AGM Statement

Smiths Group PLC
11 November 2003



Smiths Group, Annual General Meeting
Chairman's statement on the current outlook



Speaking at the AGM held at 12:00 noon today at 10 Aldermanbury, London EC2,
Keith Orrell-Jones, Chairman of Smiths Group said:



'Smiths Group continues to focus its activities on areas of greatest opportunity
for growth.   The strength of the balance sheet, combined with high operational
cash-flow, provides a platform for developing this strategy.   Since the year
end, when net debt stood at £715m, we have received the proceeds of the Polymer
disposal, reducing debt by a further £500m.   We aim to use our resources to
enhance earnings by strengthening market share and technology leadership in our
existing business sectors.



'As explained in the preliminary results statement, the first half of last year
benefited from significant deliveries of detection equipment for US airports.
As a consequence,  the results of the continuing activities in first half of the
current year will not be as strong as last year, with the second half showing
growth.



'In the current year, the company remains confident it can achieve a steady
performance from the continuing activities, with reduced profits from commercial
aerospace balanced by gains elsewhere.   Looking further ahead, the focus on
growth markets and operational efficiency will drive performance improvement.'






Media:
Bernard Carey            T. [phone] or M. [phone]
Caroline Harris          T. [phone] or M .+44 (0)7771 973019

Investors
Russell Plumley          T. [phone] or M. [phone]




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