(Alliance News) - Smiths Group PLC on Thursday said it built on a strong first half of its financial year in the third quarter and said revenue growth guidance remains intact despite supply chain blockages.
Providing an updated on the nine months that ended on April 30, the company maintained full-year guidance of 3% organic revenue growth. For the first nine month of the year, organic revenue growth was 4.2%, improved from 3.4% in the first six months.
Chief Executive Paul Keel said: "We delivered our fourth consecutive quarter of growth, demonstrating further progress against our strategy, towards our medium-term target of 4% to 6% organic revenue growth. As we enter the final quarter of [financial year] 2022, macro uncertainty remains high and supply chain and inflationary challenges continue. We are leveraging the Smiths Excellence System to help manage these headwinds, and confirm our full-year organic revenue growth guidance of 3%."
The GBP742 million share buyback that Smiths announced back in November is on track, with GBP310 million returned so far, the company noted. The programme is expected to be completed early in calendar 2023.
Smiths shares were down 2.2% at 1,476.00 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Smiths Group (SMIN)