Smiths Group slips despite return to growth
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Shares in Smiths Group (LON:SMIN) slipped 129p to 1,620p (as at 09:24 BST) after it said that some of Smiths Medical’s products had been temporarily suspended in Europe.
“In advance of the new EU Medical Device Regulation in 2020, one of Smiths Medical’s European Notified Body service providers has been decertified for some products,” Smiths explained in a trading update.
Despite that, the engineering firm said it had successfully returned to growth, with revenue for the 11 months ended 30 June up 3% on an underlying basis. This reflected the anticipated acceleration of its growth rate in the second half, with good performances from John Crane, Smiths Detection, Smiths Interconnect and Flex-Tek.
It added that the group, with the exception of Smiths Medical, was expected to deliver a full year performance in line with expectations.
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