Advertisement
UK markets close in 8 hours 23 minutes

  • FTSE 100

    8,044.81
    0.00 (0.00%)
     

  • FTSE 250

    19,799.72
    0.00 (0.00%)
     

  • AIM

    754.87
    0.00 (0.00%)
     

  • GBP/EUR

    1.1635
    +0.0007 (+0.06%)
     

  • GBP/USD

    1.2441
    -0.0012 (-0.09%)
     

  • Bitcoin GBP

    53,664.22
    +269.25 (+0.50%)
     

  • CMC Crypto 200

    1,417.81
    -6.29 (-0.44%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • CRUDE OIL

    83.57
    +0.21 (+0.25%)
     

  • GOLD FUTURES

    2,338.60
    -3.50 (-0.15%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • HANG SENG

    17,199.26
    +370.33 (+2.20%)
     

  • DAX

    18,137.65
    +276.85 (+1.55%)
     

  • CAC 40

    8,105.78
    +65.42 (+0.81%)
     
Money:

The five essential pieces of financial paperwork you must never lose

Mislaying key documents can cause real headaches, so it’s worth tracking down these most commonly-lost bits of paperwork

Artificial hips business boosts Smith & Nephew profit

Reuters - UK Focus

* Q3 trading profit rises 3 pct, in line with forecasts

* Strong growth in US artificial hips franchise

* Shares (Berlin: DI6.BE - news) up 2.2 pct (Adds CEO comments, analyst reaction, shares)

By Paul Sandle

LONDON, Oct 30 (Reuters) - Artificial knee and hip maker Smith & Nephew (LSE: SN.L - news) posted an expected 3 percent rise in third-quarter trading profit, as solid growth in orthopaedic reconstruction offset a decline in its wound management business due to a product recall.

"In U.S reconstruction, our better performance continued with a second quarter at or above market growth, led by standout growth in hips," Chief Executive Olivier Bohuon told reporters on Thursday.

ADVERTISEMENT

"We still have more work to do in Europe and in advanced wound care in the U.S., but our track record has been established."

Revenue in its advanced wound management division fell 1 percent, dragged down by an enforced recall of its Renasys negative pressure wound therapy device in the U.S. in June.

The company, which has long been touted as a takeover target for a bigger rival like Stryker, reported trading profit of $246 million on revenue also up 3 percent at $1.15 billion, resulting in earnings per share of 19.5 cents.

Shares in Smith & Nephew were trading up 2.2 percent at 1,040 pence by 1348 GMT.

Bohuon - who has been mentioned as a possible successor to Chris Viehbacher at Sanofi (NasdaqGM: GCVRZ - news) - has been repositioning the British group to focus on faster growing therapy areas and emerging markets.

Frenchman Bohuon declined to comment on Thursday when asked if was interested in leading France's biggest pharmaceutical firm.

Edison Investment Research analyst Mick Cooper said Smith & Nephew's results highlighted the importance of the shift, with revenues accelerating to 20 percent growth in emerging markets, and 14 percent growth in sports medicine.

"There was also an encouraging uptick in growth in U.S. hip sales on the back of its Verilast hip products," he said.

(Editing by Neil Maidment)