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China weighs on Smith & Nephew revenue in first quarter

Reuters - UK Focus

LONDON, May 5 (Reuters) - Smith & Nephew (LSE: SN.L - news) , Europe's biggest maker of artificial knees and hips, reported a slightly worse-than-expected 3 percent rise in first-quarter revenue on Thursday, as weakness in China and the oil-rich Gulf states offset good U.S (Other OTC: UBGXF - news) . demand.

A strong dollar was also a drag and reported revenue of $1.14 billion fell short of the $1.16 billion forecast by analysts, as compiled by Thomson Reuters (Dusseldorf: TOC.DU - news) . Growth on an underlying basis was 4 percent, after stripping out currencies and recent acquisitions.

The medical devices group said it continued to expect good underlying growth in 2016 overall as it benefited from investments in existing businesses and acquisitions.

(Reporting by Ben Hirschler; editing by Jason Neely)