Smith and Nephew reports year-on-year growth for 2016

Smith and Nephew has announced its financial results for 2016, during which it delivered a revenue total of $4.67 billion (3.75 billion pounds).

This represents a year-on-year increase of one percent, or two percent in underlying terms. This was achieved despite negative currency trends and disposal headwinds impacting the company's performance in the final quarter of the year.

Over the course of 2016, Smith and Nephew achieved strong momentum for its sports medicine and knee implants divisions, which helped it to weather challenging market conditions in China and the Gulf States.

Stronger revenue growth is expected in 2017, with reported revenue set to increase by between 1.2 percent and 2.2 percent.

Olivier Bohuon, chief executive officer of Smith and Nephew, said: "With our innovative products and deep customer relationships, we are well set to deliver a stronger performance, generating higher revenue growth and a better trading profit margin in the future."

The firm also recently announced that Brian Larcombe is to retire as a senior independent director and non-executive director, with Ian Barlow taking his place.

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