SMITH & Nephew, Europe's largest maker of artificial hips and knees, has seen an 8% rise in fourth-quarter underlying trading profit, beating market expectations, as demand for its orthopaedic reconstruction products improved.
The company, which has its Advanced Wound Management operation based in Hull posted trading profit of $292m on revenue of $1.18bn, up 6% on an underlying basis, resulting in adjusted earnings per share of 23.4 cents.
Chief executive Olivier Bohuon struck a $1.7bn deal to buy US sports medicine firm ArthroCare on Monday in his biggest step yet in repositioning S&N in faster growing markets.
He said Smith & Nephew finished the year strongly. "Our Orthopaedic Reconstruction business confirmed its improved dynamic, in particular delivering 11% growth in US knees," he said.
For 2014, he said orthopaedic reconstruction would continue its recent improved performance, and he expected it to grow at approaching the market rate.
Analysts expected the British group to post trading profit of $287m on revenue of $1.16bn, equating to adjusted earnings per share of 22.1 cents, according to a company-compiled consensus.