Smiths Group Share Price (SMIN)

.wealthoracle.co.uk/company-results

Smiths delivered a softer than expected Q3, prompting a downgrade to FY26 revenue guidance from 3-4% organic growth to c.2%, reflecting the impact of the Middle East conflict on the John Crane business which alone took a £10m hit from two months of disruption. Group organic revenue was flat in the quarter and 0.2% year-to-date. John Crane organic growth of 2.8% was driven by aftermarket strength in Latin America; Flex-Tek declined 3.9% on the expected phasing and against a tough comparator, with the US residential market still subdued, though Aerospace continued to deliver strong growth on contract renewals. Critically, profit guidance is maintained with headline operating margin still expected slightly above 20%, underpinned by Acceleration Plan and Smiths Excellence cost savings. Portfolio reshaping continues to progress: the £1.3bn Interconnect disposal completed on 1 April with £506m of the £1bn buyback already executed; Detection sale on track for H2 CY2026 with a £1.5bn return of proceeds planned. DRC Heat Transfer acquisition completed 2 April. Order book strengthened in Q3 with positive book-to-bill. Organic revenue flat Q3 vs prior 3-4% guidance for FY (clear miss; revenue guide cut to ~2%); margin guide maintained slightly above 20%. MISS.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/companies/SMIN

Smiths Group plc reported a strong first half performance for the six months ended 31 January 2026, characterised by significant strategic progress and solid underlying financial delivery. The Group agreed the disposals of Smiths Interconnect and Smiths Detection for a combined enterprise value of £3.3 billion, achieved at attractive multiples (c.15.1x EBITDA for Interconnect and 12.5x EBITDA for Detection), materially ahead of market expectations. These transactions mark a major step in repositioning the business towards higher-growth, higher-margin industrial segments. Financially, the Group delivered 4.0% organic revenue growth, with total revenue increasing to £1,437 million (+2.2% reported). Headline operating profit rose by 5.6% to £248 million, while operating margin expanded by 50bps to 17.2%, reflecting operational improvements and pricing discipline. Earnings growth was also strong, with headline EPS increasing by 11.7% to 62.0p, and return on capital employed improving to 18.4% (2025: 17.1%). Within continuing operations, margins remained robust at 19.8%, supporting the Group’s transition towards a ....

.wealthoracle.co.uk/companies/SMIN

Down 10% sine end of Feb !

Broker downgrade to neutral is all I found. Hoping it’s market jitters exaggerating the move because I took some more.

What have I missed