Smiths on track after first three months

LONDON (ShareCast) - Technology firm Smiths Group (LSE: SMIN.L - news) said trading after the first three months is in line with expectations with headline profit ahead of last year on an underlying basis despite lower revenues.

Smiths said it has continued to make good progress in delivering its cost-saving programme and other operational improvement initiatives such as ERP implementation and SKU rationalisation. Operating cash conversion has been strong, though net debt was slightly higher at the end of the first three months due to the timing of interest and financing payments.