JONATHAN JACKSON | KILLIK & CO
The outlook remains weak, given the continued constraints on government spending, and the group will continue to focus on efficiency... Management hopes to further improve margins through R&D-driven product innovation, acquisitions and further expanding into emerging markets.
SCOTT CAGEHIN | NUMIS
The message is a consistent story of margin improvement, whilst strong free cash generation supports long term growth opportunities through increased R&D and acquisitions. Smiths also remains a break up story that should, eventually, unlock value to shareholders.
ANDREW WILSON | INVESTEC
Headlines are in line with our thinking and predictably cautious, the economic outlook remains uncertain and continued pressures on government spending are likely to constrain revenue opportunities...We retain our buy recommendation believing this is a strong set of assets which is currently fundamentally undervalued, underpinned by the potential for short-term value realisation.