(Alliance News) - Smiths Group PLC on Tuesday reaffirmed guidance after announcing organic revenue growth across the business.
The London-based engineering firm grew organic revenue 7.7% in the nine months ended May 3.
Growth was at 6.1% when adjusted to consider the four extra trading days during the quarter.
During the same period last year, revenue was up 13%.
Chief Executive Officer Roland Carter commented: "In my first quarter as CEO, I am pleased to report that organic revenue growth stepped up, as we expected. We continued to deliver strong results, building further on last year's record performance and our solid first half.
"Our strategy of accelerating growth, improving execution and investing in our people is driving performance."
Smiths Detection, which specialises in screening technologies, performed particularly well during the quarter delivering low double-digit growth.
Smiths' John Crane mission-critical technologies and services business also increased revenue with high single-digit revenue growth.
Both Flex-Tek and Smiths Interconnect achieved marginal growth in the quarter.
In light of this performance, the company maintains its full-year guidance of organic revenue growth within the rage of 4.0 to 6.0%, down from 12% reported the year prior.
Smiths shares were down 0.1% to 1,743.00 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Smiths Group (SMIN)