UK's Smiths Group unveils $1.3 billion share buyback, reports revenue growth

(Reuters) -British engineering firm Smiths Group launched a 1-billion-pound ($1.31 billion) share buyback on Wednesday and reported that double-digit growth in its Smiths Detection unit helped first-quarter organic revenue rise 3.5%.

The company, which is pivoting its focus to industrial technologies after U.S. activist investor Engine Capital called for a sale or breakup, also reaffirmed its financial forecast for 2026.

Smiths has said it plans to sell Smiths Detection, which produces airport baggage scanners and explosive detectors, following the sale of its interconnect arm earlier this year.

($1 = 0.7612 pounds)

(Reporting by Yamini Kalia and Simone Lobo in Bengaluru; Editing by Sherry Jacob-Phillips)