Smiths(US:SMGZY)2021-03-26 11:37Financial Performance - Smiths Group's revenue from continuing operations was £1,150 million, a decrease of 7% compared to £1,240 million in H1 2020[10] - Operating profit from continuing operations was £166 million, down 11% from £186 million in H1 2020[10] - The operating profit margin for continuing operations was 144%, a decrease of 60 basis points from 150% in H1 2020[10] - Free cash flow increased significantly to £188 million, a 71% increase from £110 million in H1 2020, with a cash conversion rate of 129%[10] - Smiths Medical, accounted for as discontinued operations, reported revenue of £427 million, a 02% increase, and an operating profit of £89 million, a 2% increase[16] Segment Performance - John Crane's revenue was £410 million, a 10% decrease, with an underlying operating margin of 198%[12, 14] - Smiths Detection's revenue was £350 million, a 6% decrease, with an underlying operating margin of 127%[12, 14] - Flex-Tek's revenue was £238 million, a 1% decrease, with an underlying operating margin of 185%[12, 14] - Smiths Interconnect's revenue was £152 million, an 11% increase, with an underlying operating margin of 121%[12, 14] Strategic Initiatives - The strategic restructuring program is on track, with full £70 million annualised benefits expected from FY2022 onwards[18] - Smiths Group is committed to the separation of Smiths Medical by the end of FY2021[48]