Hopes for a V-shaped recovery at Smith & Nephew were reinforced yesterday when the FTSE 100 medical equipment maker issued a reassuring trading update.
The update said that it expected underlying revenue to decline by about 29 per cent in its second quarter because of the disruptions to elective surgery.
Although an unimaginable drop before the pandemic struck, the fall is in line with the guidance previously issued.
Also encouraging for investors was that performance improved over the quarter as lockdowns were eased and elective surgeries resumed. Underlying revenue declined by 47 per cent in April, 27 per cent in May and about 12 per cent last month.
Smith & Nephew has become one of the world’s biggest suppliers of medical devices since it was
