Medical technology group Smith & Nephew said it plans to give back 300m dollars to shareholders in a buyback programme.
The group, which makes artificial hips, said the buyback is part of its new capital allocation framework for further investments and acquisitions.
The group also posted revenue of $1.075bn for the first quarter ended March 30th 2013 from $1.079bn the same time a year earlier after Advanced Wound Management and Healthpoint Biotherapeutics performed strongly.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Pre-tax profit during the period fell to $204m from $231m. Adjusted earnings per share fell to 18.5 cents from 19.3 cents before.
Chief Executive Officer Olivier Bohuonof said: "We will continue to invest in our growth products, franchises and geographies and maintain adequate headroom for further significant acquisitions. We have increased the level of dividend and moved to a progressive policy."
Smith & Nephew said it maintains its outlook for 2013 but does expect, however, to see some variation in performance at the product franchise level.
"In particular, in Advanced Wound Management, Healthpoint is performing more strongly than we previously guided. Conversely, we are seeing slightly lower growth in Orthopaedic Reconstruction, relative to the market, than we had expected," the group explained
CJ
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
