Smith and Nephew hails strong performance in 2014

Smith and Nephew has announced its financial results for the 2014 business year, during which it generated an annual revenue total of $4.62 billion (3.01 billion pounds).

This represented a two percent year-on-year increase, or six percent on a reported basis. The company was able to achieve an improved trading profit margin, with its fourth-quarter performance marked by sustained improvement in its US reconstruction business and continued higher growth from emerging and international markets.

During the year, the firm was able to complete its takeover of ArthroCare for $1.7 billion, thus substantially reinforcing the capabilities of its sports medicine business. It also created new growth platforms within its mid-tier portfolio and delivered double-digit growth for its advanced wound bioactives unit.

The firm also signed a private placement agreement to borrow $800 million of long-term debt in November 2014, in order to repay existing bank debts.

Olivier Bohuon, chief executive officer of Smith and Nephew, said: "We are confident that the group will deliver higher underlying revenue growth and trading profit margin in 2015. Smith and Nephew is at the start of a new and exciting phase in its 158-year history."