George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSmiths Group Share News (SMIN)

Share Price Information for Smiths Group (SMIN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,654.00
Bid: 1,652.50
Ask: 1,657.00
Change: 0.50 (0.03%)
Spread: 4.50 (0.272%)
Open: 1,655.50
High: 1,661.50
Low: 1,652.50
Prev. Close: 1,653.50
SMIN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

TOP NEWS: Smiths Group Launches GBP65 Million Restructuring Programme

Tue, 30th Jun 2020 09:59

(Alliance News) - Smiths Group PLC on Tuesday launched a strategic restructuring programme that will cost around GBP65 million and said revenue was higher in the ten months to the end of May.

Shares in Smiths were up 6.2% at 1,378.50 pence in London in morning trading.

The restructuring is group-wide and will have an operating cash cost of approximately GBP65 million spread across financial 2020 - which ends July 31 - and financial 2021. Savings are to "substantially offset costs" in financial 2021 and deliver a full approximately GBP70 million annualised benefit starting in financial 2022.

The FTSE 100-listed engineering business, which has its headquarters in London, promised "further detail" of the restructure along with its annual results due September 24. But it confirmed that job cuts are on the horizon.

Turning to trading, Smiths said in the ten months ended May 31, underlying revenue from continuing operations was up 2% and year-to-date revenue increased 6%. For the four months of its second half ended May 31, underlying revenue was up 1%.

"The resilient overall performance of the last four months reflects the momentum of the first half and our strong orderbooks at the outset of the Covid-19 crisis. There has been some slowing, due to the impact on our operations and those of our customers; we also face increasingly tough comparators through the end of the fiscal year. We are currently operating in all our 75 manufacturing plants, but are not immune to higher consequential costs," said Smiths.

In terms of individual businesses, John Crane revenue has stayed in growth year-to-date, though it has experienced a recent slowdown due to customer service disruption.

Smiths Detection's performance has been strong. It is still winning new original equipment programmes, but tender activity and service revenue have slowed down.

Flex-Tek has been hurt by a "downturn in commercial aerospace" and US construction disruption but had a good first half.

Smiths Interconnect revenue suffered in the first half due to "global connector market weakness", but orders and revenue have improved more recently.

Smiths Medical managed to sustain growth, with underlying revenue up 1% year-to-date. Underlying revenue in the second half has been 2% higher so far, as the pandemic led to higher critical-care demand and restocking. Nonetheless, lower non-Covid-19 procedure volumes curtailed revenue later in the second half.

At present, Smiths has cash balances exceeding GBP300 million. Along with its undrawn revolving credit facility of GBP660 million, the company has access to around GBBP950 million of surplus liquidity.

Smiths did not provide any new financial guidance, having withdrawn 2020 guidance back in March over Covid-19 uncertainties.

Chief Executive Andy Reynolds Smith said: "Market-leading positions and a flexible business model have enabled the group to continue to perform through crisis disruption.

"Our immediate focus is the safety of our people and business continuity for our customers. We will continue to take the actions necessary to safeguard our long-term competitiveness. I very much regret that this will result in some job losses. My sincere personal thanks go to the amazing Smiths employees around the world for their dedication and commitment.

"The group has a resilient business model; market-leading positions, a culture of innovation at its heart, combined with relentless execution. We are confident that we will meet the challenges of the current crisis - and emerge stronger, better able to outperform long-term."

Separately, Smiths announced the acquisition of biotechnology company PathSensors Inc, which is based in Baltimore, Maryland. Financial details of the deal were not disclosed.

PathSensors provides pathogen detection and has developed a method to identify biological threats in only minutes. Its has a similar customer base to Smiths Detection's chemical-threat detection but allows for expansion into areas like agricultural and food safety.

"PathSensors offers multiple assays that are already available, at an independently verified speed and sensitivity data, which offer an opportunity to develop their future potential. The transaction will enable Smiths Detection to accelerate its position in biological-detection capabilities which are important both within our current markets and beyond," said Smiths.

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
27 Mar 2024 09:03

LONDON MARKET OPEN: FTSE 100 slips as unease lingers before US data

(Alliance News) - Stock prices in London edged lower after the open on Wednesday, with some nervy trade ahead of a US inflation reading later in the week.

Read more
26 Mar 2024 17:06

London close: Stocks rise as US consumer confidence remains stable

(Sharecast News) - London markets closed in positive territory on Tuesday, buoyed by a stable US consumer confidence report and anticipation for upcoming inflation data.

Read more
26 Mar 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat amid China-West tension

(Alliance News) - The FTSE 100 recovered slightly from a tricky morning on Tuesday to trade flat heading into the afternoon, though simmering global tensions have kept a lid on its progress in the early part of the week.

Read more
26 Mar 2024 09:40

LONDON BROKER RATINGS: Dr Martens cut to 'sell'; BofA likes Tullow

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
26 Mar 2024 09:39

TOP NEWS: Smiths names new CEO and launches buyback as results deliver

(Alliance News) - Smiths Group PLC on Tuesday said that a strong performance by John Crane had spared its interim results from a semiconductor market hit, as the company also announced the appointment of a new chief executive officer and kicked off a major share buyback programme.

Read more
26 Mar 2024 08:08

LONDON BRIEFING: Flutter hails US success; Smiths names new CEO

(Alliance News) - London's FTSE 100 opened lower on Tuesday, as a slow start to the week continues, with investors having simmering global tensions to be mindful of.

Read more
19 Mar 2024 15:54

UK earnings, trading statements calendar - next 7 days

Wednesday 20 March 
Computacenter PLCFull Year Results
EKF Diagnostics Holdings PLCFull Year Results
Eurocell PLCFull Year Results
FDM Group PLCFull Year Results
Investec PLCTrading Statement
IQGeo Group PLCFull Year Results
Kenmare Resources PLCFull Year Results
Prudential PLCFull Year Results
VietNam Holding LtdHalf Year Results
Thursday 21 March 
Aptitude Software Group PLCFull Year Results
Aquis Exchange PLCFull Year Results
Centamin PLCFull Year Results
Direct Line Insurance Group PLCFull Year Results
Dowlais Group PLCFull Year Results
Energean PLCFull Year Results
Gulf Keystone Petroleum LtdFull Year Results
Hostelworld Group PLCFull Year Results
Ithaca Energy PLCFull Year Results
M&G PLCFull Year Results
National World PLCFull Year Results
Next PLCFull Year Results
Science Group PLCFull Year Results
Secure Trust Bank PLCFull Year Results
Tribal Group PLCFull Year Results
Friday 22 March 
Dunedin Enterprise Investment Trust PLCFull Year Results
JD Wetherspoon PLCHalf Year Results
Phoenix Group Holdings PLCFull Year Results
SkinBioTherapeutics PLCHalf Year Results
Monday 25 March 
Amaroq Minerals LtdFull Year Results
Baillie Gifford Shin Nippon PLCFull Year Results
Central Asia Metals PLCFull Year Results
Gamma Communications PLCFull Year Results
Henry Boot PLCFull Year Results
Impact Healthcare REIT PLCFull Year Results
Kingfisher PLCFull Year Results
Pennon Group PLCTrading Statement
Princess Private Equity Holding LtdTrading Statement
RTC Group PLCFull Year Results
Tandem Group PLCFull Year Results
Ocean Harvest Technology Group PLCFull Year Results
Octopus Renewables Infrastructure Trust PLCFull Year Results
Virgin Wines UK PLCHalf Year Results
US Solar Fund PLCFull Year Results
Tuesday 26 March 
888 Holdings PLCFull Year Results
AG Barr PLCFull Year Results
Airea PLCFull Year Results
Bellway PLCHalf Year Results
CAB Payments Holdings PLCFull Year Results
CPPGroup PLCFull Year Results
Fevertree Drinks PLCFull Year Results
Flutter Entertainment PLCFull Year Results
Forterra PLCFull Year Results
Genel Energy PLCFull Year Results
GetBusy PLCFull Year Results
Good Energy Group PLCFull Year Results
Inspired PLCFull Year Results
John Wood Group PLCFull Year Results
Life Science REIT PLCFull Year Results
Luceco PLCFull Year Results
Michelmersh Brick Holdings PLCFull Year Results
NIOX Group PLCFull Year Results
Ocado Group PLCTrading Statement
Petershill Partners PLCFull Year Results
Regional REIT LtdFull Year Results
Smiths Group PLCHalf Year Results
Softcat PLCHalf Year Results
Time Finance PLCTrading Statement
TruFin PLCFull Year Results
WAG Payment Solutions PLCFull Year Results
Xaar PLCFull Year Results
YouGov PLCHalf Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
12 Mar 2024 09:29

LONDON BROKER RATINGS: UBS cuts abrdn price target but ups Darktrace's

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
1 Mar 2024 10:56

IN BRIEF: Smiths sells 33% of ICU Medical stake for USD88 million

Smiths Group PLC - London-based engineering company operating in the energy, industrial, security and aerospace sectors - Sells 830,000 shares in ICU Medical Inc, around 3.4% of the California-based medical device manufacturer's total share capital. This equates to roughly 33% of Smiths' holding in ICU Medical. Smiths continues to hold 1.7 million shares, or 6.9% of the total share capital of ICU Medical. The company will receive net proceeds of around USD88.0 million from the sale, which it says will be used for general corporate purposes.

Read more
1 Mar 2024 07:12

Smiths Group sells £70m of ICU Medical shares

(Sharecast News) - Engineering firm Smiths Group has sold a third of its stake in US-listed IV therapy specialist ICU Medical for £70m.

Read more
8 Dec 2023 09:39

LONDON BROKER RATINGS: Goldman likes Sainsbury's; RBC cuts Imperial

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
17 Nov 2023 15:49

UK dividends calendar - next 7 days

Monday 20 November 
Dunelm Group PLCdividend payment date
Tuesday 21 November 
no events scheduled 
Wednesday 22 November 
CRH PLCdividend payment date
Henderson Eurotrust PLCdividend payment date
Thursday 23 November 
abrdn Asia Focus PLCex-dividend payment date
abrdn Asia Focus PLCspecial ex-dividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Babcock International Group PLCex-dividend payment date
Blackrock Sustainable American Income Trust PLCex-dividend payment date
Blackrock World Mining Trust PLCex-dividend payment date
British Land Co PLCex-dividend payment date
Castings PLCex-dividend payment date
Craneware PLCex-dividend payment date
DCC PLCex-dividend payment date
FRP Advisory Group PLCex-dividend payment date
Great Portland Estates PLCex-dividend payment date
HICL Infrastructure PLCex-dividend payment date
Invesco Asia Trust PLCdividend payment date
JPMorgan Asia Growth & Income PLCdividend payment date
Kainos Group PLCex-dividend payment date
Land Securities Group PLCex-dividend payment date
Liontrust Asset Management PLCex-dividend payment date
Lok'n Store Group PLCdividend payment date
ME Group International PLCdividend payment date
National Grid PLCex-dividend payment date
Palace Capital PLCex-dividend payment date
RS Group PLCex-dividend payment date
Scottish Mortgage Investment Trust PLCex-dividend payment date
Serica Energy PLCdividend payment date
Tate & Lyle PLCex-dividend payment date
Tatton Asset Management PLCex-dividend payment date
Urban Logistics REIT PLCex-dividend payment date
Vodafone Group PLCex-dividend payment date
Volution Group PLCex-dividend payment date
Witan Investment Trust PLCex-dividend payment date
Young & Co's Brewery PLCex-dividend payment date
Friday 24 November 
abrdn Asian Income Fund Ltddividend payment date
abrdn Smaller Companies Income Trust PLCspecial dividend payment date
Alternative Income REIT PLCdividend payment date
Close Brothers Group PLCdividend payment date
Dunedin Income Growth Investment Trust PLCdividend payment date
Eaton Corpdividend payment date
Edinburgh Investment Trust PLCdividend payment date
FW Thorpe PLCdividend payment date
Greencoat UK Wind PLCdividend payment date
Hansa Investment Co Ltddividend payment date
Henderson Far East Income Ltddividend payment date
Impact Healthcare REIT PLCdividend payment date
M&G Credit Income Investment Trust PLCdividend payment date
MJ Gleeson PLCdividend payment date
Mulberry Group PLCdividend payment date
Next 15 Group PLCdividend payment date
Primary Health Properties PLCdividend payment date
Ricardo PLCdividend payment date
S&U PLCdividend payment date
Smiths Group PLCdividend payment date
Starwood European Real Estate Finance Ltddividend payment date
Target Healthcare REIT PLCdividend payment date
Taylor Maritime Investments Ltddividend payment date
Tesco PLCdividend payment date
Warpaint London PLCex-dividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
16 Nov 2023 09:40

LONDON BROKER RATINGS: Exane BNP cuts Entain but raises SSE

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
16 Nov 2023 09:33

TOP NEWS: Smiths on track to meet annual guidance despite slow start

(Alliance News) - Smiths Group PLC on Thursday reported a slow-down in quarterly organic revenue growth, but said it was still on track to meet its full-year targets.

Read more
16 Nov 2023 07:39

Smiths Group on track to hit guidance despite mixed Q1 performance

(Sharecast News) - Smiths Group said growth got off to a slow start this new financial year due to tough comparative, but reassured investors that it was still on track to hit full-year expectations.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.