By Pierre Bertrand

Smith & Nephew PLC said Thursday that pretax profit fell in the first six months of the year and backed its guidance for the rest of 2022.

The U.K. medical-technology company said that pretax profit for the first half of the year fell to $204 million on revenue that marginally increased to $2.60 billion.

For the comparable period last year, the company reported pretax profit of $223 million on revenue of $2.59 billion.

First-half trading profit--the company's preferred metric which strips out exceptional and other one-off items--fell to $440 million from $459 million the year before.

The company said its performance was affected by higher input inflation in freight and logistics.

Looking ahead, the FTSE 100 company said it now expects full-year underlying revenue growth guidance of 4.0% to 5.0% and said its trading profit margin is expected to be around 17.5%, reflecting the impact of external supply challenges and inflation.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 28, 2022 03:00 ET (07:00 GMT)

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