Full Year Results 

Aviation holds up, but Smiths still unsure on prospects

Aviation holds up, but Smiths still unsure on prospects

Sales at Smiths Group (SMIN) held up remarkably well in the year to the end of July, though the negative effects of the pandemic are still in evidence. The shares were marked down on results day as management declined to issue guidance for FY2021, while statutory profits pulled back sharply, reflecting a squeezed gross margin and mounting financing losses. Profitability was also held in check by a combined £55m in restructuring costs and write-downs relating to trade receivables and an impairment of capitalised development projects.

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