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Trading statements

ConvaTec confirms FY guidance

04 May 2017 09:35

ConvaTec Group has confirmed its full-year guidance after first-quarter results were in line with management expectations.

Group total revenue of $403.1m increased 1.8% versus the prior year at constant exchange rates, or 1.2% on an organic basis.

On a reported basis, total group revenue was 0.1% lower year on year, impacted by unfavourable foreign exchange movements and in particular the fall in sterling of 13%, partially offset by a first time contribution from EuroTec.

Group chief executive Paul Moraviec said: "We continue to deliver on the strategy set out at the time of our IPO.

"We had a good start to the year, reflecting consistent execution across all franchises. In particular we saw continued progress in Ostomy, and continuing underlying momentum from Continence & Critical Care, despite the impact of the planned product rationalisation.

"Growth in Advanced Wound Care was impacted by the timing of orders in the EMEA region."

At 9:35am: (LON:CTEC) ConvaTec Group Plc share price was -3.2p at 294.8p

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