Shares in FTSE 100 medical technology firm Smith & Nephew (LON:SN.) have fallen by 3.50% to 1,512.64p (as of 12:35 GMT) after reporting a 11.2% revenue drop in the year ended 31st December. Trading during the final quarter was stronger relative to the comparative period, but operating profits for the full year were 63% below 2019.
CEO Roland Diggelmann commented: “In 2020 we continued to strengthen Smith+Nephew through increased investment in R&D, new product launches and strategic acquisitions in our higher growth segments. We achieved this while also managing unprecedented disruption from COVID-19. The resilience of the business and strength of the balance sheet also meant we are able to maintain our progressive dividend policy.
We start 2021 with three clear priorities: to return to top-line growth and recapture momentum; to drive further operational improvement; and to continue to respond effectively to COVID-19. We will build on the progress we are starting to make in areas where we have recently invested and introduced innovation. We will again invest more in R&D and I am excited by the pipeline of new technologies approaching launch, and by the potential of our recent acquisitions“.