Smiths Group has released its full year financial report for 2023, highlighting a record organic growth revenue of 11.6%, which now sits at just over £3bn.

This is a large increase, following a rise in organic growth revenue of 3.6% in 2022.

The engineering firm also reported an increase in operating profit, which is currently £501m, an increase of £84m compared to the same period last year.

Smiths has also recorded a strong balance sheet, following the acquisition of Plastronics and Heating & Cooling Products in January and August respectively.

Furthermore, the group has returned £350m to shareholders through dividends and share buyback, which is now complete and has £387m in net debt.

Looking forward, Smiths Group has said that that it expects organic revenue growth in 2024 to be within its medium-term target range of 4-6%, with continued margin expansion.

Chief executive officer at Smiths Group, Paul Keel, said: "We had another strong year of progress in fiscal 2023 as we further accelerated our growth, sharpened our execution, and developed our talented people. We delivered year-on-year improvement against all five of our medium-term financial commitments, including record organic sales and EPS growth.

"Innovation is central to our purpose of improving our world through smarter engineering, and new product launches contributed more than three percentage points to our growth. We continued to invest in R&D as artificial intelligence and other digital technologies are playing an increasingly important role in enabling us to support our customers more effectively. We are also further building our capabilities to capitalise on the growing megatrends we are exposed to across the major markets we serve, including energy transition and the world's ever-increasing need for better security.

"Looking forward to our next fiscal year, we expect to deliver 4-6% organic revenue growth, in line with our medium-term financial commitment. I applaud my 15,000 colleagues around the world who live Smiths' purpose each and every day. We are encouraged by our progress, proud of our accomplishments in FY2023, and even more excited by all we see ahead for Smiths."

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