A third quarter trading update from medical technology company Smith & Nephew received a disappointing reaction from the market this morning. Revenue growth was seen across all divisions whilst free cash flow guidance for the full year has been upped by around 25% too. More significantly, this metric will be five times higher than the levels posted in 2023, underlining the success of the company’s comprehensive overhaul strategy, but there’s perhaps a belief more needed to be done, maybe extending the share buyback? The Smith & Nephew share price was down 9% in early trade.
FTSE-100 listed pharmaceuticals company Hikma issued a trading statement this morning which included a series of downward reversions across multiple metrics. The core operating profit range for the full year has been tightened to $730-$750m, whilst in the mid-term, group core operating profit is set to grow in the range of 5% to 7%, down from the previous guidance range of 7% to 9%. The market has again found little to cheer here, with the Hikma share price tumbling 12% shortly after the open. That moves the company’s market cap dangerously close to the point at which it would be relegated from the top flight.
Q3 numbers were out from Helios Towers this morning, with revenues 1% higher and adjusted EBITDA up by 5%. Management announced the launch of a $75m share buyback, kick starting a capital returns programme that will run until the end of the year. Full year guidance has also been tightened – this time on the upside and the Helios Towers share price was up a bumper 18% by 8.45am.
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