Smiths Group PLC
20 November 2007
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED
3 NOVEMBER 2007
Speaking at the Annual General Meeting of Smiths Group, held at 12.00 noon today
in London, Donald Brydon, Chairman of the Company, provided the following
interim management statement for the quarter ended 3 November 2007.
'The financial year has started well with performance in the first quarter being
in line with our expectations. All three divisions have made a good start to
the year.
Smiths Detection has, as previously announced, secured a number of significant
orders during the quarter, including the new aTiX (Advanced Threat
Identification X-ray) to be deployed at both UK and USA airport checkpoints.
Smiths Medical has won contracts from customers in the US, notably in the safety
solutions and power port markets, building on successful launches of products
such as the hypodermic NeedlePro EDGE and the safety needle PORT-A-CATH(R)
injectable port. The transfer of manufacturing to Mexico continues on track for
completion in the second quarter.
Smiths Specialty Engineering has recently announced the sale of its Marine
Systems business and the acquisition of Sartorius Bearings, which adds to John
Crane's range of advanced technology products, providing opportunities to
leverage its global sales and service network.
Net debt increased by £28 million to £616 million at 3 November 2007, mainly the
result of increased inventory in Smiths Detection relating to customer orders.
Overall, the Board remains confident of an enhanced performance in the current
year although, as stated at the time of the Group's preliminary results, the
rate of reported growth will be affected by the currency translation impact on
our US dollar earnings.'
ENDS
Smiths is a global technology company listed on the London Stock Exchange. 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 more
than 20,000 people in over 50 countries. For more information visit
www.smiths.com
Investor Relations Media
steve.warren@smiths.com chris.fox@smiths.com
+44 (0)20 8457 8203 +44 (0)20 8457 8403
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