Introduction to Smiths

Smiths Interconnect Monet and Volta Products
Our business model
Our business model enables us to deliver value to our stakeholders on a sustainable basis. As a globally aligned organisation that is committed to doing business responsibly, we generate value for a wide range of stakeholders around the world. Our business model includes an overview of our ambition, our strategy, and how we will achieve it.
Our Business Model
Smiths John Crane Predictive Diagnostics Closeup
Our strategy

Our ambition is to establish Smiths as one of the world’s leading technology companies.

Our strategy is to be a high performing, diversified technology company focused on:

  • Targeting – Leading positions in attractive markets
  • Execution – Strong operational performance
  • Financial discipline – Strong financial performance
Smiths Snapshot
Get the facts on Smiths Group, our strategy, divisions and markets in this two-page summary sheet.
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Smiths overview cover
Smiths overview
A more thorough introduction to Smiths Group, including characteristics of a Smiths business and an FY2017 divisional overview.
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End markets

  • 3-4%
    Overall market growth rate


  • Medical technology

    Market growth: 3-4%

    • Smiths Medical
    • Smiths Interconnect
    • Flex-Tek
  • Smiths-markets-security-defence-battleship-iStock-Rose-Marie-Henriksson
    Security & defence

    Market growth: 4-6%

    • Smiths Detection
    • Smiths Interconnect
  • General industrial

    Market growth: gdp+

    • John Crane
    • Smiths Interconnect
    • Flex-Tek
  • Oil & gas

    Market growth: 1-2%

    • John Crane
  • Space & aerospace

    Market growth: 4-6%

    • Flex-Tek
    • Smiths Interconnect

Key performance indicators

Operational Performance

  • Top 3
    Competitive position
  • 5-6%
    Investment in R&D as % of sales
  • ~20%
    Vitality index (revenue from products launched in the last three years)
  • ~6%
    Stock turns
  • 60%+
    Aftermarket sales as % of revenue


Financial Performance

  • 18-20%
    Operating margin
  • 16-18%
    ROCE (return on capital employed)
  • ~20%
    Working capital as % of sales
  • 100%+
    Cash conversion


Proud to be Smiths

Our solutions touch the lives of millions of people every day. 

Hear about the role we play in the world, the markets we serve and the amazing capabilities of our products, from the colleagues who are helping Smiths become one of the world's leading technology companies.