3rd May 2007 15:45
Smith & Nephew Plc03 May 2007 AGM Chairmans comments 3 May 2007 Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business,conducted its Annual General Meeting today. John Buchanan, Chairman, commenting on the results for 2006 said "2006 was a good year for Smith & Nephew, despite challenging markets. Overallour revenues grew by an underlying 8 % and our adjusted attributable profits by7 %. The growth of our four businesses is driven by demographic changes and wewere particularly pleased with the out-turn for the year and the return ofmarket conditions to the long-term growth trend implied by the ageingpopulation. Since I took over as Chairman a year ago I have become increasingly confident inthe powerful long term growth characteristics of the medical devices sector andour position within it. Underlying demographic changes continue to drive the growth of the overallmarket in all four of our business areas. At the same time the demand fromactive, informed patients for high quality medical devices further expands thedemands for our products. We have leading edge products and the competitive ability to develop attractivenew products in the sector. Our quality distribution channels allow us to meetmarket demands and continue to increase our market share. These factors are expected to enable us to continue long-term generation ofprofitable revenue growth. In addition, the Earnings Improvement Programmeannounced today will add margin improvements over the next few years. I believe our shareholders can share the Board's confidence in the company'sability to generate long term value into the future." The full text of this speech is available on the Smith & Nephew website atwww.smith-nephew.com. Enquiries Liz Hewitt Tel: +44 (0) 20 7401 7646Smith & NephewGroup Director Corporate Affairs Financial DynamicsDavid Yates - London Tel: +44 (0) 20 7831 3113Jonathan Birt - New York Tel: +1 212 850 5634 About Smith & Nephew Smith & Nephew is a global medical technology business, specialising inOrthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopyand Advanced Wound Management products. Smith & Nephew is a global leader inarthroscopy and advanced wound management and is one of the leading globalorthopaedics companies. Smith & Nephew is dedicated to helping improve people's lives. The Companyprides itself on the strength of its relationships with its surgeons andprofessional healthcare customers, with whom its name is synonymous with highstandards of performance, innovation and trust. The Company has 8,800 employeesand operates in 31 countries around the world generating annual salesapproaching $2.8 billion. Forward-Looking Statements This press release contains certain "forward-looking statements" within themeaning of the US Private Securities Litigation Reform Act of 1995. Inparticular, statements regarding expected revenue growth and trading marginsdiscussed under "Outlook" are forward-looking statements as are discussions ofour product pipeline. These statements, as well as the phrases "aim", "plan","intend", "anticipate", "well-placed", "believe", "estimate", "expect","target", "consider" and similar expressions, are generally intended to identifyforward-looking statements. Such forward-looking statements involve known andunknown risks, uncertainties and other important factors (including, but notlimited to, the outcome of litigation, claims and regulatory approvals) thatcould cause the actual results, performance or achievements of Smith & Nephew,or industry results, to differ materially from any future results, performanceor achievements expressed or implied by such forward-looking statements. Pleaserefer to the documents that Smith & Nephew has filed with the U.S. Securitiesand Exchange Commission under the U.S. Securities Exchange Act of 1934, asamended, including Smith & Nephew's most recent annual report on Form 20F, for adiscussion of certain of these factors. All forward-looking statements in this press release are based on informationavailable to Smith & Nephew as of the date hereof. All written or oralforward-looking statements attributable to Smith & Nephew or any person actingon behalf of Smith & Nephew are expressly qualified in their entirety by theforegoing. Smith & Nephew does not undertake any obligation to update or reviseany forward-looking statement contained herein to reflect any change in Smith &Nephew's expectation with regard thereto or any change in events, conditions orcircumstances on which any such statement is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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