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IT sector healthy for some.

Smith and Nephew surges ahead in the medical technology sector

After completing a three-year restructuring, bullish healthcare company Smith & Nephew is powering ahead as it prepares to announce its interim results.

At the end of June, before the mandatory closed period prior to results announcements, the company issued an upbeat statement saying the company had completed two acquisitions and its restructuring programme in the first half of the year.

Chris O’Donnell, chief executive of the company, said: ‘This strong start to the year has given us the confidence that our focus on advanced medical devices is working and that our investments in new products and sales force are paying off.’

The market has also been positive about Smith & Nephew. Analysts at Morgan Stanley Dean Witter recently backed the stock, saying it has developed momentum and that the orthopaedics segment of the medical technology market, where Smith & Nephew’s business is placed, is particularly strong.

Unlike other medical technology companies on the stock exchange, Smith & Nephew has seen its share price increase at the beginning of the year.

The company has recently been involved in eTrauma.com, an online interactive resource for the orthopaedic community. On the strength of this performance, Smith & Nephew was admitted to the FTSE-100 benchmark index in July.

Finance director Peter Hooley has been particularly busy lately as Smith & Nephew has been involved in the acquisition of a US woundcare technology licence and a North American wounds dressing business. It also disposed of its ear, nose and throat business, signed a joint venture with German company Bereisdorf, and a logistics agreement with supply chain management group Excel.

The chartered accountant has been with the company since April 1991. Previously, Hooley worked in the finance departments of BICC and Matthew Hall.

For more information go to www.smith-nephew.com

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