- ConvaTec Group reported a fall in profits on lower revenues and increasing costs as the company ramped up investments to support its turnaround.

For the six months ended 30 June 2019, pre-tax profits fell to $61.3m from $88.5m a year earlier as revenues fell 3.5% to $888.9m.

'Our Transformation Initiative has made good progress in many areas, but there is much more to do. Launched in February, we invested $14 million in the first half to establish the programme, identify opportunities and begin execution of the first wave of projects, with detailed tracking of key milestones and weekly reviews by the Executive team,' said Rick Anderson, Executive Chairmam.

We are maintaining our interim 2019 dividend at 1.717 cents per share, the company said.

Guidance for the full year was maintained' organic revenue growth was expected in the range of 1.0% - 2.5%, and adjusted earnings (EBIT) margin of 18% to 20%.

At 8:33am: [LON:CTEC] ConvaTec Group Plc share price was +18.23p at 174.33p

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