SMITHS DETECTION-WATFORD LIMITED

1. SMITHS DETECTION-WATFORD LIMITED 2002-08-01 → present
2. GRASEBY DYNAMICS LIMITED 1981-12-31 → 2002-08-01
3. PYE DYNAMICS LIMITED 1950-04-14 → 1981-12-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In making their assessment of going concern, the Directors have considered the Company's financial position, cash flow forecasts and its inter-dependency with the wider Smiths Group, together with the proposed sale of the Smiths Detection business to funds advised by CVC Capital Partners. Based on this assessment, the Directors consider it appropriate to prepare the financial statements on a going concern basis and do not consider that there are any material uncertainties which would cast significant doubt on the Company's ability to continue in operational existence.”

Significant events

• “On 3 December 2025, Smiths Group plc announced the sale of Smiths Detection to funds advised by CVC Capital Partners for an enterprise value of £2.0bn, representing a 16.3x multiple of FY2025 headline operating profit and a 12.5x headline EBITDA multiple. The separation process and regulatory clearances are progressing well and remain on track to complete in the second half of this calendar year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +13.6%

  £130,153,000 → £147,840,000

• Cash

  +51.8%

  £2,787,000 → £4,230,000

• Net assets

  +142.7%

  -£2,455,000 → £1,049,000

• Employees

  +5.1%

  334 → 351

• Operating profit

  +93.4%

  £3,301,000 → £6,385,000

• Profit before tax

  +333.5%

  £762,000 → £3,303,000

• Wages

  +8%

  £21,015,000 → £22,688,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers