Business Model

The Smiths Way is how we do things


It starts with the core characteristics that define our business and the values that guide how we behave.

It encompasses our shared operating model and how it drives excellence and innovation.

As a globally aligned organisation we are committed to doing business responsibly, generating value for all our stakeholders.

Our Businesses Are Defined By Four Characteristics

We actively manage our portfolio of businesses to ensure they are targeted in growing markets where we can sustainably achieve a top three leadership position.  Our businesses share the same characteristics which embody how we create value.
Business model characteristics
PASSION | INTEGRITY | RESPECT | OWNERSHIP | CUSTOMER FOCUS
Underpinned By Our Culture And Values
Our shared culture and values guide how we behave. Our values are more than just words, we use them to guide every decision to make Smiths a place where people want to work and an organisation that people want to do business with.

AND OUR SHARED OPERATING MODEL DRIVES EXCELLENCE AND INNOVATION

The Smiths Excellence System (SES) helps us apply best practice across the Group.  We work to ensure consistent execution and a culture of continuous improvement.

Innovation

People

Our people are vital to achieving a sustainable competitibe advantage. We work to attract, retain, develop, engage and inspire the best.
People laughing

Customer

Working closely with our customers to predict and fulfil their needs with our innovative product and value-adding support is central to the success of the Group.
Woman smiling at another with foliage in the background

Technology

Technology and innovation are what drives Smiths. They help fill our future product pipeline, create new business models, bring value to our customers and drive sustainable growth into the future.
Technology chip

Programme

We aim for consistent and flawless execution in everything we do. Collaboration, consistency and best practice drive the development and implementation of products and solutions that delight customers and create value.
Man at work

Production

We leverage our years of manufacturing experience to drive for enhanced production efficiency, effectiveness, quality and safety, while minimising our impact on the environment.
Two men working together

Supply

We build strong, strategic supplier relationships to ensure quality, efficiency and flexibility. We apply our shared values to everything we do and ask our suppliers to do the same.
Two women working together

Maximising Value For All Our Stakeholders

As a globally aligned organisation, we are committed to doing business responsibly, maximising value for all our stakeholders.

Measures below based on total Group

People

  • 18,000
    colleagues (Lean Awareness training)
  • 0.41
    per 100 colleagues (Safety RIR)


Customers and suppliers

  • 84%
    On time in full (OTIF)
  • 1.4%
    Cost of poor quality (COPQ)


Society and the environment

  • £2.6bn
    Tax paid + employee costs + supplier costs (Direct economic contribution)
  • (12)%
    Greenhouse gas (GHG reduction)


Our Shareholders

  • +3%
    (Underlying EPS growth)
  • +3%
    (Dividend growth)