Smith & Nephew reports Q1 profit drop

1st May 2014 07:36

- First quarter profit slips- US patients move procedures to previous quarter- Remains confident in 2014 outlookMedical technology business Smith & Nephew said underlying trading profit fell five per cent but remains confident in its 2014 outlook as its pipeline continues to roll out new products.Europe's largest maker of artificial joints said the decline came as US patients moved forward their procedures to the previous quarter. Revenue rose 1% on an underlying basis to $1.1bn, a touch below most analysts' forecasts.Chief Executive Officer Olivier Bohuon said: "We remain confident in our 2014 outlook as we roll-out our strong pipeline of new products, benefit from recent investments in marketing and the salesforce and see an increasing contribution from acquisitions."Basic earnings per share fell to 16.8 cents from 15.8 cents.Net debt fell to $216m from $253m at the end of the fourth quarter. In March the group signed a new $1bn five-year revolving credit facility.CJ