LONDON (dpa-AFX) - Smith & Nephew Plc (SN.L, SNN) on Tuesday posted higher profit in fiscal 2024, helped by improved revenues. The company also provided positive outlook for the year ahead.
The medical equipment manufacturing company reported attributable profit for the year of $412 million, higher than last year's $263 million. On a per share basis, earnings rose to 47.0 cents from 30.1 cents a year ago. Adjusted earnings per share came in at 84.3 cents, a 7.7 percent increase from 82.8 cents reported in fiscal 2023.
The company's annual pre-tax profit rose to $498 million from $290 million last year.
For the full year, group revenues climbed 4.7 percent, on a reported basis, to $5.81 billion from $5.55 billion a year ago, reflecting a -60bps headwind from foreign exchange primarily due to the strength of the US Dollar. On an underlying basis, revenues grew 5.3 percent.
The company's Board of Directors has declared a final dividend of 23.1 US cents per share for the year. The final dividend will be paid on May 28 to shareholders on the register at the close of business on March 28.
Looking ahead, for fiscal 2025, the company expects underlying revenue growth of around 5 percent and reported revenue growth of around 4.8 percent respectively. First-quarter underlying revenue growth is expected to be in the range of 1-2 percent.
The company also expects trading profit margin in the range of 19-20 percent for fiscal 2025.
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