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Annual Results

ConvaTec adjusted earnings rise

02 March 2017 08:05

ConvaTec Group's revenues rose to $1,688m in the year to the end of December - up from $1,650m last time.

Adjusted EBITDA increased to $508m from $474m and adjusted operating profits of $472m were up from $437m in 2015.

On a reported basis, EBITDA fell to $336m from $$412m and operating profits of $154m were down from $230m.

Chief executive Paul Moraviec said: "We are successfully delivering on the strategy set out at the time of our IPO.

"All four franchises advanced well in 2016, resulting in Group revenue growth of 4% at constant currency.

"Performance in the Advanced Wound Care franchise was particularly strong, and strategic initiatives in Ostomy Care are gaining traction.

"We are ahead of schedule on our Margin Improvement Plan and now expect to achieve around half of the targeted 300bps improvement during 2017.

"2016 was a transformative year for ConvaTec, culminating in a successful IPO and the refinancing of our debt.

"We have a diversified business, with leading positions in large and structurally growing markets together with a strong pipeline of innovative new products.

"We are well placed to create value for shareholders and to improve the lives of our patients across the world living with chronic conditions."

At 8:05am: (LON:CTEC) Convatec Group Plc share price was +12.25p at 255.65p

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