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Smiths Group Issues Trading Update; Withdraws Guidance - Quick Facts

Smiths Group plc (SMIN.L) reported that continuing operations delivered underlying revenue growth of 3% for the six months ended 31 January 2020. Reported revenue rose 8%, including the acquisition of United Flexible. The Group has decided to withdraw forward guidance for fiscal 2020. Also, the Board considers it prudent not to declare an interim dividend for half year 2020.

Smiths Group reported that trading to the end of March was affected to some extent by early COVID-19 disruption, which is now accelerating. For the 8 weeks ended 28 March 2020, percentage revenue growth for continuing operations and for Smiths Medical was mid-single digit.

The Group said the separation of Smiths Medical was on track to be delivered by the end of the first half of 2020. However, under current circumstances, the Board has decided to delay separation until conditions improve.

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