Smiths Group welcomes US tax legislation

Smiths Group said the net impact of new US tax legislation on the company would be favourable over the medium term.

For the current financial year, it anticipated a headline effective tax rate of 27.5-28.5%, which included a one-off adverse revaluation of its deferred tax asset position.

For the 2019 financial year and beyond, its headline effective tax rate was estimated to be in the range of 23.0-25.0%, it added.