Smiths at an inflection point

Export companies came under pressure on the day Smiths Group (SMIN) released its half-year figures, but the industrial conglomerate couldn’t blame the Trump administration’s tariff declaration for an initial sell-off on results day. Predictably, management pursued a ‘glass half-full’ narrative, as if flat constant-currency sales and a 20 basis point contraction in the operating margin might put a spring in your step.