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ConvaTec Group keeps full-year guidance unchanged

The FTSE 250-listed firm expects revenue to grow between 1% and 2.5%, with adjusted underlying margin up between 18% to 20%

ConvaTec Group PLC - ConvaTec Group keeps full-year guidance unchanged
In the third quarter group revenue was up 4.6% year-on-year to US$462.9mln

ConvaTec Group PLC’s (LON:CTEC) shares jumped after the medical products company said in a trading update the full-year guidance is unchanged.

The FTSE 250-listed firm expects revenue to grow between 1% and 2.5%, with adjusted underlying margin up between 18% to 20%.

READ: ConvaTec appoints seasoned transformation guru as chairman

In the three months to 30 September, group revenue was up 4.6% year-on-year to US$462.9mln, driven by growth in all four divisions – advanced wound care, ostomy care, continence & critical care and infusion devices.

“I am pleased we have reported a solid performance in Q3, but this is a small step on the significant journey ahead of us as we focus on pivoting to sustainable and profitable growth,” said recently appointed chief executive Karim Bitar in a statement.

“As an organisation we need to get closer to patients, to strengthen our innovation pipeline and to drive a relentless focus on execution excellence,” he added.

Shares were up 8% to 198.55p on Wednesday morning.

Quick facts: ConvaTec Group PLC

Price: 207.1 GBX

LSE:CTEC
Market: LSE
Market Cap: £4.11 billion
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