Smith & Nephew Posts Pretax Loss In H1; Revenue Down 18.7% On Underlying Basis

(RTTNews) - Smith & Nephew (SN.L, SNN) reported a first half pretax loss of $34 million compared to profit of $383 million, prior year. Reported profit per share in cents was 11.4 compared to 35.2. Trading profit was $172 million compared to $532 million. The Group reported an operating loss of $5 million after restructuring and rationalisation costs, as well as acquisition and disposal related items, amortisation of acquisition intangibles and legal and other items incurred in the period. Adjusted earnings per share in cents was 13.4 compared to 45.8.

First half revenue was $2.035 billion, down 18.1% on a reported growth basis including a foreign exchange headwind of 140bps and 200bps benefit from acquisitions. Revenue was down 18.7% on an underlying basis.

The interim dividend is 14.4 cents per share, in line with 2019. The interim dividend will be paid on 28 October 2020 to shareholders on the register at the close of business on 2 October 2020.