Engineering company Smiths said on Wednesday that first-quarter growth had accelerated as it delivered a full-year performance ahead of expectations.
Smiths said revenues had slipped 1.8% year-on-year to £1.08bn, while pre-tax profits ticked up 0.6% to £31.1m. Earnings per share were flat at 10.8p each, while operating profits dipped 3.8% to £38.1m and underlying earnings fell 4.5% to £40.7m.
The FTSE 100-listed group said it had delivered a “strong performance in challenging times”, with newspaper and magazine sales proving to be “resilient”.
As far as the first quarter of the new year was concerned, Smiths said organic revenue growth was up 13.2% in the first three months of the trading year, reinforcing its confidence in delivering its full-year guidance of 4-4.5% organic revenue growth with moderate margin improvement.
Chief executive Paul Keel said: “We are pleased with our strong start to the fiscal year, building on a successful FY22 and maintain guidance of 4-4.5% organic revenue growth with moderate margin improvement for FY23. My thanks to our committed and talented teams around the world who continue to navigate macro challenges to deliver for our customers.”
As of 0802 GMT, Smiths shares were up 1.84% at 1,580.0p.
Reporting by Iain Gilbert at Sharecast.com
