Smiths Group delivered a robust performance this year. We achieved good growth in headline operating profits with associated margin expansion in our Medical, Detection and Interconnect divisions, driven by revenue growth and business improvement initiatives. However, significant headwinds in the global energy markets impacted John Crane, primarily in the sales of first-fit equipment; aftermarket was more resilient with underlying revenue down 4%. For Smiths Group as a whole, more than half of our revenue continued to come from the recurring aftermarket for our products and services.
|Operating margin||17.3%||17.6%||(30) bps||(40) bps||13.1%||13.6%|
|Free cash flow||400||339||18%|
|Return on capital employed||15.3%||16.0%||(70) bps|
*In addition to statutory reporting, Smiths Group reports its continuing operations on a headline basis. Definitions of headline metrics, and information about the adjustments to statutory measures are provided in the notes to the financial statements
#Organic growth adjusting for foreign exchange translation
We published our FY2016 annual results for the year ended 31 July 2016 on 28th September 2016. You can read the press release here.