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CAPITAL GOODS: Smiths Group (SMINLN Baa2/BBB+/NR): FY24 Results

CAPITAL GOODS
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  • Smiths reports revenue in line with consensus and organic growth a touch ahead at 5.4%.
  • Adj. EBIT was in line. Efficiency plans aim to lift margin from 16.4% to 18-20% in the medium term.
  • FCF improved from £219mn to £336mn YoY due to higher EBIT and reduced working capital. Leverage is down to 0.3x from 0.7x.
  • 4-6% revenue growth and margin expansion is expected in 2025.
  • 2 small acquisitions are announced.
  • Call 08.30 BST https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=4B619B83-2371-42AD-91D2-6AB54B57CAED&Referrer=https%3A%2F%2Fwww.smiths.com%2F
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  • Smiths reports revenue in line with consensus and organic growth a touch ahead at 5.4%.
  • Adj. EBIT was in line. Efficiency plans aim to lift margin from 16.4% to 18-20% in the medium term.
  • FCF improved from £219mn to £336mn YoY due to higher EBIT and reduced working capital. Leverage is down to 0.3x from 0.7x.
  • 4-6% revenue growth and margin expansion is expected in 2025.
  • 2 small acquisitions are announced.
  • Call 08.30 BST https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=4B619B83-2371-42AD-91D2-6AB54B57CAED&Referrer=https%3A%2F%2Fwww.smiths.com%2F