Investors

Smith+Nephew is a portfolio medical technology company focused on the repair, regeneration and replacement of soft and hard tissue.

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We are a portfolio medical technology business focused on the repair, regeneration and replacement of soft and hard tissue. We exist to restore people’s bodies and their self-belief by using technology to take the limits off living. 

We operate in more than 100 countries worldwide. We are a constituent of the UK’s FTSE100 and our shares are traded in London and New York. We have a progressive dividend policy and have paid a dividend to shareholders every year since 1937.

We develop and produce pioneering products across our three business units: Advanced Wound Management, Sports Medicine & ENT and Orthopaedics.

In December 2021 we announced our Strategy for Growth. Through this we will compound our outperformance in Advanced Wound Management and Sports Medicine & ENT, and regain momentum in Orthopaedics. Our ambition is to transform to a structurally higher growth company.

Our Strategy for Growth is based on three pillars. 

  • First, we will Strengthen the foundations of Smith+Nephew. A solid base in commercial and manufacturing will enable us to serve customers sustainably and simply, and deliver the best from our core portfolio.
  • Second, we will Accelerate our growth profitably, through more robust prioritisation of resources and investment, and with continuing customer focus.
  • Third, we will continue to Transform ourselves for higher long-term growth, through investment in innovation and acquisitions.

The Strategy for Growth will be delivered through the key value builders of productivity, commercial execution, innovation and acquisitions

The 12-point plan supports the first two pillars of the Strategy for Growth and will improve business performance by maximising the opportunities we have built, and addressing the challenges. Through the 12-point plan we are fundamentally changing the way we operate and deliver results.

The 12-point plan is focused on:

  • Fixing Orthopaedics, to regain momentum across hip and knee implants, robotics and trauma, and win share with our differentiated technology;
  • Improving productivity, to support trading profit margin expansion; and
  • Further accelerating growth in our already well-performing Advanced Wound Management and Sports Medicine & ENT franchises.

Smith+Nephew competes in global markets worth around $43 billion, which are driven by long term trends and were growing at approximately 4% annually prior to 2020 and the impact of COVID.

Quarterly Results

View all previous quarterly results.

Q3 2024 Results Webcast

We released our third quarter 2024 results on 31 October 2023.

Webcast

Register to watch a replay of the webcast.

Register to watch

Financial calendar

Annual General Meeting

The Annual General Meeting (AGM) was held at 12pm on Wednesday 1 May 2024 at Smith+Nephew Academy London, Building 5, Croxley Park, Hatters Lane, Watford, WD18 8YE.

Current and past AGM Notices of Meeting and Poll Results


AGM Notice of Meeting AGM Poll Results

Reports + Presentations

View the previous reports and presentations

News and Announcements


See our RNS announcements to the London Stock Exchange

Capital Allocation Framework

1. Invest

  • Innovation to drive organic growth
  • Sustainability targets and further embed our ESG agenda

2. Acquire

  • New technologies and expand in high growth segments with strong strategic fit and meet our financial criteria

3. Maintain 

  • Optimal balance sheet position: 
    • Investment grade credit ratings
    • Leverage ratio of around 2x
  • Dividend:
    • 2024: Consistent with recent years at $37.5c for full year with an interim payment of $14.4c
    • 2025 onwards: Progressive with a payout ratio of around 35% - 40%
    • Interim payment of 40% of prior full year dividend

4. Return 

  • Surplus capital to shareholders through a regular annual buyback.
  • Share buyback subject to balance sheet
Capital Allocation Framework 2024-01.svg

Analyst Coverage

A number of leading sellside analysts cover our company and regularly write about us. 

Analyst Company  City
Virendra Chauhan AlphaValue Paris
Julien Ouaddour Bank of America  London 
Hassan Al-Wakeel Barclays London
Sam England Berenberg Bank London
Lisa Bedell Clive Bernstein London
Caitlin Cronin Canaccord Genuity  New York 
Veronika Dubajova Citi London
Kane Slutzkin Deutsche Bank London
Richard Felton Goldman Sachs  London 
Sezgi Oezener HSBC Dusseldorf 
Julien Dormois Jefferies Paris 
David Adlington J P Morgan Cazenove London
Seb Jantet Liberum  London
Robert Davies Morgan Stanley London 
Oliver Metzger ODDO BHF Frankfurt
Jack Reynolds-Clark RBC London
Ed Ridley-Day  Redburn London
Dylan Van Haaften Stifel  London 
Graham Doyle  UBS London

Analyst consensus

The financial forecasts appearing on this part of our website have not been prepared by and are not endorsed by Smith+Nephew.

The financial forecasts are made available only to users for the express purpose of assisting with financial research.

Smith+Nephew has not and will not comment on any of the individual financial forecasts used to generate the information contained herein. Smith+Nephew assumes no obligation to update or revise or otherwise comment on any of the information contained in these forecasts to take account of events or circumstances existing after the stated date of any forecast.

Financial forecasts are, by definition, forward looking and are therefore subject to various risks and uncertainties which are subject to change at any time. In the event that such risks or uncertainties materialise, Smith+Nephew's results could be materially affected.

Smith+Nephew is not regulated by the Financial Conduct Authority and cannot offer investment advice. Nothing contained herein is intended to be or should be taken to be a "financial promotion" within the meaning of section 21 of the Financial Services and Markets Act 2000. Nothing contained herein should be taken as a recommendation to buy or sell shares in Smith+Nephew or to take or refrain from taking any other action or place any reliance on any of the information contained herein.

Neither Smith+Nephew, nor any of its subsidiaries, subsidiary undertakings, parent or parent undertakings, nor any director, officer, employee or advisor of any of them accept any responsibility for the accuracy of any of the information contained herein.

The information contained herein does not constitute an invitation or solicitation of an offer to subscribe or purchase any securities and shall not form the basis for any contract or commitment whatsoever. Neither Smith+Nephew nor any of its subsidiaries, subsidiary undertakings, parent or parent undertakings, nor any director, officer, employee or advisor of them shall have any liability whatsoever for the direct or indirect consequences of any action or inaction by any person in connection with the information contained herein.

Analyst consensus as at 1 October 2024

 

 

# Analysts: 16

 

Q3 2024   Average Median Range
Revenue (USD, m)   1,428 1,429 1,414 - 1,441
Underlying growth (%)  5.5% 5.6%  4.6% - 6.5% 

 

# Analysts: 16

 

 FY 2024 Consensus  Average Median  Range
Revenue (USD, m)   5,815 5,813 5,780 - 5,858 
Underlying growth (%)  5.3% 5.3%  4.9% - 5.5% 
Trading profit (USD, m)  1,058 1,057 1,044 -1,077 
Trading margin  18.2% 18.2% 18.0% - 18.6% 
EPSA (USD, cents)  86.4 86.0 84.0 - 92.0 

 

Credit Ratings

Smith+Nephew has solicited credit ratings from Moody’s and S&P, which are assigned as:

  Moody's  S&P 
Long-term rating Baa2 BBB+
Outlook Stable Stable

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