Smiths Group, the FTSE 100 engineering conglomerate, is a master of the “behind the scenes”. Its Smiths Detection arm makes threat-spotting scanners for 90 per cent of the world’s airports; its John Crane business develops industrial seals to prevent leaks at refineries and for sustainable hydrogen production and carbon capture and storage. It also moves fluids for the medical and construction sectors, and built the communications modules for the Mars Rover.
Despite this technological innovation, though, Smiths’ shares have failed to impress. They hit a near-£18 peak in March but are changing hands at about £16 today — roughly the same as five years ago. This is despite American chief executive Paul Keel trimming and tidying up the business since he took over in