Smiths Group Plc (SMGKF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us. I hope you enjoyed the video celebrating our 175 year anniversary, which highlights many significant events over our history. micro xsmiths represents more than a fifth of this time and i have been fortunate enough to work on many projects where we have made important contributions to engineering and to our customers 2026 is yet another momentous period in our history as we reshape the portfolio and i am delighted at the execution of this strategy so far Turning to the agenda for today, I'll start with the key highlights before handing over to Julian to walk through the numbers in more detail. I'll then come back to you to provide an update on our strategy. And as always, we'll have plenty of time for questions at the end. The first half of fiscal year 2026 has been a strategically important period for Smith as we executed major portfolio actions, achieving attractive valuations for both Smith's interconnect and Smith's detection. It marks a period of progress in which we have delivered a solid financial performance and positioned the company for stronger, more focused growth and improved margin and return profile. These outcomes reflect consistent execution and sustained progress. We have continued to take a disciplined approach to capital allocation, investing organically and in growth accretive acquisitions, and divestments have enabled enhanced capital returns to shareholders. with a further announcement today of a new £1.5 billion programme. We have updated our fiscal year 2026 outlook for Smiths, following our change in reporting for discontinued operations. We expect organic revenue growth of 3-4%, reflecting expectations of a stronger second half, with its growth in line with our medium term target range. An...