Latest news with #SmithsGroup
Daily Mail
20-05-2025
- Business
- Daily Mail
Engineer Smiths buoyed by demand for baggage scanners
Smiths Group forecasts annual sales growth towards the top end of its guidance range, thanks to a robust performance by its sensors business. The FTSE 100 engineering company reported organic turnover increased by 10.6 per cent in the quarter ending 3 May, bringing total revenue growth to 9.6 per cent over the first nine months of its financial year. Its Smiths Detection arm, which makes explosives detectors and baggage scanners, scored 'strong double-digit' percentage rate over the quarter on solid demand from the aviation sector. Smiths also achieved double-digit growth from its Interconnect segment, whose products include radio frequency components, thanks to contracts from aerospace and defence firms and a recovery in the semiconductor market. For the full year, Smiths expects its organic revenues to rise by 6 to 8 per cent and its margins to expand by around 40 to 60 basis points. All four of its businesses scored higher sales, but its John Crane arm only achieved a marginal rise due to a cyber incident in January that Smiths said had a 'longer than expected impact' on growth. Consequently, the London-based company believes the division's second-half performance will be 'broadly in line with the first half'. Smiths expects its full-year revenue to increase by 6 to 8 per cent on an organic basis and its margins to expand by about 40 to 60 basis points. The firm is currently planning a major restructuring amidst pressure from activist investors like Engine Capital to break up the business and boost shareholder returns. It expects to announce the sale of its Interconnect arm by the end of 2025, followed by either a demerger or disposal of its Smiths Detection segment. Roland Carter, chief executive of Smiths, said: 'We are executing on the strategic actions we announced in January with pace and purpose to unlock our inherent value and become a premium-rated company.' He added: 'The sale process for Smiths Interconnect is firmly underway and preparatory work for the Smiths Detection separation process is also moving forwards.' Smiths also declared that it anticipates 'limited' impact from tariffs owing to its 'local-for-local model.' About 45 per cent of its sales are US-generated. It told investors it was 'closely monitoring' the potential impact of tariffs on demand and had not observed 'any material changes in customer behaviour to date.' Smiths Group shares were 4.7 per cent up at £21.50 just before midday on Tuesday, making them the FTSE 100 Index's second-biggest riser.
Reuters
20-05-2025
- Business
- Reuters
FTSE 100 climbs to 2-month highs on strong earnings
May 20 (Reuters) - The UK's FTSE 100 rose to a two-month high on Tuesday, as Diploma shares touched a record high after an upbeat forecast, while a host of other positive earnings reports also added to the buoyant sentiment. The blue-chip FTSE 100 (.FTSE), opens new tab rose 0.6% by 1053 GMT, trading at its strongest level since March 7. Diploma (DPLM.L), opens new tab jumped about 18% to an all-time high after the technical products and service distributor raised its full-year organic revenue growth forecast, while its first-half sales jumped on strong demand for its cables and wires. Engineering company Smiths Group (SMIN.L), opens new tab gained 4.7% after it said annual organic revenue growth would reach the top end of its 6%-8% forecast range. The FTSE 100 was rising for a fourth day as global markets regained stability after a surprise U.S. credit rating downgrade by Moody's unsettled investors on Monday. Britain on Monday reached a wide-ranging deal with the EU including a security and defence pact, fewer restrictions on British food exporters and visitors, and a contentious new fishing agreement. Meanwhile, Bank of England Chief Economist Huw Pill said the central bank's pace of interest rate cuts had been too fast given still strong wage pressures on inflation. The BoE cut interest rates by a quarter point to 4.25% in a three-way split vote earlier this month, where Pill voted to keep rates steady. Britain's inflation data, which is set to be released on Wednesday, is likely to show consumer prices increased sharply in April, driven in part by higher energy bills. The midcap index (.FTMC), opens new tab gained 0.7% to trade at a three-month high. Greggs (GRG.L), opens new tab topped the midcap index after the fast food chain reported sales growth picking up as the year progressed, helped by better trading conditions. Its shares climbed 7.2%. Meat producer Cranswick (CWK.L), opens new tab advanced 5.1% after reporting annual pretax profit ahead of market expectations. SSP Group (SSPG.L), opens new tab rose 5.4% after the food outlets operator launched a cost-cutting drive and a turnaround plan to revive profitability in continental Europe, its largest market.
Reuters
20-05-2025
- Business
- Reuters
UK's Smiths Group projects top-end annual sales growth
May 20 (Reuters) - British conglomerate Smiths Group (SMIN.L), opens new tab said on Tuesday annual organic revenue growth would be at the top end of its 6%-8% forecast range, after demand for its baggage-screening kits and explosives detectors helped third-quarter sales jump 10.6%. Smiths said it expects the impact of U.S. tariffs to be limited and that it had not seen material changes in customer behaviour due to the levies. The company generates about 45% of its sales from the United States. The sale of its unit, which supplies electronic components, would be announced by the end of 2025, followed by the separation of the unit that makes airport baggage-screening kits and explosive detectors, Smiths said.
Reuters
25-03-2025
- Business
- Reuters
UK engineering firm Smiths posts 9.5% rise in first-half profit
March 25 (Reuters) - Britain's Smiths Group (SMIN.L), opens new tab reported a 9.5% jump in first-half profit on Tuesday, helped by demand for its baggage-screening kits and explosives detectors, and reaffirmed its annual revenue growth forecast of 6%-8%. The company had said in January it would spin off the business that makes airport baggage-screening kits and explosive detectors, and the unit which supplies electronic components, after pressure from U.S. activist investor Engine Capital, and focus on industrial technologies units. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. Smiths reported headline operating profit of 269 million pounds ($347.6 million), compared with 246 million pounds a year ago and a company-compiled consensus estimate of 271 million pounds. ($1 = 0.7740 pounds)
Yahoo
06-02-2025
- Business
- Yahoo
Engineering group IMI latest UK firm to be hit by cyber attack
Engineering firm IMI revealed it has been hit by a cyber attack just a week after rival Smiths Group said hackers had gained access to its global systems. Birmingham-headquartered IMI declined to disclose what data had been accessed in the attack, but systems in a number of its locations worldwide are understood to have been impacted. It has isolated certain systems while it deals with the hack and is working with externally-hired cybersecurity specialists. 'As soon as IMI became aware of the unauthorised access, the company engaged external cybersecurity experts to investigate and contain the incident,' IMI said. IMI is also taking steps to comply with regulatory obligations, it added. Employees and customers have been informed about the incident, but it is understood that the hack was not targeting staff or customer data. Shares in the firm fell 3% in morning trading on Thursday. Just last week, fellow FTSE 100 firm Smiths Group alerted the stock market to a cyber attack amid a recent spate of IT hacks on UK companies, although the two incidents are not believed to be linked. Transport for London suffered a major IT hack, which saw about 5,000 customers warned their details may have been accessed. High-end department store Harvey Nichols also revealed last autumn that some customer details may have been exposed when it fell victim to a cyber attack. And in November, Portsmouth City Council said it was one of a number of local authorities across the country hit by a distributed denial-of-service (DDoS) attack, which involves the attacker flooding a server or website with internet traffic originating from more than one source. IMI has operations in 50 countries, with the majority of its business now spread across the US, Europe and Asia. The firm specialises in fluid and motion control markets, engineering components for process automation, factories and production lines, climate control, and for transport and the life sciences sectors.
