25 September 2002
Highlights:
- Operating profit of 452m from continuing activities
- Profit margin of 15% on sales of 3.1 billion
- Operating cash after capex of 473m, free cash-flow of 315m
- Debt reduced by 395m to 725m, helped by cash-flow and disposals
- Earnings per share on continuing activities of 52.3p
- Civil aerospace slowdown balanced by strong defence business
- Substantial increase in demand for detection equipment
- Medical division increasing its focus on product innovation
- Increased final dividend of 16.75p, making an annual total of 25.5p
Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:
These results prove our resilience in tough times. We are limiting the impact of the global slowdown by cutting costs and concentrating on margins and cash-flow. We are not counting on near-term market improvements, particularly in the US where we generate half of our revenues. But we are focusing the company on our growth opportunities, which will enable Smiths to deliver a robust performance in the period ahead.
ENDS
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