Smiths Group (LSE:SMIN) PLC said revenue growth this year should recover to around pre-Coronavirus (COVID-19) levels, though supply chain and sourcing challenges remain.
“Group underlying revenue growth rates are expected to return, in aggregate, to around pre-COVID levels with further operational efficiency benefits and good cash generation during the year”, the global technology company said alongside results for the year just ended.
The FTSE 100 industrial and tech conglomerate added it signed a binding agreement to sell its medical division to US group ICU Medical for US$2.7bn gross and would return £737mln or 55% of the proceeds to shareholders through a share buyback, as previously announced.
Paul Keel, chief executive, said the focus was on building momentum now that the business was pointing in the right direction.
Order books were healthy, he added, even though recovery is occurring at different speeds across its markets and economic uncertainty and supply issues remain.
In the year to end July 2021 revenues in the ongoing businesses dipped 6% to £2.4bn with operating profit 35% higher to £326mln.
The dividend for the year goes up by 8% to 37p.