Sales GrowthThe raised FY25F OCC sales growth to a healthy 6% - 8% should be well-received by the street and is another upgrade at a time when many in the sector are facing mixed end-markets.
Share BuybackThe increased share buyback (to £500m) and likely return of any future disposal proceeds should be taken well, and 'newco' will be a high-quality business (John Crane & Flex-Tek).
Strategic UpdateSmiths has announced a comprehensive strategic update, which goes further than expected, and will likely be taken well by the Street.