Smith & Nephew PLC (LSE:SN) reported improved revenue, profit and margin in the first half, making progress towards achieving sustainable higher growth under its 12-point plan.
In the six months to 1 July 2023, the medical equipment manufacturing company said revenue rose 5.2% to US$2.73 billion from US$2.60 billion the year before while operating profit climbed to US$275 million from US$242 million.
Operating margin improved to 10.0% from 9.3%.
As a result, the firm increased full-year underlying revenue growth guidance to 6.0% to 7.0% (previously 5.0% to 6.0%). It left trading profit margin guidance unchanged of at least 17.5%.
In the second quarter, orthopaedics revenue rose 5.8%, Sports Medicine & ENT revenue improved 12.0% and Advanced Wound Management revenue advanced 6.2%.
Smith & Nephew also said Anne-Françoise Nesmes is to step down as chief financial officer during the second quarter of 2024.