News
Release
21 May 2024
SMITHS GROUP PLC - Q3 TRADING
UPDATE
Pioneers of progress -
improving our world through smarter engineering
Strong organic revenue
growth; FY2024 guidance reaffirmed
Smiths Group plc ("Smiths" or "the
Group") today announces its trading statement for the third
quarter, and nine months, to 3 May 2024.
Third quarter organic revenue
growth1 advanced to +7.7% bringing organic revenue
growth for the nine months to 3 May 2024 to +5.2%. This strong
growth was delivered against a record nine-month FY2023 comparator
of +13.4%. The third quarter period this year benefited from four
extra trading days and adjusting for this, the organic revenue
growth on a comparable basis was +6.1% (YTD 4.6%).
As a result of the Group's
performance progression and a strong order book, we are again
reaffirming our FY2024 guidance of full-year organic revenue growth
of 4-6%, with continued margin expansion.
The third quarter performance
reflected strong demand in John Crane, Smiths Detection and
Flex-Tek aerospace and the gradually improving market conditions in
Flex-Tek construction and Smiths Interconnect.
·
John Crane continues to see strong demand and
delivered high single digit organic revenue growth in the
quarter.
·
Smiths Detection continues to deliver against its
order book with low double-digit organic growth in the quarter, and
ongoing high levels of installation activity.
·
Flex-Tek saw continued strength in aerospace and
is seeing a gradual recovery in US construction, resulting in
marginal organic growth in the quarter.
·
Smiths Interconnect also delivered marginal
organic growth in the quarter.
Roland Carter, Chief Executive Officer,
commented:
"In my first quarter as CEO, I am
pleased to report that organic revenue growth stepped up, as we
expected. We continued to deliver strong results, building further
on last year's record performance and our solid first half. Our
strategy of accelerating growth, improving execution and investing
in our people is driving performance. I would like to thank all my
colleagues across the Group for their commitment and
contribution.
"Our strong results for the year to
date, together with our visibility for the final quarter, gives us
confidence in our full-year guidance of organic revenue growth in
our medium-term target range of 4-6%, with continued margin
expansion."
FY2024 results
Smiths will publish its results for
the year ending 31 July 2024 on Tuesday, 24 September
2024.
1 Organic revenue growth excludes the effects of foreign
exchange and M&A.
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Investor enquiries
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Media enquiries
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Siobhán Andrews, Smiths Group
+44 (0)7920 230093
siobhan.andrews@smiths.com
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Tom Steiner, Smiths Group
+44 (0)7787 415891
tom.steiner@smiths.com
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Ana Pita da Veiga
+44 (0)7386 689442
ana.pitadaveiga@smiths.com
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Alex Le May, FTI Consulting
+44 (0)7702 443312
smiths@fticonsulting.com
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Legal Entity Identifier (LEI):
213800MJL6IPZS3ASA11
About Smiths Group
For over 170 years, Smiths Group has been pioneering progress
by improving our world through smarter engineering. We serve
millions of people every year, to help create a safer, more
efficient, and
better-connected world, across four major global markets: Energy,
General Industry, Safety & Security and Aerospace. Listed on
the London Stock Exchange, Smiths employs more than 15,000
colleagues in over
50 countries. For more information visit www.smiths.com.