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Smiths Share Price Rallies to Hit an 8-Month High

Practice Stock Trading
Updated: 16 November 2020

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.

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 rallies on the confirmed full-year guidance November 2020

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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