MEDICAL technology business Smith and Nephew – makers of the Birmingham Hip Resurfacing System – reports an increase in revenue of £104m in the first of 2010.
Today’s half-yearly results for the six months up to July 3, 2010, shows revenues were £1.233bn, with underlying growth at 6% compared to the same period last year.
Trading profit for the year to date was up 17% on an underlying basis to £300m, with trading margin improving 24.4%.
Adjusted attributable profit was £201m and attributable profit was £186m.
Trading cash flow was £246m compared with £166m a year ago.
The company said its global hip franchise growth was flat, reflecting weaker sales of its pioneering Birmingham Hip Resurfacing System which was developed in the city.
Smith and Nephew said BHR had outstanding survivorship and metallurgy data and it believed that its programme of support for the product, both with surgeons and patients, would be effective.
Chief executive of Smith and Nephew David Illingworth said: “Our endoscopy and advanced wound management businesses continue to show strong underlying growth.
“Within orthopaedics, our US trauma and European orthopaedic businesses are showing clear signs of progress.
“Our customers are facing short-term budgetary pressures and challenges and our strategy is to be ‘part of the solution’ to these issues by providing products which deliver clinical benefits to patients and cost benefits to healthcare providers.
“The long-term industry growth drivers – including demographics, emerging markets and patients’ desire to return to an active life – remain intact.”
