Disregard the effects of non-operational items and currency translations and Smiths Group (SMIN) recorded a 2 per cent rise in sales in the year to July 2018, while constant currency operating profits were 3 per cent to the good once restructuring and pension administration costs are stripped out. The reclassification of these items (reported as non-headline in FY2017) also served to constrict the FTSE 100 conglomerate’s return on capital.
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