July 17, 2013 / 6:31 AM / 4 years ago

Smiths Group warns on full-year profit

July 17 (Reuters) - British engineering company Smiths Group Plc said headline operating profit for the year would to be up to 15 million pounds ($22.68 million) below current expectations, hurt by problems at its Smiths Detection business.

The company said its Smiths Detection unit had identified three contracts whose outcomes were expected to be “materially adverse” to its previous expectations.

Smiths Group said the contracts were entered into before 2010.

The company, whose products range from explosive detectors to surgical needles, said it also decided to make additional provisions for costs related to certain legal disputes in its Smiths Detection business.

Smiths Detection, which accounts for about 17 percent of the company’s revenue, makes sensors that detect explosives, weapons, nuclear and radioactive material, and narcotics.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below