on last year in the face of constrained healthcare budgets and pressure on procedure volumes. Growth in single-use consumable devices has been offset by declines in hardware sales, the company added.
Sales for the full year are projected to show modest overall growth as the continued growth in the aerospace order book is likely to be moderated by the tough trading environment in other market sectors.
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© 2012 AFX News
