Smiths Group hailed record results driven by demand for new inventions including cutting-edge airport scanners and green energy products.
The London-listed engineer yesterday said revenue jumped 18.3% to £3.04bn in the 12 months to the end of July – its largest ever haul.
Smiths, which was founded as a watchmaking shop in London in 1851, said demand for innovative new products helped to lift its sales, with organic revenue growth reaching a record 11.7%.
The FTSE 100 company invested more than £100m in research and development last year, with a focus on artificial intelligence and green energy innovations.
It said product launches contributed more than three percentage points of growth in the most recent financial year, helping ease the impact of a slowdown in the semiconductor industry.
Smiths Group invested more than £100m in research and development last year, with a focus on artificial intelligence and green energy innovations
Smiths’ boss Paul Keel (pictured) said roughly a third of the firm’s revenue could be attributed to products that did not exist five years ago
Among Smiths’ recent inventions is the technology that removes the need for travellers to take liquids and laptops out of their bags when going through airport security.
London City Airport was one of the first in the country to scrap the 100ml liquid rule after installing one of the high-tech 3D scanners.
Most UK airports will have followed its lead by mid-2024 in a bid to speed up boarding times.
Smiths has also developed ultra-high-pressure hydrogen gas seals, which will allow it to capitalise on the shift to hydrogen products as companies transition to green energy to reach net zero.
Boss Paul Keel said roughly a third of the firm’s revenue could be attributed to products that did not exist five years ago.
Decarbonisation is another ‘megatrend’ helping it to boost growth, with the Smiths strategy unaffected by the Government’s announcement last week that it will delay some climate policies.
‘Every company has now made a net-zero commitment,’ Keel said, saying the steel industry is a particular growth area for Smiths Group.
‘What companies do when they make that commitment is look at where they are burning fossil fuels and how they can replace that with electric heating.’
Annual profit after tax fell 77.6% to £232m, as the previous year’s results included the profits from the sale of its medical business. But operating profit soared 244.4pc to £403m.
