Diversified UK engineer Smiths Group reported a rise in interim profit but said it expected a more challenging aviation market in an uncertain geopolitical and macroeconomic environment.
The company on Friday posted an 14% rise in operating profit to £189.9m. It also held guidance for full-year revenue growth of 3%.
On a pre-tax basis, profits almost doubled to £160m for the six months to January 31. Revenue increased to £1.19bn from £1.15bn in the company’s first results since it offloaded its medical division.
Smiths said it was managing cost inflation but warned it expected a more challenging original equipment market for its aviation division in the near term.
The board declared an interim dividend of 12.3p a share, up from 11.7p a year prior.
