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Smiths Group PLC (LON:SMIN) said it was confident of meeting market expectations for the financial year to July 2021 after a fall in revenue in the first quarter.
The engineering conglomerate posted a 2% dip in underlying revenue for continuing operations in the first quarter to October 31.
READ: Smiths Group adds delayed interim dividend to smaller final dividend after solid performance
John Crane performed as expected, with challenging market conditions in Energy, partially offset by modest growth in Industrials, while Smiths Detection delivered a strong performance in Aviation during the quarter, driven by delivery of original equipment orders, which was offset by Other Security Systems.
Flex-Tek delivered strong Industrial sales that more than offset Aerospace weakness and Smiths Interconnect continued with “good momentum”, the company said.
Quarterly revenue Smiths Medical was up 4% on an underlying basis driven by further growth in Infusion Systems and Vital Care.
The FTSE 100-listed group said the restructuring programme is progressing well and will deliver the anticipated £30mln of savings in the current year and the full £70mln benefit in the financial year ending July 2022.
As of October 31, cash balances were £413mln.
Shares rose 3% to 1,550p early on Monday.
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