UK's Smiths Group lifts annual revenue growth outlook again
(Reuters) - British industrial technology company Smiths Group lifted its annual revenue growth forecast for the third time in five months on Friday, as demand for its products improved on decarbonisation trends and from airport upgrades.
The FTSE 100 group makes precision scanners used at airports, venues and borders, as well as valves, connectors and specialist tubing used in the oil and gas, construction and defence sectors, but are also needed for the transition to low-carbon fuels and hydrogen.
Smiths said strong growth delivered at the first-half period continued its momentum into the third quarter, with organic revenue up 13.4% for the nine months ended April 30, driven by good volume and price growth in most of its end markets.
The company also forecast "moderate margin improvement" for the full year, riding on the performance so far in the fiscal year ending July.
Smiths said it expects annual organic revenue to rise around 10%, higher than its previous outlook in March of an 8% growth.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D'Souza and Sherry Jacob-Phillips)
