Smiths Group warns of 25 mln stg hit to profit in detection unit

LONDON Fri May 23, 2014 2:31am EDT

Related Topics

LONDON May 23 (Reuters) - British engineer Smiths Group Plc warned that full-year profit in its detection unit would be 25 million pounds ($42 million) lower due working capital adjustments, lower volumes and additional costs.

This includes a 9 million pound hit from lower volumes and lower margin work and 4 million pounds of additional costs from certain long-running large contracts, the firm said on Friday.

The detection unit makes sensors that detect explosives, chemical agents and biohazards.

The company had said in March that 2014 earnings would be reduced by 4-5 percent if foreign exchange rates remained at current levels. ($1 = 0.5931 British Pounds) (Reporting by Roshni Menon; Editing by Neil Maidment)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.