By Graeme Evans

Copyright standard

Smiths Group today reported annual organic revenues growth of 8.9% for the year to 31 July, above its twice-raised guidance between 6-8%.

The industrial conglomerate’s operating profit rose 13.1% to £580 million, having improved its margin by 60 basis points to the top end of its forecast range at 17.4%.

The dividend for the year is 5.1% higher at 46p a share, while the FTSE 100-listed company has completed 80% of its £500 million share buyback programme.

Earlier this year, Smiths announced a break up plan in order to focus on flow and heat management through its remaining John Crane and Flex-Tek operations.

A large chunk of the proceeds from the separation of Smiths Interconnect and the airport scanners business Smiths Detection will be returned to shareholders.

Smiths said the separation processes are progressing, adding that it is looking for 4-6% organic revenue growth and continuing margin expansion in the new financial year.

Chief executive Roland Carter said: “This has been another successful year for the group, building on our strong track record of consistent growth and returns.

“This strong performance reflects the quality of our business and agility managing ongoing macro-economic uncertainties.”