Shares of Smiths Group PLC (LONL SMIN) have gained more than 3% today to trade at an 8-month high after the company confirmed the full-year guidance.
Smiths, the engineering titan, said that revenue for the three months to 31 October was down 2% on an underlying basis. Still, the company is confident that it will meet the full-year guidance for its fiscal year ending July 2021.
“Smiths delivered a good trading performance in the first quarter. In a period of ongoing global disruption, the Group continues to demonstrate its resilience, founded on market-leading positions and a high proportion of aftermarket revenues,” the company said in a statement.
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The engineering behemoth has made progress with its restructuring programme that is expected to yield £30 million in savings in the current year and £70 million in FY2022. The cash balances also increased to £413 million.
Smiths share price is trading 3.1% higher at 1549.2p after printing 1562.5p – the highest SMIN traded since the pandemic-driven selloff in March.
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