By Jaime Llinares Taboada
Smith & Nephew PLC on Wednesday warned that performance could be substantially lower for the second quarter as revenue almost halved in April, but the January-March drop was softer than expected.
The FTSE 100-listed medical-technology company said that revenue fell 47% in April on an underlying basis--adjusting for acquisitions, disposals and foreign currency. It added that both second-quarter revenue and the first-half trading margin are expected to be substantially down from a year earlier.
The group reported revenue of $1.13 billion for the first quarter of 2020, down from $1.20 billion a year earlier, but above the company-compiled consensus of $1.12 billion from eight brokers' forecasts.
Underlying revenue fell 7.6%, compared with the 8.1% decline expected by the analysts and the 8% fall anticipated by the company in late March.
Smith & Nephew said that full-year guidance remains withdrawn due to uncertainty regarding the impact from the coronavirus pandemic.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT