31st Oct 2013 16:31
(An item published at 1142 GMT miss-spelled the CEO's name. The correct version follows.)
LONDON (Alliance News) - Smith & Nephew PLC Thursday said that its outlook for the full year remained unchanged as it posted rising revenues and pretax profit for the third quarter ended September 28.
The medical-products business posted revenue of USD1.03 billion, up 5% from USD952 million in the same period the previous year. Global performance in hip and knee implants improved after the successful introduction of new products and increased investment. Revenue grew 20% in emerging and international markets, Smith & Nephew said.
The company's pretax profit was USD191 million, up from USD178 million in the previous year.
Earnings per share fell to 13.6 cents from 14.7 cents.
"Smith & Nephew had a strong quarter, delivering 5% growth in revenue and 10% growth in trading profit on an underlying basis," said Chief Executive Officer Olivier Bohuon in a statement. "Our markets remain tough, but through implementing our strategic priorities we are meeting these challenges, investing where we see the greatest opportunities for growth, and successfully reshaping the group for long-term success."
In a separate statement, Smith & Nephew said it had appointed Roberto Quarta as a non-executive director and chairman elect. He will join the board on December 4 and offer himself for re-election at the annual general meeting to be held April 10, 2014. Subject to his re-election, Quarta will be appointed chairman to succeed John Buchanan, who will retire, Smith & Nephew said.
Quarta is chairman of FTSE 100-listed engineering firm IMI PLC, as well as chairman of Rexel SA, an energy services group, and Clayton, Dubilier & Rice Europe, private equity firm.
Shares in Smith & Nephew were trading down 5.65 pence at 792.85 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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