Smith & Nephew profits sprint ahead

6th Nov 2009 07:35

Smith & Nephew's pre-tax profit jumped 45% in the third quarter and the knee and hip joint supplier expects a good outcome for the full year.Pre-tax profit for the three months to 26 September grew to $173m from $119m a year ago, lifting it to $495m for the nine months from $402m in 2008.Trading profit of $208m represented underlying growth of 22%, while a dip in revenue to $915m from $930m in 2008 was up 1% on an underlying basis after adjusting for adverse currency movements of 3%."There are some early signs that markets are stabilising, although we remain cautious about the exact pace of the expected future improvement in market conditions," the group said."We remain confident in our ability to deliver a good outcome for the full year."It said overall revenue guidance remains unchanged from the previous quarter, with a stronger performance from Reconstruction expected to balance weakness in Trauma.