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Smith & Nephew PLC on Thursday reported a rise in revenue and profit in its half year, and announced that Chief Financial Officer Anne-Francoise Nesmes is stepping down. Revenue in its first half ended July 1 increased 5.0% to $2.73 billion from $2.60 billion the year prior. This was boosted by revenue growth of 12% for the Sports Medicine & Ear, Nose & Throat division to $422 million, and growth of 6.2% for Advanced Wound Management to $403 million. Pretax profit was $211 million, up 3.4% from $204 million. Chief Executive Officer Deepak Nath said ‘I am pleased to report strong first half revenue growth across our business. The continued outperformance in Sports Medicine and Advanced Wound Management - representing 60% of our business has continued.’ Net debt widened 17% to $2.7 million on July 1, from $2.3 million on December 31, whilst cash generated from operations decreased 5.3% to $215 million from $227 million year-on-year. Smith & Nephew declared an interim dividend of 14.4 cents, in line with the prior year. The company increased its full-year underlying revenue growth guidance to be between 6.0% and 7.0%, up from 5.0% to 6.0% previously. Trading profit margin guidance was unchanged, expected to be around 17.5%. Smith & Nephew announced that its CFO Anne-Francoise Nesmes will step down in the second quarter of financial 2024. The company has started its search for her successor. CEO Nath said: ‘She was instrumental in helping the Group navigate the financial challenges of the pandemic and in laying the foundation for our transformation under the 12-point plan.’ Shares in Smith & Nephew were down 2.0% at 1,129.00 pence in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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