City briefs: Smith+Nephew and Howden Joinery Group
Medical technology business, Smith+Nephew, has reported quarter one revenues of $1.3bn/£1bn up 3.3% on a reported basis and up 5.9% on an underlying basis.
Publishing a trading update for the first quarter ended 2 April 2022, the Hull-based firm says all three of its franchises – Sports Medicine & ENT, Advanced Wound Management and Orthopaedics – are contributing to the business’s growth.
Established Markets revenue is up 4.1% underlying, as elective surgery volumes recover from the Covid-19 Omicron wave at the start of the quarter.
And Emerging Markets revenue is up 14.3% underlying, with double-digit growth across India, the Middle East and Africa, and Latin America.
Deepak Nath, chief executive officer, said: “We are pleased with this encouraging start to the year. Sports Medicine & ENT and Advanced Wound Management continued to deliver strong growth and Orthopaedics produced an improved performance as elective procedure volumes rebounded across our segments.
“The growing contribution from recent product launches reflects the strength of our portfolio and innovation-led approach.
“Our quarter one performance puts us on track to deliver our guidance for this year. 2022 marks an important stepping-stone in our Strategy for Growth and towards achieving our medium-term financial performance commitments.”
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Trade kitchen supplier, Howden Joinery Group, says it has increased its revenues by 21.8% overall and by 20.1% on a same depot basis, compared to the equivalent periods last year.
Issuing a trading update for the first four periods of 2022 (16 weeks to 16 April 2022), the business says its revenue growth reflects both increases in prices and volume.
Andrew Livingston, chief executive said: “The Group has traded well in the first four periods of 2022 and we continue to invest in our in-stock, trade-only, local business model.
“We are mindful that it is still early in the financial year and our second half includes our all-important peak trading period.
“In addition, given an uncertain macro-economic environment, including rising inflation and energy costs we are staying vigilant for any potential headwinds in our markets.
“However, we remain confident in our business model and with the strong start to the year, the Group remains on track with its outlook for 2022.”
Howden says it plans to open around 25 new depots in the UK, 25 in France and 5 in the Republic of Ireland during 2022, in addition to refurbishing around 70 older UK depots.
The company adds it is making good progress with new product introductions for 2022, including 20 new kitchens, and ongoing investment in expanding its manufacturing and supply chain capabilities.
