Smith & Nephew revenues surge in Q2

Manufacturing firm Smith & Nephew said on Thursday that revenues soared last quarter amid easing Covid-19 restrictions.

Smith & Nephew posted second-quarter revenue growth of 48.2%, up to $1.3bn, while interim revenues rallied 28% to $2.6bn.

The FTSE 100-listed firm swung to an operating profit of $239.0m in the six months ended 3 July, a marked improvement on the $5.0m loss recorded in the half ended 27 June 2020.

Earnings per share were 23.4 cents, up from 11.5 cents a year earlier.

Smith & Nephew also said it was on track on hit full-year guidance of underlying revenue growth between 10-13%, assuming surgery volumes are not constrained by the pandemic in the second half.

Chief executive Roland Diggelmann said: "This has put us in a strong position as Covid restrictions eased and levels of elective surgery began to return to normal, with new products and recently acquired assets performing well across the portfolio.”

"We believe we are well positioned to deliver on our guidance for this year. We also remain focused on setting ourselves up for sustainable success in the medium-term, prioritising revenue growth from our R&D pipeline, unlocking further value from acquisitions, and driving commercial and operational excellence."

As of 0850 BST, Smith & Nephew shares were down 6.49% at 1,462.0p.