Strategic update
In January 2025, we announced we will focus our business on high performance industrial technologies for efficient flow and heat management, through our world-class John Crane and Flex-Tek businesses.
This means Smiths Interconnect is to be divested, targeting a transaction announcement by end of calendar year 2025, and Smiths Detection will be separated either by UK demerger or sale following the sale of Smiths Interconnect.
We will share more on these corporate actions as appropriate, in due course.
More information can be found here: smiths-group-strategic-update-january-2025.pdf
Debt investors
EMTN (Euro Medium Term Note) Programme Documentation
In November 2025, Smiths Group issued a bond as part of the company's strategy to enhance its financial stability and support its growth initiatives.
Relevant documents are below:
Base Prospectus 2025, dated 17 April 2025
Supplement to Base Prospectus, dated 31 October 2025
Final Terms – EUR 650m Notes Due 13 November 2033, issue date 13 November 2025
RNS
Share buyback programmes
Current share buyback programme
Smiths announced a £1 billion share buyback programme in November 2025. Details of the first tranche of this programme, to purchase ordinary shares in the capital of the company with a value of up to £600 million, can be found below.
A general authority to repurchase ordinary shares was granted by the shareholders at the Annual General Meeting on 19 November 2025 (the 2025 AGM authority is for a maximum of 32,653,430).
Tranche 1 – 4 December 2025 – onwards
Details of previous share buyback programmes
Share buyback programme (2024-2025)
Tranche 1 - 26 March 2024 - 6 September 2024
Tranche 2 - 14 November 2024 - 21 March 2025
Tranche 3 – 26 March 2025 – 3 December 2025
Share buyback programme (2021-2023)
Tranche 1 – 19 November 2021 - 17 February 2022
Tranche 2 - 18 February 2022 - 4 April 2022
Tranche 3 - 8 April 2022 - 5 July 2022
Tranche 4 – 6 July 2022 - 15 October 2022
Tranche 5 – 17 October 2022 - 27 September 2023
Sale of Smiths Medical
Smiths sold Smiths Medical on 2 January 2022.
