SN. Smith & Nephew Plc

By Ian Walker

Smith & Nephew PLC on Tuesday reported a more-than-doubled pretax profit for 2021 as the Sports Medicine & ENT and Advanced Wound Management franchises delivered revenue above pre-Covid 2019 levels.

The U.K. medical-technology company said it expects growth to be stronger in the second half of the year than the first, and for global supply-chain issues to continue.

Pretax profit for the year ended Dec. 31 was $586 million compared with $246 million in 2020 while revenue rose to $5.21 billion from $4.56 billion.

Revenue for the year rose 10.3% on an underlying basis compared with guidance for growth at the lower end of the 10% to 13% range provided by the company on Nov. 4.

For the year ahead, underlying revenue growth is expected to be in the range of 4.0% to 5.0%.

Trading profit, one of the company's preferred metrics, rose to $936 million from $683 million in 2020.

Trading profit margin for the year was 18.0% in line with the lower end of the 18% to 19% range previously guided.

The board has kept its final dividend at 23.1 cents a share, taking the total payout for the year to 37.5 cents.

Last December, Smith & Nephew set a target for 4%-6% organic revenue growth a year through to 2024 and for an operating margin of 21%.

It also said at the time that the board plans to buy back between $250 million and $300 million of shares this year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

February 22, 2022 02:43 ET (07:43 GMT)

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