Smiths FY26 headline operating profit margin widens to 20.6%; revenue rises 1.2%

• Smiths posted FY2026 organic revenue growth of 1.2%, led by John Crane up 2.3% while Flex-Tek slipped 0.4%.
• Headline operating profit margin widened to 20.6%, with ROCE at 23.5%.
• Net cash totaled £1.75 billion, with a £1.5 billion share buyback completed and another £1.5 billion still planned.
• Portfolio reshaped with DRC Heat Transfer acquired for £165 million, while Smiths Interconnect and Smiths Detection were divested for a £3.3 billion EV.
• FY2027 guidance calls for about 4% organic revenue growth and a headline operating profit margin of about 21%.

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