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Smiths Profit Holds Steady Amid ‘Constrained’ Markets
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Smiths Group Plc, the world’s biggest maker of airport-security scanners, said annual profit held steady, with cost-cutting programs helping offset “constrained” markets for medical equipment and detection devices.
Operating profit of 438 million pounds ($685 million), compared with 436 million pounds a year earlier, London-based Smiths said in a statement today. Revenue increased 3 percent to 2.84 billion pounds, in line with estimates. Adjusted operating profit was 517 million pounds, ahead of a JPMorgan estimate of 511 million pounds.