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Engineering business Smiths Group said fiscal first-quarter performance was in line with its expectations, and said it would commence its £742 million share buyback programme on 19 November.
The company said it was making 'good' progress towards faster than expected completion of its sale of Smiths Medical to ICU Medical, and would return 55% of the initial cash proceeds from sale to shareholders.
Revenue for the three months ended 31st October was up 1% in line with its expectations.
'This reinforces the group's confidence in meeting its expectations for the full year; with underlying revenue growth returning to around pre-COVID levels of 3%,' the company said.