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Feb. 7, 2019, 2:30 a.m. EST

Smith & Nephew profit falls on restructuring costs

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By Carlo Martuscelli

Smith & Nephew PLC (SN.LN) said Thursday that pretax profit fell 11% in 2018 after booking restructuring costs, and despite revenue increasing.

The company said profit before tax fell to $781 million from $879 million in 2017, as revenue rose 2.9% to $4.9 billion. It attributed the decrease in profit to costs related to its accelerating performance and execution program, as well as acquisition- and disposal-related expenses.

In the year ahead, revenue is expected to grow between 2.5% and 3.5% on an underlying basis, the FTSE 100-listed medical-devices company said. Smith & Nephew sees its trading profit margin in the range of 22.8% to 23.2%.

The company declared a final dividend of 22 cents per share.

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