By Ian Walker

Smith & Nephew PLC said Thursday that it is targeting 4%-6% consistent organic revenue growth by 2024 and set a new commitment to return surplus capital to shareholders through regular share buybacks.

The U.K. medical-technology company said that it expects to buy back between $250 million and $300 million of shares next year.

S&N said it plans to maintain higher investment in innovation to drive organic growth and continue buying new technologies, while expanding in higher growth segments.

The company also said it plans to rebuild its trading margin and has set a target of at least 21% by 2024 with further improvements thereafter. It is maintaining a progressive dividend policy.

"Smith+Nephew is at an inflection point, with a clear ambition and strategy for growth... With financial discipline we will continue to invest in the business to take advantage of the opportunities we see, while also driving shareholder returns," Chief Executive Roland Diggelmann said.

Shares at 1207 GMT were up 21.0 pence, or 1.8%, at 1,223.0 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 16, 2021 07:34 ET (12:34 GMT)

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