- Medical technology group Smith & Nephew said it expected its underlying revenue to sink by around 29% in the second quarter.

The company said the drop was in line with its previously forecast of revenue being down 'substantially' amid the Covid-19 crisis.

On the positive side, Smith & Nephew said the revenue picture had improved as the quarter progressed, with declines of 47% in April, 27% in May and 12% in June.

Performance was correlated strongly with the easing of lockdown restrictions and resumption of elective surgeries.

'Nevertheless, there continues to be significant uncertainty and geographical variation,' the company said.

'The impact of the Covid-19 pandemic has been most pronounced on our orthopaedic reconstruction, sports medicine and ENT businesses, driven by lower levels of elective surgery in the quarter.'

'As a result of the trading performance across the first and second quarters, we continue to expect that the first-half trading margin will be substantially down on the prior year.'

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