Smiths Group (SMIN) Q1 2025 TU earnings summary

Executive summary

• Achieved outstanding Q1 FY2025 with organic revenue growth of 15.8%, or 13.1% on a comparable basis, driven by all business segments.

• Upgraded full-year organic revenue growth guidance to 5-7% and operating profit margin expansion to 40-60 basis points.

• Resumed and increased share buyback programme to £150 million, reflecting strong balance sheet and disciplined capital allocation.

Financial highlights

• Q1 organic revenue growth was 15.8% year-over-year; adjusted for extra trading days, growth was 13.1%.

• Record order book supports positive outlook for FY2025.

• US business, representing 45% of revenue, was accretive to overall growth.

Outlook and guidance

• Full-year organic revenue growth guidance raised to 5-7%, up from 4-6%.

• Operating profit margin expected to expand by 40-60 basis points in FY2025.

• Growth in H1 is heavily weighted to Q1 due to delivery timings and prior year comparators.