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07 Feb 2019 | 08:29

Smith & Nephew posts 3% rise in FY sales, sees no Brexit impact

British medical equipment manufacturer Smith & Nephew posted a small increase in revenue in its full-year results on Thursday as it said it did not anticipate any significant impact on its business from Brexit.

Full-year revenue rose 3% year on year to $4904m while fourth-quarter revenue was just 1% above prior-year levels at $1294m.

Its trading profit rose to $1123m from $1048m a year earlier while the trading profit margin rose to 22.9% from 22% in 2017.

The company said it did not believe that the UK's decision to leave the EU would have a significant impact on its long-term ability to conduct business into and out of the EU or UK. The UK accounts for approximately 5% of the firm's global revenue and the majority of its manufacturing takes place outside the UK and EU. Nonetheless, the company said it was making good progress with preparations for the various scenarios.

Looking forward, the company said it expected underlying revenue to increase 2.5-3.5% with an expected trading profit margin in the 22.8-23.2% range.

The company would pay a final dividend of $0.22/share, which, together with an interim dividend of $0.14/share, would give a total full-year distribution of $0.36, a year-on-year increase of 3%.

Smith & Nephew also announced five new strategic imperatives, which would form its value-creation plan for the medium term and build on its previously announced new global commercial model.

At 8:29am: (LON:SN.) Smith Nephew PLC share price was +34.75p at 1496.25p

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