Smith & Nephew SN is increasing its final dividend by 14% for the year to 31st December after revenue growth of 2% in the final quarter confirmed full year growth at 3%. Knee implants produced what it euphemistically describes as a standout performance driving growth for the whole group, plus double digit growth in emerging markets. Interestingly enough statistics did show not all that long ago that some 50% of knee implant surgery in the States was completely unnecessary and carried out solely for the purpose of increasing the wealth of the surgeons.
Compass Group CPG produced a strong performance in the quarter to the 31st December with organic revenue growth of 5.9% led by North America with 8.2% but Europe down at only 2.1%. Currency movements caused a £24m profit loss during the quarter and if the present spot rate continues for the rest of the year, the impact on profits will amount to £97m.
Sophos Goup SOPH Billings for the first 9 months of the year rose by 21% with growth continuing to accelerate in the third quarter to to 23%. Despite this last years third quarter operating profit of £1.7m was this year turned into a loss of 2.8%.
Tate & Lyle TATE Speciality Food Ingredients delivered good volume growth in the 3 months to 31st December. Helped by growth in sweetener volumes in North America, robust profit growth is expected in Bulk Ingredients for the year to 31st March
Bellway BWY updates that housing revenue for the 6 months to the 31st January is expected to rise by 14% and the average selling price is expected to have risen by almost 7.8% to record levels with the average price now standing at £276,000 due, the company hastens to add to investment in higher value locations throughout the country. Customer demand is strong and the forward order book is up by 15.7%. Operating margins for the first half are expected to be about 22% and should remain at about that level for the rest of the year.