Smiths Group warns of 25 million pounds hit to profit in detection unit
LONDON (Reuters) - British engineer Smiths Group Plc warned that full-year profit in its detection unit would be 25 million pounds lower due working capital adjustments, lower volumes and additional costs.
This includes a 9 million pound hit from lower volumes and lower margin work and 4 million pounds of additional costs from certain long-running large contracts, the firm said on Friday.
The detection unit makes sensors that detect explosives, chemical agents and biohazards.
The company had said in March that 2014 earnings would be reduced by 4-5 percent if foreign exchange rates remained at current levels.
(Reporting by Roshni Menon; Editing by Neil Maidment)
