Half Year 2020 Smiths Group PLC Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew J. Wilson - JP Morgan Chase & Co, Research Division - Analyst : I've got a few questions, if that's okay. If we could start on the John Crane side. You made some comments, Andy, very helpfully around particularly refinery and downstream oil and gas. Could you just sort of give us a little bit of the similar color around the non-oil and gas part of John Crane and just how we should think about those in the second half, obviously, appreciating the uncertainty, but just in terms of a framework to think about those as well, please?

Question: Andrew J. Wilson - JP Morgan Chase & Co, Research Division - Analyst : That's great. And switching across to Detection, there's a couple of, obviously, very helpful comments in terms of thinking about the, I guess, the aftermarket side and also the confidence around orders being deferred rather than canceled. Again, it's a positive. But just wanted to think about -- and I think John touched on it, the flexibility and the cost base Detection because that feels like that's going to be the challenge in terms of protecting the capability for when those orders do complete. Can you just give us a little bit more help around just where that flexibility comes from the Detection?

Question: Andrew J. Wilson - JP Morgan Chase & Co, Research Division - Analyst : And maybe just a final quick one for John, just in terms of the cash flow in the second half. I guess, I understand, John, you particularly flagged we need to be considering. I mean the net debt EBITDA seems to have come in a little bit better when we included Medical, particularly that I was expecting. But sort of as we look into the second half, appreciating there's a lot of uncertainty on where the profit number ends up, but just in terms of the mechanics for the cash flow anything we should be -- we're thinking about or would we expect another good period?