Engineering conglomerate Smiths Group has confirmed the appointment of Andrew Reynolds Smith as its chief executive.
Present boss Philip Bowman will step down on September 24 but remain on gardening leave until the expiry of his notice period on December 31, the company said.
Smiths also announced its annual results on Wednesday and said it expected operating margins at its largest division, John Crane, to be in the lower half of a previously disclosed medium-term range of 22 to 25 per cent for the coming year.
Group revenue slipped two per cent to £2.89 billion in the year ended July 31, in line with analysts expectations. Headline operating profit rose one per cent to £511 million.
Revenue at John Crane, which has clients including BP and Chevron, fell four per cent to £905m for the year, hurt by a decline in energy prices, and currency movement.
The John Crane unit makes mechanical seals, seal support systems, engineered bearings, power transmission couplings and specialised filtration systems.
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