Fourth Quarter Highlights
Q4 reported revenue down -3% including -1% FX and -1% disposal headwinds
Q4 underlying revenue down -1% including impact of four fewer selling days over Q4 2015viii
2016 Full Year Highlights
Reported revenue growth up 1%, including -1% FX impact. Underlying revenue growth up 2%
Operating profit margin of 17.2% is before one-off $326 million gain from Gynaecology disposal
Trading profit margin of 21.8% reflects previously disclosed transactional FX headwind, loss of leverage from lower sales growth and investment in Blue Belt, offset by efficiencies
Tax rate of 26.2% reported and 23.8% on Trading results includes benefit of one-off US tax settlement
Proposed Full Year dividend of 30.8¢ per share, maintained in-line with prior year. Equates to 24.8p per share, up around 20% in sterling at current exchange rates
2017 Guidance
Stronger revenue growth expected in 2017, with reported revenue increasing by 1.2%-2.2% (at prevailing exchange rates) and underlying revenue increasing by 3%-4%
Improvement in 2017 Trading profit margin expected in the 20-70bps range
