Revenues raise 3% at Smith & Nephew
Revenues at Hull-headquartered medical technology firm Smith & Nephew rose 3% in 2018 to $4.9m.
Publishing the full year results to December 31, the listed firm said revenue stood at $4.9m – up 3% from $4.7m in 2017. Trading profit for the year was $1.1m – up from $1m.
The FTSE 100 company said its performance improved across the year, with revenue growth 1% in H1 and 3% in H2.
Smith and Nephew said it had experienced strong growth in reconstruction and emerging markets, with its China markets reporting double-digit growth.
Namal Nawana, Chief Executive Officer of Smith & Nephew, said: “We accelerated performance across 2018, with 3% underlying revenue growth in both the third and fourth quarters and a 7% uplift in full year trading profit. We start 2019 with a strengthened organisation and a new growth-oriented operating model.”
The firm said that its 2019 outlook looking for further improvement in underlying performance at the top and bottom line, which was a “step in realising our medium-term ambition to outgrow our markets.”
Smith and Nephew added: “Smith & Nephew’s management does not believe that the UK’s decision to leave the EU will have a significant impact on our long-term ability to conduct business into and out of the EU or UK. The UK accounts for approximately 5% of global revenue and the majority of our manufacturing takes place outside the UK and EU. We are making good progress with our preparations for the various scenarios.
