‘Notable’ performance from Smith & Nephew

Smith & Nephew today (12 February) boasted of a ‘notable’ 2008 performance in the face of a slowing global economy, increasing sales in its orthopaedics (pictured: knee manufacturing), endoscopy and advanced wound management businesses. Chief executive David Illingworth said: "We finished the year in a positive frame of mind. We grew underlying sales for the year by 6%, with a similar increase in trading profit. All of our businesses reported underlying sales growth. These achievements are particularly notable against the backdrop of the slowdown in the global economy and a number of industry-wide and company specific issues. “We remain alert to any changes in the near-term outlook in our businesses and believe that our company-wide earnings improvement programme, which we started two years ago, gives us a head start in dealing with any tougher operating climate. “We are focused on extending our track record of delivering innovative products, bringing clinical benefits to patients and economic benefits to healthcare providers. We put our customers first, listen to their needs and deliver on our promises." Group revenue for 2008 was up 13% to $3.8 billion (£2.6bn), with trading profit up 10% to $776 million.