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Smiths Group FY22 Sales Rise

Smiths Group Plc (SMIN.L), a British engineering business firm, on Friday posted a decline in pre-tax earnings for the fiscal 2022. However, revenue improved from last year.

For the 12-month period to July 31, the London-headquartered company reported a pre-tax profit of 103 million pounds, compared with 240 million pounds a year ago. The company cited disposal of Smiths Medical business as a key contributor to the difference in profit before tax.

Statutory post-tax income, which includes profit from the sale of Smiths Medical, was at 1.035 billion pounds or 266 pence per share, higher than 285 million pounds or 71.3 pence per share of 2021.

Post-tax earnings from continuing operations stood at 11 million pounds or 2.8 pence per share, lesser than last year's 156 million pounds or 39.1 pence per share.

Operating income moved down to 117 million pounds from 326 million pounds, reported for 2021.

The 300 million pounds difference between headline operating profit of 417 million and statutory operating earnings of 117 million pounds is a non-headline item. This includes TIGPS buy which resulted an accounting charge of 171 million pounds, amortization of acquired intangible assets of 51 million pounds, and others.

Smiths Group generated revenues of 2.566 billion pounds, higher than 2.406 billion pounds of last year.

The Board has proposed a final dividend of 27.3 pence, bringing the total dividend for 2022 to 39.6 pence, higher than last year's 37.7 pence. The dividend will be paid on November 18, to shareholders of record on October 21.

Looking ahead, for the fiscal 2023, the Group expects to deliver an organic revenue growth of 4.0 percent to 4.5 percent with moderate margin improvement.

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