Smiths Aerospace has reported a 24% reduction in operating profit on revenues down 7.5% in its preliminary results for the 12 months to the end of July. The UK aerospace and defence division of Smiths Group generates 60% of its £998 million ($1,630 million) from defence sales, but despite growth in this sector, the drop in commercial activity saw operating profit fall from £139 million to £105 million.
Source: Flight International