Corporate ChangesThere is currently a lot of change at Smiths, which throws up some additional questions.
Financial GuidanceManagement has raised its OCC sales guidance to 5% - 7% (from 4% - 6%) and points to 40-60bps increase in EBITA margin, which may slightly take the edge off any positive reaction to the strong start of the year.
ManagementThe management change is particularly interesting, as CFO Scherrer has not been at Smiths long, and we would have expected a longer tenure.