Smith & Nephew 2018 interim results
H1 reported revenue growth of 4%, including 3% FX tailwind, with underlying revenue up 1%
o Trading profit margin down 30bps, in line with guidance
o Operating profit margin down 240bps, reflecting $58 million costs of APEX programme
APEX programme on track, with actions undertaken in H1 which will deliver more than $50 million of annualised benefits
Trading cash flow of $387 million, up from $327 million in 2017, with higher trading profit to cash conversion ratio of 76% (2017: 66%)
Adjusted earnings per share (EPSA) up 2% to 43.7¢, reflecting improved trading (EPS 31.4¢; 2017 37.0¢)
Interim dividend of 14.0¢ per share, in-line with our progressive dividend policy (2017: 12.3¢)
