(Alliance News) - Smiths Group PLC on Friday raised its annual guidance, as it reported "continued strong growth" in its financial third quarter.
The London-based engineering firm said in the nine months ended April 30, organic revenue was up 13.4%. This was in keeping with the 13.5% organic growth seen in the first half.
Consequently, Smiths raised guidance for its financial year ending July 31 to around 10% organic revenue growth from "at least" 8% provided previously - which had already been upgraded twice. It kept the guidance of "moderate" improvement in margin. In financial 2022, organic revenue growth was 3.8%.
"The third quarter performance was driven by both good volume and price growth, with strong demand in most of the group's end markets. We continue to invest in working capital to ensure we meet this strong customer demand," Smiths said.
The company will release its annual results on September 26.
The stock was up 1.2% to 1,725.50 pence early Friday.
By Tom Budszus, Alliance News reporter
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Smiths Group (SMIN)