The share price of engineering company Smiths Group has fallen heavily this morning (March 19th) after the firm revealed its latest financial results.
It was announced by the firm that its revenues for 2013 were £1.44 billion, a one per cent fall on the previous year.
Profits fell three per cent to £215 million and investors responded negatively to the results.
Philip Bowman, chief executive of Smiths Group, stated that the company had made progress in its businesses that serve commercial customers in the last 12 months.
He said: "Underlying revenue and margins advanced in John Crane and Flex-Tek but were primarily offset by declines in Smiths Medical. Smiths Interconnect and Smiths Detection saw more modest reductions compared against strong prior periods."
Mr Bowman added that operational improvements to support investment remain at the forefront of the company's plans for the coming months.
By 09:18 GMT this morning, the share price of the firm was almost six per cent down on the start of the day, with stocks continuing to fall on the London Stock Exchange.
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