StockMarketWire.com - Medical products supplier ConvaTec reported a slump in profit on the back of lower revenue and turnaround costs.

For 2019, pre-tax profit fell to $18.9m from $201.2m, while revenue was roughly flat at $1.83bn.

Profit was hurt by the impairment of certain assets of $105.5m and operating cost increases of $69.1m, resulting from the company's 'Transformation Initiative' programme.

Looking ahead, ConvaTec said it would target constant currency revenue growth within the range of 2.0% to 3.5% and constant currency adjusted earnings (EBIT) margin of 16.0% to 18.0%.

At 8:51am: [LON:CTEC] Convatec Group PLC share price was -12.67p at 195.73p



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