SMGZY - Smiths Group plc (SMGZY) Q2 2024 Earnings Call Transcript

2024-03-26 10:55:29 ET

Smiths Group plc (SMGZY)

Q2 2024 Earnings Conference Call

March 26, 2024, 04:30 ET

Company Participants

Paul Keel - CEO

Clare Scherrer - CFO

Conference Call Participants

Lushanthan Mahendrarajah - JPMorgan

Mark Jones - Stifel

Christian Hinderaker - Goldman Sachs

Jonathan Hurn - Barclays

Andrew Douglas - Jefferies

Presentation

Operator

Paul Keel

Good morning, everyone, and thanks for joining us. As we typically do, I'll provide a short recap of our first half results and then turn it over to Clare to walk us through the numbers. I'll come back and update you on our progress with respect to strategy and operations, and then we'll open up for your questions.

Before we get to results, though, let me say a few words about today's announcement regarding our CEO transition. As you will have seen, I am leaving Smiths to take a new role in the U.S., and our Board has appointed Roland Carter as my successor. The last 3 years have been a period of strong progress for Smiths. We completed a transformative portfolio action in FY '22, we delivered record performance in FY '23 and we've now posted 11 consecutive quarters of growth with, as we'll cover in just a moment, significant momentum for the second half of FY '24 and beyond.

Roland is the right leader to build on all this momentum. Clare and I will cover results in Q&A today, but I did want to take this opportunity to introduce and personally congratulate Roland. Roland, over to you.

Roland Carter

Thank you very much. Hello. I'm Roland Carter. I am delighted to have been appointed as CEO of Smiths Group. I'm a chartered engineer, and I have been at Smiths for over 3 decades. In this time, I've had the opportunity and the privilege to lead many parts of this company. This has enabled me to develop an in-depth operational and strategic understanding of Smiths and its fundamental growth drivers.

For the past 6 years, I have been President of Smiths Detection. Prior to that, I was President of Smiths Interconnect and Asia Pacific. I've worked for Smiths in the U.K., China, France, Germany and several other places. And I'm responsible for some of the acquisitions that form part of Smiths and also for some of the divestments that have reshaped us. Smiths is a fantastic business with great people and a wonderful culture. It has a hugely exciting growth potential.

I would like to thank Paul for all he has done for Smiths. We are making great strategic progress and our operational and financial performance has improved, with Smiths well-positioned to deliver on its significant potential. Thank you....

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