Smiths Group PLC announces its Annual results for the year ended 31 July 2011.
· Sales up 3%; headline operating profit up 5%
· Headline operating margin up 40 basis points to 18.2%
· Company funded R&D increased by 5% to £99m
· Restructuring programme savings of £15m; £56m to date from £70m target
· Cash conversion strong – with free cash flow of £236m and year end net debt of £729m
· Dividend up 7%
· Return on capital employed up 40 basis points to 17.0%
Philip Bowman, Smiths Goup PLC Chief Executive, commented:
“Smiths Group has made good progress against a deteriorating economic backdrop. We continue to build a solid foundation for future growth through further operational efficiencies and greater investment in new product development, sales and marketing effectiveness, expansion of our emerging market exposure and targeted acquisitions.”
