Strong growth in earnings from aerospace and industrial products helped Smiths Industries to turn in a strong set of full-year figures this week.
Keith Butler-Wheelhouse, chief executive, said Smiths was well prepared to make acquisitions in the midst of global market instability. ‘Our appetite for growth is undiminished,’ he said.
Turnover across the group was up 11% to £1.2bn, with pre-tax profits up 14% to £218m. Margins rose slightly to 19%. Currency effects made a dent in turnover of £40m and in profits of £13m.
Aerospace profits surged 30% reaching £77m, driven by Smiths’ involvement with the new-generation Boeing 737 and the Boeing 777, as well as Eurofighter, Hawk, Super Hornet and Apache Longbow helicopter.
Upgrading avionics is adding income, with 25,000 civil and military jets in service with Smiths equipment.
Medical systems profits held steady at £75m.