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Engineering company Smiths has posted a decline in revenue in the first half of 2021 amid a 'robust set of results' that it said reflected its high proportion of aftermarket revenues, and reported 'good profit conversion'.
Revenue for continuing operations was down 5% to £57 million on an underlying basis in the half-year ended 31 January 2021, with aftermarket representing 49% of underlying revenue during the period.
The group reported that revenue declined 7% on a reported basis, to £1,150 million.
Smiths said it delivered 'good profit conversion', with headline operating profit down £12 million or 6% on an underlying basis.
Headline operating profit decreased 11% on a reported basis, to £166 million. Central costs declined by £7 million to £20 million, as it continued to focus on optimising operational efficiency.
Group chief executive Andy Reynolds Smith said: 'This is a robust set of results relative to our end markets, with a resilient top line, good profit conversion and excellent cash generation.
'This has been delivered by our exceptional people in very challenging circumstances and my sincere thanks go to them. We have continued to position Smiths in the very best way - strategically, operationally, and financially - to enable us to take full advantage of market recovery when it comes.'