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Highlights 2026 Full-Year results
Organic revenue growth1
Operating profit margin1 (+20bps2)
ROCE (FY2025: 24.5%)
Total Group EPS growth
Full year dividend per share (+5.4%)
Operating cash conversion (1pps)
FY2027 guidance
We expect FY2027 organic revenue growth of around 4%, supported by a robust order book. FY2027 headline operating margin is expected to be around 21%. We expect to enter our medium-term target range of 21-23% through operating leverage, achieving the remaining benefits of the Acceleration Plan and continued Smiths Excellence efficiency savings, alongside additional investment into strategic growth initiatives. We expect headline operating cash conversion of low 90%s.
Footnotes
1 Includes John Crane and Flex-Tek.
2 Organic is headline adjusted to exclude the effects of foreign exchange and acquisitions.
2026 was a year of significant strategic progress. We transformed our portfolio and unlocked over £3bn of value which repositioned Smiths as a focused, premium industrial engineering company. We delivered a resilient performance with growth in revenue, profit and margin, and strong cash generation in the face of ongoing macro uncertainty.
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Highlights: 2026 half year results
Organic revenue growth1
Operating profit margin1 (+50bps)
ROCE2 (+130bps)
Headline EPS growth2
Interim dividend per share (+5.4%)
Operating cash conversion2 (-16pps)
FY2026 guidance
Organic revenue growth of 3-4%. Headline operating profit margin c.20%.
Footnotes
1 Includes John Crane, Flex-Tek and Smiths Detection
2 Includes John Crane, Flex-Tek, Smiths Detection & Smiths Interconnect
2026 is a significant year of progress as we reposition Smiths towards higher growth and higher returns markets. We delivered increased momentum in the second quarter, and our strong order book supports an improved second-half performance.
