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Smiths Groups sees higher FY23 revenue on strong demand

Reuters
Updated ·1-min read

(Reuters) -British industrial technology group Smiths Group on Wednesday forecast higher 2023 organic revenue, buoyed by strong demand for energy and industrial services.

Smiths said its largest unit John Crane, which makes products for oil and gas producers, is ramping up supply to service strong demand.

The group saw robust performance in aviation and construction during the first half of the year, but expects the latter to slow in the second half.

The London-listed company said it expects to report organic revenue growth of at least 7% for 2023, with a moderate improvement in margins, ahead of its previous outlook of a 4% to 4.5% growth in organic revenue.

(Reporting by Amna Karimi and Muhammed Husain in Bengaluru; Editing by Savio D'Souza and Uttaresh.V)