Smiths Q1 revenues rise on currency movements

15th Nov 2016 07:10

(ShareCast News) - Technology group Smiths said first quarter revenues rose 16% on a reported basis reflecting the collapse in the pound against the dollar and euro in the wake of the Brexit result. Expectations for the full year remain unchanged, the company added. At 28 October, net debt was £983m and has since been cut further with the receipt of proceeds from the divestment of John Crane's Artificial Lift business and Smiths Medical's Wallace franchise.With the sale of the lift business and Smiths Medical's Wallace franchise, the group said it had disposed of £60m of revenue[3] and released more than £170m of capital towards reinvestment in growth opportunities.Further steps were also taken in the quarter to de-risk the group's pension liabilities through a £250m bulk annuity buy-in agreement, Smiths said.