News Release
London, 17 July 2013
For immediate release
SMITHS GROUP PLC PRE-CLOSE TRADING UPDATE
Following a meeting of the Board yesterday, Smiths Group is providing the following pre-close trading update for the financial year ending 31 July, 2013.
Trading for all divisions except Smiths Detection has continued broadly in line with the interim management statement issued on 24 May, 2013. In this statement, we indicated that the headline operating margin at Smiths Detection had been affected by contract mix and the initial under-recovery of overheads at new manufacturing sites.
Since this statement, Smiths Detection has identified that the final outcome of three contractual commitments entered into prior to 2010 are anticipated to be materially adverse to previous expectations. Smiths Detection has also determined to make additional provisions for the costs associated with certain legal disputes. As a result, headline operating profit for the Group overall is likely to be up to £15m below current expectations.
The results for the financial year ended 31 July 2013 will be announced on 18 September 2013.
ENDS
This press release contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of the press release and the Company undertakes no obligation to update these forward-looking statements. Nothing in this press release should be construed as a profit forecast.
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Smiths Group
Smiths is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs around 23,000 people in over 50 countries. For more information visit www.smiths.com
