Conglomerates have a reputation for lumbering forward. The chief task of Smiths Group has been proving that anaemic revenue growth is a thing of the past and half-year trading figures have added weight to the argument that the FTSE 100 engineer has turned a corner. Organic revenue growth of 13.5 per cent was ahead of the medium-term target of between 4 per cent and 6 per cent. Guidance for this year has been raised again to at least 8 per cent.
True, some of that top-line growth reflects easier comparators. Take the detection business, which makes sensors used in airport security scanners and which benefited from a recovery in air travel. Or John Crane, which makes parts used by the energy industry, a sector booming
