- Smith & Nephew, the medical equipment manufacturing company, has cut its full year underlying revenue growth forecast to 2-3%, with a trading profit margin at or above that achieved in 2017.

It follows a weaker first quarter, when revenue rose 5% on a reported basis to $1,196 million but was flat on an underlying basis.

Established markets revenue was up 3% on a reported basis and down 2% on an underlying basis, held back by some softer market conditions and weaker performance in Advanced Wound Bioactives.

Emerging markets revenue was up 15% on a reported and 9% on an underlying basis.

Namal Nawana will take over as chief executive officer on 7 May.

Olivier Bohuon, chief executive officer, said: "Our businesses delivered a mixed performance in the first quarter, with the effects of some softer markets and a slowdown in our Bioactives business offset by another quarter of strong growth in the emerging markets. We expect trading conditions to return to more normal levels, which, combined with the continued rollout of new products and our sustained emerging markets performance, gives us confidence in delivering an improving performance trend during the remainder of the year."

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