2nd Aug 2018 10:26
LONDON (Alliance News) - ConvaTec Group PLC said Thursday it almost doubled its interim profit, as revenue spiked 11%.
ConvaTec shares were trading up 3.5% higher at 228.00 pence, making the medical products company the best performer in the FTSE 250 index.
For the six months to June 30, ConvaTec reported pretax profit up 95% to USD88.5 million compared to USD45.5 recorded in the comparative year ago period.
Revenue increased 11% to USD921.3 million from USD831.3 million year-on-year.
On a reported basis, each of the company's four franchises grew revenue in the half-year, with Continence and Critical Care increasing by 26% to USD220.1 million.
By region, the strongest growth performance was recorded in the Americas, with revenue up 14% to USD475.1 million. In Europe, the Middle East and Africa, revenue was up 8.3% and in Asia-Pacific it was 5.1% up.
ConvaTec confirmed its guidance for 2018, which had forecast organic revenue growth between 2.5% and 3.0%, despite a "challenging environment in some key markets".
ConvaTec increased its interim dividend up to 1.717 cents from 1.400 cents.
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