Smith & Nephew posts 27% jump in profit

6th May 2010 07:01

Medical devices firm Smith & Nephew posted a better than expected 27% jump in first quarter profit and said it is on the right track for the rest of the year.The trading profit in the quarter was $250m, up from $183m in the first quarter of 2009. Revenues rose to $995m in the period compared to $865m last time. There figures were better than expected. Charles Stanley predicted earnings of $220m, while group sales were tipped to advance to $980m.The group said Orthopaedics achieved revenue growth in all regions, while Endoscopy continued its momentum driven by double digit Arthroscopy sales growth.Advanced Wound Management also delivered strong profit and revenue growth, Smith & Nephew added.Chief executive David Illingworth said: "The positive momentum in our business continues, and we are making good progress in all areas." "The current environment is not without its challenges, but our single-minded dedication to our customers, combined with a constant drive to be more efficient while investing in new opportunities, has put us on the right track for the rest of the year."