Smith & Nephew Swung to 1st Half Pretax Profit; Backs Guidance
July 29 2021 - 2:05AM
Dow Jones News
By Anthony O. Goriainoff
Smith & Nephew PLC said Thursday that it swung to pretax
profit for the first half of the year as revenue rose, and backed
its guidance for the year.
The U.K. medical-technology company said that for the six months
to July 3 pretax profit was $223 million compared with a pretax
loss of $34 million for the first half of 2020.
First-half trading profit--the company's preferred metric, which
strips out exceptional and other one-off items--rose to $459
million from $172 million the year before.
Revenue rose to $2.6 billion from $2.04 billion in the
year-prior period, Smith & Nephew said.
The company said it was targeting underlying revenue growth in
the 10% to 13% range, with a trading profit margin in the 18% to
19% range. The company said its guidance assumes that surgery
volumes are largely unconstrained by Covid-19 in second half of
2021.
"We believe we are well positioned to deliver on our guidance
for this year," it said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
July 29, 2021 02:58 ET (06:58 GMT)
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