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Smiths Group Plc FY Pretax Profit Declines; Underlying Revenue Up 2%

Smiths Group plc (SMIN.L) reported pretax profit from continuing operations of 435 million pounds for the year ended 31 July 2018 compared to 601 million pounds, last year. Earnings per share from continuing operations was 69.1 pence compared to 142.3 pence. Headline earnings per share was 89.5 pence compared to 96.3 pence.

Fiscal year reported revenue was 3.21 billion pounds, down 2% primarily due to an adverse foreign exchange translation. Underlying revenue was up 2%, for the period.

The Board recommended a final dividend of 30.75 pence per share, to be paid on 16 November 2018 to shareholders on the register at close of business on 19 October 2018. This will bring the total dividend for the year to 44.55 pence per share, a year-on-year increase of 3%.

In fiscal 2019, the Group anticipates at least sustaining the rate of underlying revenue growth. Smiths Group said, as in previous years, Group performance in fiscal 2019 is expected to be weighted towards the second half.

Smiths Group also announced that it has reached an agreement to sell Smiths Medical's sterile water bottling business to Amsino Healthcare (USA), Inc., for an enterprise value of $40 million. The deal is expected to complete in the first half of fiscal 2019.

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