Smiths Group Reports Significant Increase in Pretax Profit

Smiths Group, a leading engineering group in the UK, announced a significant surge in pretax profit for fiscal year 2023. The company's profit soared to £360 million ($439.6 million) for the year ending on July 31, compared to £103 million in fiscal 2022. However, this figure fell short of the market forecast of £366.35 million as per an average collected by Visible Alpha.

Furthermore, Smiths Group recorded £3.04 billion in revenue, surpassing the previous year's £2.57 billion, and exceeding the market expectation of £2.99 billion according to a consensus compiled by the company.

The company achieved organic revenue growth of 11.6%, surpassing its own fiscal-year guidance of approximately 10%. This increase was mainly driven by the strong performance of its divisions, John Crane and Smiths Detection, which experienced growth rates of 15.2% and 16.4% respectively.

Chief Executive Paul Keel expressed his satisfaction with the company's performance, stating, "We have made remarkable progress in achieving all five of our medium-term financial commitments, including unprecedented growth in organic sales and earnings per share."

Going forward, Smiths Group anticipates an organic revenue growth ranging between 4% and 6% for fiscal year 2024.

In addition to the positive financial results, Smiths Group has also declared a dividend of 28.7 pence per share, supplanting the previous fiscal year's final dividend of 27.3 pence.