StockMarketWire.com - Engineering company Smiths said it would cut an as yet unspecified number of jobs as part of a restructuring process, even as it announced a rise in year-to-date revenue.

Revenue for the 10 months through May was up 6%, including a contribution from the recently acquired United Flexible business.

Revenue from continuing operations climbed 2%, while underlying revenue for the four months through May rose 1%.

'The resilient overall performance of the last four months reflects the momentum of the first half and our strong orderbooks at the outset of the Covid-19 crisis,' Smiths said.

Still, the company said there been some slowing of business due to the pandemic, and that it also faced increasingly tough comparators through the end of the fiscal year.

The restructuring programme was company-wide and came with an operating cash cost of around £65m, to be spread across the 2020 and 2021 financial years.

Savings, however, would substantially offset costs in the 2021 financial year to deliver an annualised benefit of around £70m from the 2022 financial year onwards.

Smiths did not provide much detail on the restructuring, including how many jobs would go.

Further detail would be provided at its full year results on 24 September.

'We will continue to take the actions necessary to safeguard our long-term competitiveness,' chief executive Andy Reynolds Smith said.

'I very much regret that this will result in some job losses. My sincere personal thanks go to the amazing Smiths employees around the world for their dedication and commitment.'

Story provided by StockMarketWire.com