The FTSE 100 business said yesterday it had no current intention to move its tax domicile but was closely monitoring possible changes to UK tax laws governing profits made overseas.

Footsie drugs firm Shire and publisher United Business Media have announced moves. Others, including advertising group WPP, are weighing options.

Smiths generates 94 per cent of its revenues abroad. It said the future location of its corporate centre was subject to a review, to be completed in time for change by the year’s end.

Chief executive Philip Bowman announced the review as he unveiled a corporate restructuring that would see about 65 jobs go, 40 in the UK.

Its medical division will be run from the US.

“Building the business will be more effectively achieved through a focused divisional structure,” Bowman said.

The shares rose 21dp to 1015p.