for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Healthcare

BRIEF-Smiths Group Delays Smiths Medical Separation; Sees Weaker Demand

March 31 (Reuters) - Smiths Group PLC:

* SMITHS GROUP PLC - TRADING UPDATE

* SMITHS GROUP - ANNOUNCES A DELAY TO SEPARATION OF SMITHS MEDICAL

* SMITHS GROUP - HY CONTINUING OPERATIONS DELIVERED UNDERLYING REVENUE GROWTH UP +3%

* SMITHS GROUP - HY REPORTED REVENUE INCREASED +8%, INCLUDING ACQUISITION OF UNITED FLEXIBLE

* SMITHS GROUP - AT HY END NET DEBT WAS £1.3BN (INCLUDING £134M OF LEASES FOLLOWING ADOPTION OF IFRS16)

* SMITHS GROUP - TOTAL LIQUIDITY HEADROOM WAS IN EXCESS OF £850M AT HY END

* SMITHS GROUP - SMITHS SHOULD ALSO BE ELIGIBLE TO ACCESS UP TO £600M IN FUNDING VIA CCFF

* SMITHS GROUP - GROUP TRADING TO END OF MARCH WAS AFFECTED TO SOME EXTENT BY EARLY COVID-19 DISRUPTION

* SMITHS GROUP - GROUP TRADING AFFECTED NOW ACCELERATING

* SMITHS GROUP - IN HY2020 ONLY CHINESE OPERATIONS OF JOHN CRANE AND INTERCONNECT WERE DISRUPTED

* SMITHS GROUP - FOR 8 WEEKS ENDED 28 MARCH 2020, PERCENTAGE REVENUE GROWTH FOR CONTINUING OPERATIONS AND FOR SMITHS MEDICAL WAS MID-SINGLE DIGIT

* SMITHS GROUP - ADOPTED MEASURES TO REDUCE COST, CONSERVE CASH INCLUDING HIRING FREEZES, CANCELLATION OF DISCRETIONARY EXPENDITURE

* SMITHS GROUP - NOW SEEING GENERALLY WEAKER DEMAND

* SMITHS GROUP - WITHDRAWING FORWARD GUIDANCE FOR FY2020

* SMITHS GROUP - PRUDENT NOT TO DECLARE AN INTERIM DIVIDEND FOR HY2020

* SMITHS- SMITHS AND SMITHS MEDICAL NEED TO FOCUS ON NAVIGATING EXTERNAL CHALLENGES - INCLUDING DELIVERY OF VENTILATORS AND OTHER CRITICAL CARE DEVICES Source text for Eikon: Further company coverage:

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up