Smiths Group 2017 final results
Group underlying revenue broadly in line with prior year, up 11% on a reported basis
Underlying headline operating profit up 3%, and up 16% on a reported basis
Margin expansion in all divisions combined with increased investment.
Operational excellence supporting strong cash conversion of 118%
Significant portfolio upgrading
o c.75% of the Group now well-positioned in growth markets
o Increased investment in all divisions to drive future growth, up 60bps to 4.6% of sales
o Four non-core businesses sold
o Morpho Detection acquisition integration on track
Balance sheet remains strong with further investment capacity for sustainable growth
ROCE up 90bps with increases in all divisions
Headline basic EPS up 15% at 97.6 pence per share
Proposed final dividend of 29.70 pence per share. Full year dividend growth of 3%
