Industrials

The gain in Smiths Group (LSE:SMIN) reflects a sector move. Industrials rallied together, with Spirax, IMI and Diploma all part of the advance. Spirax's own trading update that day reiterated its full-year guidance, but the link to Smiths is one of sector sentiment.

The decline is attributed to the defence sector, where shares weakened on spending concerns amid geopolitical developments. US envoys were due to meet Putin on Ukraine, and defence stocks slipped as peace talks continued. The explanation rests on that sector-wide move.

The results show adjustedOperating Cash Flowof £13.6m, roughly half the prior year's level. Cash conversion fell to 61% from 106%. Management attributed the weaker conversion mainly to customer deliveries being concentrated towards the end of the year, leaving more cash tied up in receivables …

The board now expects adjusted EBITDA of about £45.0m for the year, compared with a previous market consensus of £50.3m. That represents a cut of about 10%. The company said the recovery in its markets was taking longer than anticipated.

The report also pointed to £27.3bn of tax arrears owed to HMRC at 31 August 2026, and identified support services, construction and real estate as the sectors with the highest volumes of distress. Inflationary pressure and elevated borrowing costs were cited as the main …

The oil line itself expanded much faster. Sales of used cooking oil increased 42.3%, with higher prices contributing 29.9 percentage points and greater volumes 9.6 points. A year earlier, price had contributed 18.1 points andVolume12.5 points, so the pricing element has become more important.

The company has not disclosed a contract value. What it has given is a timetable and a qualitative steer: a positive effect on the year to 31 May 2028 and a full-year effect in the following year, when the board expectsRevenueand profit before tax …