Full Year Results 

Smiths demerger on track as profits rise

Smiths demerger on track as profits rise

Full-year returns for Smiths Group (SMIN) benefited from the positive effects of operational gearing at its John Crane business, together with £57m in favourable currency translations. This fed through to a 13 per cent rise in adjusted pre-tax profit for the diversified engineering group, but perhaps the most noteworthy achievement was a 40 basis point improvement in the adjusted operating margin, attained despite a commensurate rise in research and development (R&D) costs, which now equate to 4.5 per cent of sales.

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