Notes

Slide Show

Outline

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2	Smiths Group: four divisions, all performing strongly
3	Smiths Group: 2004 results £m 2004 increase on 2003 Sales 2,678 +7% Operating profit 360 +2% Pre-tax profit 350 +6% Earnings per share 45.9p cf 45.5p Dividends per share 27.0p + 4%
4	Continuing to generate a healthy cash-flow
5	Looking ahead: Driving growth on two fronts In all four divisions Sales growth Efficiency gains Recent acquisitions
6	Operational performance: The drivers of growth in 2005 commercial aerospace telecom infrastructure
7	Smiths Aerospace: Fundamental strengths
8	Smiths Aerospace: The drivers of continued growth
9	Smiths Detection: Fundamental strengths
10	Smiths Detection: The drivers of continued growth
11	Smiths Medical: Fundamental strengths
12	Smiths Medical: The drivers of continued growth
13	Specialty Engineering
14	Keeping input costs in check
15	Generating additional growth from valuable acquisitions
16	Smiths Group: Summary of outlook for 2005 Improving market conditions drive sales growth Operational gearing effect benefits profitability Restructuring delivers significant efficiency gains Material cost increases will have modest impact Recent acquisitions add to growth Ready for more, using strong balance sheet Financial factors (pensions, currency) now more favourable
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