Engineering troubles

SAleS at engineer Smiths have been hit by product launch delays in its medical arm and difficult conditions in the energy business.

Despite profits rising to £602m in the year to July 31, up from £346m, its shares fell 6pc, or 96p, to 1517p, making it the FTSe 100’s worst performer yesterday.

Sales at its security devices division rose 4pc to £687m, cushioning the impact of declines in the company’s bigger businesses.