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Smith & Nephew PLC on Tuesday said it kept its full-year dividend unchanged as it eyed further revenue growth in 2023. For 2022, the London-based portfolio medical technology company said annual revenue edged up 0.1% to $5.22 billion from £5.21 billion a year ago. Trading profit fell to $901 million from $936 million, at a trading margin of 17.3%, down from 18.0% a year ago. In its Sport Medicine & ENT unit, revenue rose 1.9% to $1.59 million from $1.56 million a year ago, while revenue in Orthopaedics dropped by 2.0% to $2.11 million from $2.16 million. Pretax profit fell to $235 million from $586 million, as operating profit declined by 24% to $450 million from $593 million a year ago. Earnings per share fell to 25.5 cents from 59.8 cents a year ago. Smith & Nephew declared a full-year dividend of 37.5 cents per share, unchanged from a year prior. ‘We continued to outperform in Sports Medicine & ENT and Advanced Wound Management and, even though we are early in our work to fix Orthopaedics, performance improved here too,’ said Chief Executive Deepak Nath. In the fourth quarter, revenue grew 1.4% to $1.37 billion from $1.35 billion a year before. The company said all three global franchises contributed to this strong finish to the year, and ‘all accelerated revenue growth over the first nine months’. In 2023, S&N expects underlying revenue growth of 5.0% to 6.0% and a trading profit margin of at least 17.5%. In the longer term, it plans to expand trading profit margin to ‘at least 20%’ by 2025. Shares were up 3.8% at 1,205.00 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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