Business
Smiths Group plc - Q3 Trading Update
Smiths Group plc - Q3 Trading Update.
About this update from Smiths Group Plc
[{"type":"text","content":"\n \n \n News Release\n \n \n 19 May 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SMITHS GROUP PLC - Q3 TRADING UPDATE\n \n \n \n \n Pioneers of progress - improving our world through smarter engineering\n \n \n \n Smiths Group plc (\"Smiths\" or \"the Group\") today announces its trading statement for the third quarter of FY2022. \n \n \n Smiths built on its strong H1 FY22 results by delivering its fourth consecutive quarter of growth in Q3. Organic revenue for the nine months ended 30 April was up +4.2% (H1 FY22: +3.4%). The Group maintains full year guidance of 3% organic revenue growth, recognising the ongoing macroeconomic uncertainty, supply chain challenges and as it cycles a stronger comparator in the fourth quarter.\n \n \n The third quarter demonstrated ongoing sales momentum with three divisions in growth. As expected, Smiths Detection continues to manage challenges in Aviation OE.\n \n \n ·\n John Crane grew modestly, but with continued strong order intake in both its Industrials and Energy segments. Performance was tempered by supply chain disruptions and elevated input costs, which impacted margins.\n \n \n ·\n Smiths Detection declined, driven by the challenging Aviation OE market, but delivered growth in Other Security Systems OE and in aftermarket across both segments.\n \n \n ·\n Flex-Tek accelerated growth in the third quarter, with ongoing strong demand in its Industrials segment and recovery in Aerospace now well underway.\n \n \n ·\n Smiths Interconnect delivered strong growth, driven by high demand for its products across all of its end markets.\n \n \n \n \n \n Following the executive leadership appointments announced on 14 April 2022, the new leadership are now all in place and the organisation has responded well to the changes. \n \n \n \n Share buyback\n \n \n \n The £742 million share buyback programme, which was announced on 11 November 2021, is on track and we have now returned c.£310m. At the current run-rate and share price, the programme is expected to complete in early calendar 2023. \n \n \n \n \n \n \n Paul\n \n \n Keel, Group Chief Executive, commented:\n \n \n \n \"We delivered our fourth consecutive quarter of growth, demonstrating further progress against our strategy, towards our medium-term target of ...