24 September 2003
Highlights:
- Pre-tax profit of 384m* (-3%) and EPS of 50.1p* (-2%) incl. discont. activities
- Operating profit* up 2% to 372m on continuing activities
- Operating cash-flow (after capital expenditure) at 90% of profit*
- Annual dividend increased by 2% to 26p
- New divisional structure focuses on growth opportunities
- Good progress on disposals of non-core activities
- R&D increased by 18% to 251m
- Statutory EPS of 20.0p (33.3p) after goodwill write-down on Polymer disposal
*(before goodwill amortisation and exceptionals)
Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:
We achieved an increase in operating profit and held earnings close to last years on a continuing basis, while absorbing the commercial aerospace downturn, the impact of a weaker dollar and higher pension costs. Meanwhile, we have been successfully re-shaping the company to focus on strong, long-term growth opportunities, including establishing Smiths Detection as a separate entity and making sizeable disposals. This marks the 33rd year of consecutive dividend increases by Smiths Group.
ENDS
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