Smiths Group sales and profit up on last year

Technology firm Smiths Group said sales and profit for the 10 months to the end of May were ahead of the same period last year, as growth at John Crane offset continued lower sales at its detection unit.

The company said margins at John Crane, which makes mechanical seals for the oil and gas industry, were ahead of last year, helped by higher volumes and lower costs.

It said, however, first-half sales trends at its airport security business, Smiths Detection, would likely continue for the full year.

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In March, the company said first-half sales at Detection dropped nine per cent to £248m, against a seven per cent rise in total company sales. The unit accounted for 18 per cent of total sales.

Smiths also said margins at its medical unit, its biggest division by sales, improved and sales trends were similar to first-half levels.

Shares in the company closed at 1201 pence last night, valuing the business at just over £4.7bn.