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
Share buyback programme
Share buyback programme
On 13 November 2024, Smiths announced the increase in its share buyback programme from £100m to £150m. On 31 January 2025, Smiths announced a further increase in this share buyback programme from £150m to £500m.
We expect the additional £350m announced to be completed by the end of calendar year 2025.
A general authority to repurchase ordinary shares was granted by the shareholders at the Annual General Meeting on 13 November 2024 (the 2024 AGM authority is for a maximum of 34,456,378 shares).
Details are uploaded below.
Tranche 1 - 26 March 2024 - 6 September 2024
Tranche 2 - 14 November 2024 - 21 March 2025
Tranche 3 – 26 March 2025 onwards
Share buyback programme (2021-2023)
Smiths Group plc announced its intention to commence a share buyback programme of its ordinary shares up to a maximum consideration of £742 million on 11 November 2021. The purpose of the programme was to reduce the share capital of Smiths Group resulting in 55% of the initial cash proceeds from the sale of Smiths Medical being returned to shareholders.
Shareholder approval for the sale of Smiths Medical and the authority to make market purchases of ordinary shares was granted at Smiths Group’s General Meeting held on 17 November 2021.
The programme was completed in five tranches, with the final purchase taking place on 27 September 2023. Details of each tranche can be found below.
Tranche 2 - 18 February 2022 to 4 April 2022
Tranche 3 - 8 April 2022 to 5 July 2022
Tranche 4 – 6 July 2022 to 15 October 2022
Tranche 5 – 17 October 2022 to 27 September 2023
Sale of Smiths Medical
Smiths sold Smiths Medical on 2 January 2022.
