Smiths job cuts fear

AEROSPACE and engineering group Smiths is expected to announce about 1,000 job cuts and a fall in profits tomorrow. The group, which has been hurt by the tough markets following the September 11 terrorist attacks on the US, said in November it would take a downsizing charge of £40-£50m for the year to July 2002. The group, created by the merger with TI in 2000, is expected to detail how many job cuts this involves. A large number will already have been shed from its 37,000 staff, of which 13,000 are in the UK.

WIDER PRESENCE: Building materials group Travis Perkins has pledged to expand its branch network after seeing annual pre-tax profits surge 26 per cent. The Northampton company saw pre-tax profits in the year to December 31 rise to £110.5m from £87.3m a year earlier.

GOOD YEAR: Housebuilder Bovis Homes has said housing affordability remained good, while it expects house prices to continue to rise. Pre-tax profits for the year to December 31 rose 19 per cent to £80m, while turnover was up 18 per cent to £358.5m.

FOR SALE: Family-owned chilled and frozen food group Brake Bros is up for sale after its founder and chairman, Frank Brake, said he was planning to retire after more than 40 years with the Kent business.