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Smith & Nephew revenue and profit rise; keeps dividend unchanged

27th Feb 2024 08:50

(Alliance News - Smith & Nephew PLC on Tuesday reported slightly stronger-than-expected annual results, but kept its dividend unchanged.

Shares in the Watford, England-based medical devices maker were up 3.6% to 1,165.50 pence each in London on Tuesday morning. Over the last 12 months, the FTSE 100-listed firm's shares are down 3.2%.

In 2023, revenue climbed 6.4% to USD5.55 billion from USD5.22 billion a year before. The topline figure beat company-compiled analyst consensus of USD5.53 billion.

Trading profit increased 7.7% to USD970 million from USD901 million, beating consensus of USD966 million.

Pretax profit rose 23% to USD290 million from USD235 million.

S&N proposed a final dividend of 23.1 cents per share, bringing the annual total to 37.5 cents, unchanged from the prior year.

For 2024, S&N is guiding for underlying revenue growth of 5.0% to 6.0% or reported revenue growth of 4.6% to 5.6%, with trading profit margin of at least 18.0%, which would be a step up from 2023's 17.5%.

"I am pleased with our overall performance in 2023, as our actions to transform Smith & Nephew have begun to translate into meaningful financial outcomes. We delivered revenue growth ahead of guidance for the full year and made important improvements to our trading profit margin against a challenging macro-environment," said Chief Executive Officer Deepak Nath.

"Our investment in innovation continues to deliver, with almost half of our 2023 growth coming from products launched in the last five years. We were pleased to add major launches in robotics, shoulder arthroplasty and negative pressure wound therapy to the portfolio during the year."

By Sophie Rose, Alliance News senior reporter

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