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06 May 2020 | 08:03

Smith & Nephew April revenues slump 47%

(Sharecast News) - Medical products manufacturer Smith & Nephew saw revenues slump 47% in April after the majority of its operating markets ceased non-essential procedures due to the Covid-19 pandemic. For the three months ended 28 March, S&N said revenues had slipped 8% to $1.3bn - with reported revenues falling 5.7%, and underlying revenues dropping 7.6%.

While Smith & Nephew said procedures had started to return in some countries and China had shown improved trading, the group still implemented measures to save up to $200m and kept its full-year guidance withdrawn.

Chief executive Roland Diggelmann said: "Countries and healthcare systems around the world are facing an unprecedented challenge, and we are seeing a significant short-term impact on Smith & Nephew.

"While there is still much uncertainty, Smith & Nephew has the financial strength to withstand this period and, as demand increases, we are ready to step up and support customers through our robust supply chain, innovative products and some new ways of working."

The FTSE 100-listed firm had $1.8bn of net debt at the end of the quarter and $3.4bn of committed facilities.

S&N shares were up 0.94% at 1,604.50p at 0830 BST.
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