Concerns over a bumpy transition into new leadership at Smiths Group have been quelled this morning, as the engineering and technology conglomerate reaffirmed its full-year guidance. The FTSE 100 firm, best known for its airport security and detection machines, said it expects organic revenue growth of between four to six per cent, in line with prior forecasts. Smiths highlighted a “strong order book” as well as “gradually improving market conditions” in its Flex-Tek and Smiths Interconnect segment, which supplies electronic and radio frequency products.
It has also benefitted from “strong demand” in its largest subsidiary John Crane, which supplies customers in the energy services sector, and Smiths Detection, a provider of security screening and threat detection tech. The performance will be a relief for new chief Roland Carter, 57, a Smiths lifer who replaced Paul Keel in March. Keel’s departure marked the second abrupt exit of a Smiths chief in the last three years and proved the only real concern of investors in a bullish half-year results announcement that sent shares up 2.
4 per cent. Carter said: “In my first quarter as CEO, I am pleased to report that organic revenue growth stepped up, as we expected. We continued to deliver strong results, building further on last year’s record performance and our solid first half.
“Our strategy of accelerating growth, improving execution and investing in our people is driving performance. I would like to thank al.
