Detection Is the Star of a Rather Unimpressive Revenue Performance in First-Half Fiscal 2017
Except for its security screening equipment, or Detection, business, Smiths Group got off to a rocky first half of the year in terms of demand, with flat revenue year over year. Â Group profitability improved as a result of cost-cutting measures, with a 130-basis-point improvement in operating margins to 17.1%, resulting in an 8% increase in normalised EBIT. We are not changing our fair value estimate, as we expect growth in Detection to continue delivering in the second half and for demand to pi...
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