Smiths Group Fires on Some but Not All Cylinders in 1H; Shares Attractive
Our key takeaways from Smiths Group's first-half results are that broadly, the businesses are tracking in line with expectations, at 2% revenue growth with some margin softness from temporary regulatory issues. Medical and detection's growth this year will be back-end loaded as expected. Management's guidance is for at least 2% underlying revenue growth. We are sticking to our 4% growth forecast. However, we suspect greater margin pressure on both of those businesses than we previously thought. ...
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