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Smiths Group Q1 revenue up 11%, FY expectations backed
13th Nov 2019 07:33
(Sharecast News) - Engineer Smiths Group reported a rise in first-quarter revenue on Wednesday as it backed its expectations for the full year.
In an update for the three months to the end of October, the company said underlying revenue rose 11% thanks to continued good growth in John Crane in both original equipment and aftermarket and strong growth in its detection business, which was helped by previously-announced contract wins. Smiths also saw growth in Flex-Tek from aerospace and industrial applications.
Revenue for Smiths Medical, which is recorded as discontinued operations, was up 2% on an underlying basis. Smiths said its planned separation of the business was progressing well and is on track to be completed by the first half of next year.
"For the full year, the group expects year on year growth to be weighted towards the first half and to result in a more even balance in overall performance between the first and second halves of the year," it said.
In an update for the three months to the end of October, the company said underlying revenue rose 11% thanks to continued good growth in John Crane in both original equipment and aftermarket and strong growth in its detection business, which was helped by previously-announced contract wins. Smiths also saw growth in Flex-Tek from aerospace and industrial applications.
Revenue for Smiths Medical, which is recorded as discontinued operations, was up 2% on an underlying basis. Smiths said its planned separation of the business was progressing well and is on track to be completed by the first half of next year.
"For the full year, the group expects year on year growth to be weighted towards the first half and to result in a more even balance in overall performance between the first and second halves of the year," it said.