November 14, 2017 / 7:57 AM / a month ago

Smiths Group quarterly revenue slips 2 pct on order timings

Nov 14 (Reuters) - Smiths Group Plc said on Tuesday first-quarter underlying revenue fell 2 percent, hurt by order timings, but the British conglomerate kept its expectations for the year unchanged.

Smiths, which provides hospital equipment, industrial services and sensors to detect explosives, said it still expected to return to growth for financial year 2018.

The FTSE 100 company, which had agreed on a deal to insure 207 million pounds ($271.4 million) of its pension scheme with Canada Life in October, said over 95 percent of total pension liabilities have been hedged through its liability investment strategy.

Delays in new product launches have hit the group’s largest unit, Smiths Medical, with underlying revenue declining 3 percent to 951 million pounds in its financial year ended July 31. ($1 = 0.7632 pounds) (Reporting By Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier)

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