By Salamander Davoudi
Published: February 8 2008 02:00 | Last updated: February 8 2008 02:00
Smith & Nephew, Europe’s largest medical devices company, lifted full-year sales more than 20 per cent, slightly outperforming analysts’ expectations, on the back of growing demand for its orthopaedic products.
Revenues in its key orthopaedic reconstruction business advanced 13 per cent over the full year to $1.24bn (£639m), driven by strong sales of its Birmingham hip resurfacing system.
David Illingworth, chief executive, said he expected growth across all four businesses this year and raised the interim dividend 10 per cent to 7.3 cents.
But analysts were disappointed that outside the US, sales in orthopaedic reconstruction rose only 5 per cent in the fourth quarter.
The company said this was partly due to a disruption from a knee recall and partly because European markets were more mature.
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