Smiths Group has seen revenue and profit drop in its medical unit which it failed to sell this summer. The division, alongside Smiths’ slumping explosives detection business, will now be subjected to a groupwide restructuring which chief executive Philip Bowman believes could lead to £50 million in cost savings over the next four years. Smiths’ government work in developed markets has been hit by austerity measures in the wake of the financial crisis, leaving annual pre-tax profit flat at £498 million and revenue up a mere 2% to £3.1 billion.
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