Smiths Group Plc (LON:SMIN) has announced its full year results for 12 months ended 31 July 2025.
Pioneers of progress – engineering a better future
Strong performance, ahead of guidance, and strategic actions progressing
Delivering on our value creation strategy
· Group1 delivered strong performance ahead of twice-raised growth guidance delivering +8.9% organic2 revenue growth; +60bps organic operating profit margin expansion to 17.4%; +14.8% headline3 EPS growth; 18.1% ROCE and 99% operating cash conversion
· Continuing operations1 delivered +7.2% organic revenue growth; 17.3% operating profit margin and 18.3% ROCE
· Disciplined capital allocation and balance sheet strength: dividend +5.1%; £398m of £500m share buyback completed to 10 September; £121m invested in accretive acquisitions; 0.6x net debt/headline EBITDA
· Progressing well with the previously outlined strategic actions to focus Smiths as a high-performance industrial engineering business, to enhance growth, improve the financial profile and deploy capital to deliver strong cashflow and returns
· Separation processes for Smiths Interconnect and Smiths Detection progressing; continue to expect an announcement on Smiths Interconnect by end of December 2025
· Acceleration Plan on track – £22m of costs incurred in FY2025, with initial benefits being delivered; expected run-rate of £40-45m of benefits for FY2027 onwards
· FY2026 outlook (continuing operations) – expect organic revenue growth of 4-6%, with continuing margin expansion; remain confident in delivering our enhanced medium-term financial targets
| Headline3 | FY2025 | FY2024 | Reported | Organic2 |
| Group1 | ||||
| Group revenue | £3,336m | £3,132m | +6.5% | +8.9% |
| Group operating profit | £580m | £526m | +10.3% | +13.1% |
| Group operating profit margin4 | 17.4% | 16.8% | +60bps | +60bps |
| Basic EPS | 121.2p | 105.5p | +14.8% | |
| ROCE4 | 18.1% | 16.4% | +170bps | |
| Operating cash conversion4 | 99% | 97% | +2pps | |
| Continuing operations | ||||
| Revenue | £2,915m | £2,778m | +5.0% | +7.2% |
| Operating profit | £505m | £477m | +6.0% | +8.5% |
| Operating profit margin | 17.3% | 17.1% | +20bps | +20bps |
| ROCE | 18.3% | n/a | – |
| Statutory | FY2025 | FY2024 | Reported |
| Revenue | £2,915m | £2,778m | +5.0% |
| Operating profit | £410m | £369m | +11.4% |
| Profit for the year (after tax) | £276m | £222m | +24.3% |
| Basic EPS | 85.7p | 72.3p | +18.5% |
| Dividend per share | 46.0p | 43.75p | +5.1% |
Statutory reporting and definitions
Statutory reporting takes account of all items excluded from headline performance. See accounting policies for an explanation of the presentation of results and note 3 to the financial statements for an analysis of non-headline items. The following definitions are applied throughout the financial report:
1 Group refers to Smiths Group including all four businesses; continuing operations refers to the combination of John Crane, Flex-Tek and Smiths Detection (ie excludes Smiths Interconnect) and Smiths refers to the combination of John Crane and Flex-Tek only
2 Organic is headline adjusted to exclude the effects of foreign exchange and acquisitions.
3 Headline: In addition to statutory reporting, the Group reports on a headline basis. Definitions of headline metrics, and information about the adjustments to statutory measures, are provided in note 3 to the financial statements.
4 Alternative Performance Measures (APMs) and Key Performance Indicators (KPIs) are defined in note 30 to the financial statements.
Roland Carter, Smiths Group Chief Executive Officer, commented:
“This has been another successful year for the Group, building on our strong track record of consistent growth and returns. We exceeded our twice-raised organic revenue growth guidance, delivering +8.9% growth, and operating margin was 17.4%, at the top of our guided range. This strong performance reflects the quality of our business and agility managing ongoing macro-economic uncertainties.
“Our order book and momentum in the business support our confidence in our positive outlook for FY2026, and we expect organic revenue growth of 4-6% and continuing margin expansion towards our medium-term targets.
“FY2025 has been a pivotal year and the strategic actions we have announced to focus Smiths as a world-class industrial engineering company to unlock significant value and enhance returns to shareholders are well underway.
“None of this would be possible without our dedicated people, and I would like to thank colleagues across Smiths for their support, diligence and commitment, particularly as we navigate a period of rapid change.”
Presentation
A webcast presentation and Q&A will begin at 08.00 (UK time) today at: https://smiths.com/investors/results-reports-and-presentations. A recording will be available from 13.00 (UK time).
Broadcast interview
Smiths Group plc CEO, Roland Carter, has been interviewed by business journalist Ian King on the key elements of today’s results. The link is here: https://smiths.com/investors/results-reports-and-presentations
UPCOMING EVENTS
| Date | Event |
| 16 October 2025 | Final Ex-Dividend Date |
| 17 October 2025 | Final Dividend Record Date |
| 19 November 2025 | Q1 Trading Update and Annual General Meeting |
| 21 November 2025 | Final Dividend Payment Date |
