Growth across the board at Hull medical tech firm
HULL-BASED medical technologies group Smith & Nephew has seen growth across the board .
The company has reported revenues of £3.18bn ($4.63bn) for the year to 31 December 2015, a slight improvement on last year’s revenues of£3.17bn ($4.61bn)
Pre-tax profits were down from £489m ($714m) to £383m ($559m).
The business’ largest market in the US saw 5% growth.
Smith & Nephew attributed this decrease to restructuring and acquisition costs as it attempts to integrate newly acquired businesses such as Blue Belt Technologies, which was announced in October 2015.
Related: Cancer diagnosis for technology chief executive…
The news comes after the announcement that chief executive Olivier Bohuon has been diagnosed with cancer.
With the board behind him, he intends to remain in post for the duration of treatment.
Under Mr Bohuon’s stewardship, Smith & Nephew has undertaken several acquisitions, most recently that of Blue Belt Technologies, a company involved in robotics-assisted orthopaedic surgery.
The business also acquired a Colombian distributor of its orthopaedic products, and another company from Russia during the year. These acquisitions totalled £46m.
Olivier Bohuon, chief executive officer of Smith & Nephew, said: “For the full year we delivered higher underlying revenue growth, trading profit margin and adjusted earnings year-on-year. Our strategy is producing an improved performance through focused innovation, better commercial execution and greater efficiency.
“We expect to deliver continued good underlying revenue growth in 2016 as we benefit from our investments in existing businesses, acquisitions and pioneering technologies.”
