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Smiths Group profit up as John Crane turnover rises
March 20, 2013 / 7:42 AM / 5 years ago

Smiths Group profit up as John Crane turnover rises

March 20 (Reuters) - British engineering company Smiths Group Plc reported a 3 percent rise in first-half profit as demand in the oil and gas market drove sales at its John Crane business, which accounts for a third of Smiths’ revenue.

Smiths, whose products range from explosive detectors to surgical needles, said pretax profit rose to 223 million pounds ($337 million) in the six months ended Jan. 31 from 217 million pounds a year earlier.

Underlying headline revenue rose 6 percent to 1.48 billion pounds.

Turnover from John Crane, maker of seals, couplings and bearings for customers such as BP Plc, Total SA and Rolls-Royce Holdings Plc, grew 4 percent.

Smiths shares closed at 1318 pence on the London Stock Exchange on Tuesday.

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