Smith & Nephew PLC (LSE:SN) jumped to the top of the FTSE 100 as the UK MedTech delivered a confident first-quarter update and reiterated revenues would grow strongly over the remainder of the year.
Sales were up by 2.9% on an underlying basis to US$1.39 billion, helped by good performances from orthopaedics (4.4%) and sports medicine (5.5%) with wound management seeing a fall.
For the full year 2024, S&N expects underlying growth of between 5-6% and 4.3%-5.3% underlying with a trading margin of “at least 18%”.
Deepak Nath, chief executive, said: "Revenue growth in the first quarter was driven by solid performance in our Orthopaedics and Sports Medicine & ENT businesses, partially offset by some anticipated softness in Advanced Wound Management.
"Our 12-Point Plan is on track and the progress in Orthopaedics was again evident from the strong growth across most segments, and we expect the remainder to improve as the year progresses.
"We are confident in our outlook and look forward to all three of our business units contributing as we deliver another year of strong revenue growth."
Shares rose 3.7% or 36p to 1,015p.