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Smith & Nephew increases its 2017 full year dividend by 14%

Investment Tools Ltd.
Smith & Nephew increases its 2017 full year dividend by 14%

Smith & Nephew 2017 full year results                                           

·     Underlying revenue up 3% and trading profit margin up 20bps to 22.0%, in line with guidance

Reported revenue growth of 2% is after -1% reduction from the disposal of Gynaecology business in 2016 and no FX impact

Operating profit margin of 19.6%, up 240bps from more favourable non-trading items

·     Performance driven by market-beating growth from Knee Implants and double-digit growth in Emerging Markets, offset by softness in AET and European Advanced Wound Care

·     Trading cash flow of $940 million, up from $765 million in 2016, with higher trading profit to cash conversion ratio of 90%

·     Tax rate on trading results reduced by 670bps to 17.1%, including benefit from one-off US tax settlement (12.7% reported tax rate)

·     EPSA up 14% to 94.5¢ reflecting improved trading and tax rate (EPS flat at 87.8¢)

·     ROIC improved 280bps to 14.3%

·     Full year dividend up 14% to 35.0¢ per share

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