Having completed a strategic reorientation over recent years, Smit International NV has posted mixed but generally good overall results for 2004. The group's Salvage Division experienced a high work rate throughout the year and recorded an excellent result while the Harbour Towage Division also did well. The Transport & Heavy Lift Division achieved a satisfactory utilisation rate for 2004 while only the Terminals Division recorded a result below expectations. Net profits rose slightly from 27.0m in 2003 to 27.5m last year.