Smiths Group Posts Drop In Profit, Raises Dividend

Smiths Group PLC

reported a drop in its profit in the first half of its fiscal year. Smiths Group's pretax profit for the period fell to 132 million pounds ($219.3 million), from a year-ago profit of GBP166 million. Its revenue slipped 2% to GBP1.44 billion. Excluding special items, its pretax profit tumbled to GBP215 million versus GBP223 million. Smiths Group also lifted its dividend by 2% to 12.75 pence versus 12.50 pence. Smiths Group shares closed at $22.69 yesterday.