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Smiths is an intrinsically strong company with world-class engineering, leading positions in critical markets, and global capabilities, all underpinned by a strong financial framework.

We are committed to our strategic goals of accelerating growth, strengthening execution and inspiring and empowering our people to deliver performance in line with our significant near and longer-term potential.

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Paul Keel
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Smiths is an intrinsically strong company with significant opportunity to deliver further value creation.

Paul Keel
Smiths Group CEO

Smiths Group plc investment highlights

In FY23 we made significant progress towards our medium-term targets

+11.6%

Organic revenue growth

+39.6%

EPS growth

15.7%

ROCE

16.5%

Operating profit margin

86%

Operating cash conversion

Smiths Value Engine

Fundamentally strong business

Smiths is a FTSE 100 company with a balanced portfolio of market-leading, industrial technology businesses. All our businesses have leading positions in critical markets, and deliver superior customer service through our global capabilities and sustained investment in R&D. 

All of this supported by a robust financial framework with high proportion of recurring revenues through our aftermarket offering, and high and resilient margins. 

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Growth

Building momentum

Since the launch of our strategic goals in November 2021 we have consistently delivered both organic revenue and EPS growth. In FY2023 we delivered record organic growth of 11.6%, ahead of our raised guidance - and that’s after delivering our fastest growth in nearly a decade in FY2022.

This accelerated performance has been driven by our strong competitive position in growing markets, our ability to deliver innovative products for our customers, and a renewed focus on execution with the successful implementation of Smiths Excellence System throughout the business, all supported by a refreshed leadership team.

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Growth

Strong balance sheet

Smiths has a strong track record of high cash generation, with average five-year cash conversion of c. 100%. This, along with the $2.7bn sale of Smiths Medical , has strengthened the balance sheet and enhanced shareholder returns.

Over the last two financial years we have returned over £1bn to shareholders through dividends and our share buyback programme.

The strength of the balance sheet enables us to support our capital allocation needs of organic investment, M&A and return to shareholders.

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Growth

Long term growth potential

Smiths has a clear strategy to deliver consistent and sustainable organic revenue growth and improved execution, and has demonstrated significant progress against this in recent years.

In FY2023, Smiths had a record growth year with new products contributing more than 3% of this growth. We also posted margin expansion of +20bps, with SES contributing £14m to profit.

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Total shareholder return