Half year results for 6 months ended 31 January 2026

Smiths Group plc – Half Year Results for 6 months ended 31 January 2026

Pioneers of progress – engineering a better future

Excellent strategic progress, strengthening focus on higher growth and margin

• Excellent progress on strategic actions to reshape the portfolio:
  • Sales of Smiths Interconnect and Smiths Detection agreed at attractive valuations for a combined enterprise value of £3.3bn, ahead of market expectations
  • Smiths Interconnect approaching completion; Smiths Detection on track to close in second half of CY2026
    
    
• Disciplined capital allocation delivering enhanced shareholder returns plus growth accretive M&A:
  • Current CY2026 £1bn share buyback underway, following completion of CY2025 £500m buyback in December
  • Announcing today, a further £1.5bn to be returned to shareholders via a combination of structured return (tender offer or special dividend) and share buyback through CY2027, to commence following completion of Smiths Detection sale
  • Dividend +5.4% to 15.00p, continuing track record of dividend growth
  • Agreement signed in March to acquire DRC Heat Transfer for £164m, extending Flex-Tek’s offering into industrial cooling technologies with exposure to high growth markets, including data centres
    
    
• Solid financial performance, with positive Q2 momentum into the second half:
  • Group¹ delivered +4.0% organic² revenue growth; headline³ operating profit margin +50bps to 17.2%
  • John Crane: mid-single digit growth in Q2; order book underpins continuing momentum into the second half with mid-single digit growth expected
  • Flex-Tek: continuing strong growth in aerospace, offset by weakness in construction reflecting the continued challenging US construction market
  • Smiths Detection: conversion of strong order book, with growth driven by aviation
    
    
• FY2026 outlook updated for Smiths to exclude Smiths Detection:
  • Expect organic² revenue growth of 3-4%, with H2 growth within medium-term 5-7% target range and operating profit margin of ~20%, progressing towards 21-23% target range

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 the combination of John Crane, Flex-Tek (including certain general industrial businesses) and Smiths Detection; Total Group also includes Smiths Interconnect. Smiths and/or continuing operations refers to the combination of John Crane and Flex-Tek (i.e. excludes Smiths Detection, Smiths Interconnect and certain Flex-Tek general industrial businesses, see page 3 and note 16). 
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 19 to the financial statements.

Roland Carter, Chief Executive Officer, commented: 

“The first half was important for Smiths with the announcement of the transformational sale of Smiths Detection and Smiths Interconnect, achieving multiples above market expectations and ahead of schedule.

“2026 is a significant year of progress as we reposition Smiths towards higher growth and higher returns markets. We delivered increased momentum in the second quarter, and our strong order book supports an improved second-half performance.

“Following the completion of the disposals, Smiths will be a focused, premium industrial engineering company. Our strategy is delivering significant value and supporting enhanced, sustainable returns, alongside our continued investment into Smiths, and commitment to a further £1.5bn of returns to shareholders.

“During a period of considerable change, I want to recognise our colleagues’ continued dedication to delivering for our customers, living our Values, and fulfilling our purpose.” 

View the full press release

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).

Investor enquiries

Siobhán Andrews, Smiths 
+44 (0)7920 230093
siobhan.andrews@smiths.com 

Ana Pita da Veiga, Smiths 
+44 (0)7386 689442
ana.pitadaveiga@smiths.com

Media enquiries

Tom Steiner, Smiths 
+44 (0)7787 415891
tom.steiner@smiths.com 

Alex Le May, FTI Consulting
+44 (0)7702 443312
smiths@fticonsulting.com 

About Smiths

For 175 years, we have been pioneers of progress, engineering a better future. Our strategy is to be a focused, efficient and value creating industrial engineering company operating in the attractive and growing market segments of energy, industrials, construction and aerospace.

We focus on solving the toughest problems for our customers, helping address critical global needs such as decarbonisation and the ever-increasing demand for process and energy efficiency.

We are pioneers of progress. Engineering a better future, we drive efficiency for customers in mission-critical situations. 

We are united by our purpose. It is what we do, how we think, and how we will continue to use our passion for innovative engineering. For more information visit www.smiths.com 

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs and/or current expectations of Smiths Group plc and its subsidiaries and those of their respective officers, directors and employees concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies, and the businesses operated by the group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. The Company and its directors accept no liability to third parties. This document contains brands that are trademarks and are registered and/or otherwise protected in accordance with applicable law.