Smith & Nephew FY19 Earnings Down 10%; Revenue Rises - Quick Facts

(RTTNews) - Medical technology business Smith & Nephew plc (SN.L, SNN) reported Thursday that its fiscal 2019 earnings per share declined 10 percent to 68.6 US cents from 76.0 US cents last year.

The latest period's results reflect the impact of acquisitions completed during the year and restructuring charges related to the APEX programme.

However, adjusted earnings per share were 102.2 cents, compared to 100.9 cents a year ago.

Adjusted trading profit increased 4 percent to $1.17 billion from $1.12 billion a year ago. Trading profit margin edged down to 22.8 percent from 22.9 percent in the prior year.

Operating profit decreased to $815 million from $863 million in the prior year.

Revenue for the year grew 4.8 percent to $5.14 billion from $4.90 billion last year. Underlying revenue growth was 4.4 percent.

Further, the company announced a 4 percent increase in full-year dividend to 37.5 cents per share.

Looking ahead for fiscal 2020, Smith & Nephew forecast underlying revenue growth in a range of 3.5 percent to 4.5 percent, and reported revenue growth of about 4.0 percent to 5.0 percent.

The company expects the trading profit margin to be at or slightly above that achieved in 2019 after absorbing forex headwind, acquisition-related dilution and increase in R&D.

The outlook for the year assumes situation regarding COVID-19 outbreak normalises early in the second quarter.