16th Dec 2021 20:17
Smith & Nephew - Watford, Hertfordshire-based medical devices - Outlines strategy for growth at a virtual event for institutional investors and analysts, which it says will be driven by innovation, productivity and commercial execution. Is targeting consistent 4% to 6% organic revenue growth by 2024, structurally ahead of historic levels. Also prioritises rebuilding trading margin, targeting at least 21% by 2024 with further improvements thereafter. In addition, sets out new commitment to return surplus capital to shareholders through a regular annual share buyback. This is expected to be in the range of USD250 to USD300 million in 2022.
"Smith+Nephew is at an inflection point, with a clear ambition and strategy for growth. We are transforming to a sustainably higher growth company with innovation at its core, building on our strong portfolio and pipeline of new technologies, and underpinned by improving productivity and commercial execution. With financial discipline we will continue to invest in the business to take advantage of the opportunities we see, while also driving shareholder returns," says Chief Executive Officer Roland Diggelmann.
Current stock price: 1,202.00 pence
Year-to-date change: down 20%
By Arvind Bhunjun; [email protected]
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