The price of shares in FTSE 100 engineering firm Smiths Group (LON:SMIN) has fallen by 7.72% to 1,321.50p (as of 15:45 BST) after reporting a 12% drop in profits for the year ended 31st July. Revenues were down by 1% as markets faced significant disruption. Management have still not reintroduced guidance for the current period and said that revenues for the four months to the end of August were 5% below the comparable period.
CEO Andy Reynolds Smith commented: “We have continued to enhance the Group’s strategic positioning, through execution of the restructuring programme, completion of three further bolt-on acquisitions and our unchanged commitment to separate Smiths Medical.
We are seeing a stabilisation of recent trends; but we are not complacent and are continuing to strengthen the business to deliver sustainable outperformance in the future“.