Engineer Smiths Group posts fall in underlying FY revenue



British engineering conglomerate Smiths Group Plc said underlying full-year revenue fell nearly 2 percent on a decline in sales at one of its biggest units.
Revenue for the year ended July 31 fell to 2.85 billion pounds, down from 2.90 billion pounds a year ago.
Full-year revenue at its John Crane unit, which makes mechanical seals and other products for customers such as BP Plc, Shell and Chevron Corp, has been lagging as oil producers and explorers cut expenses to combat oil prices.
The John Crane unit, which contributed about 28 percent of the group's total revenue for the full year,... read more

 
28 September 2016 in Business, Views: 40
Source: Reuters
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