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Smiths Group adds delayed interim dividend to smaller final dividend after solid performance

Published: 08:14 24 Sep 2020 BST

Smiths Group -

Smiths Group PLC (LON:SMIN) has paid a delayed interim dividend and a smaller final dividend despite a mixed second half performance due to the coronavirus (COVID-19) pandemic.

The FTSE 100-listed engineering conglomerate added back the delayed interim payout of 11p to a final dividend of 24p to declare a total dividend of 35p per share, albeit down 45.9% on that paid a year earlier.

The group said its revenues from continuing operations were £2.6bn for the year to July 31, 2020, up 2% year on year. Total group profit for the year declined  by12% to £338mln, though free cash flow improved 17% to £273mln.

Those figures excluded the Smiths Medical business that is being held for sale which increased its revenue by 5% to £918mln and profit after tax by 24% to £139mln. 

Smiths Group's management said it continues to withhold financial guidance for the coming year due to COVID-19 uncertainties but said revenue for the four months to end-August was “stabilising”, down 5% year-on-year for the group and down 8% if Smiths Medical excluded.

In the results statement, chief executive Andy Reynolds Smith said: “The strength and flexibility we have built into the business, and the benefits of the group's strategic positioning, underpinned a robust performance in challenging market conditions.”

He pointed our that the dividend payment reflected the strength of performance during the year and confidence in the future, adding that the board remains “prudent” amid the ongoing uncertainty but has completed three bolt-on acquisitions and is committed to spinning off Smiths Medical.

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