Smith & Nephew 2008 Preliminary results – a year of sound progress

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Full Year Highlights

> Group reported revenue up 13% to $3.8 billion, underlying growth of 6%
> Trading profit up 10% to $776 million, up 6% underlying
> EPSA increased 7% to 55.6¢
> Orthopaedics revenues grew at 5% (8% excluding Plus impact4)
> Endoscopy finished the year with 8% growth. Our actions leading to an improving US performance trend
> Advanced Wound Management, at 7% growth, delivered its best growth performance for 5 years
> Trading margin at 20.4%, masking the longer term operating efficiency improvements we have made to our businesses
> Second interim dividend up 10% to 8.12¢ per share

Commenting on the full year, David Illingworth, Chief Executive of Smith & Nephew, said:

“We finished the year in a positive frame of mind. We grew underlying sales for the year by 6%, with a similar increase in trading profit. All of our businesses reported underlying sales growth. These achievements are particularly notable against the backdrop of the slowdown in the global economy and a number of industry-wide and company specific issues.

We remain alert to any changes in the near-term outlook in our businesses and believe that our company-wide Earnings Improvement Programme, which we started two years ago, gives us a head start in dealing with any tougher operating climate.

We are focused on extending our track record of delivering innovative products, bringing clinical benefits to patients and economic benefits to healthcare providers. We put our customers first, listen to their needs and deliver on our promises. The Board has continued its policy of increasing, by 10%, the dividend which is declared in US dollars, creating a significant additional benefit for sterling-based shareholders. I am confident we will continue to deliver sustainable long-term growth for our shareholders.”

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