Smiths Group Interim Results for the 6 months ended 31 January 2004

Key messages Aerospace, Medical and Specialty Engineering all performing strongly Underlying growth impacted by contract timing in Detection Earnings per share of 17.5p, compared with 18.9p a year ago

• Aerospace, Medical and Specialty Engineering all performing strongly
• Underlying growth impacted by contract timing in Detection
• Earnings per share of 17.5p, compared with 18.9p a year ago*
• Consistently good profit-to-cash conversion
• Net debt down to 206m from 715m from disposals and cash generation
• Dividend unchanged at 8.75p
• Full Year delivery remains on track

*continuing activities, before goodwill amortisation and exceptionals. On a statutory basis, earnings per share were 12.5p (2003: 20.4p).

Commenting on the results, Keith Butler-Wheelhouse, Chief Executive said:

Aerospace, Medical and Specialty Engineering all achieved good growth in this period. As expected, Detection was down compared with a very strong first half a year ago. The recovery in Detection in the second half and continued progress in the rest of Smiths underline our confidence in the outlook for the full year.

ENDS