Hip replacement maker Smith & Nephew has reported better-than-expected results following a strong performance from its knee and trauma units.
The Hull-based firm, whose shares have hit new highs recently following takeover speculation, announced that chief executive Dave Illingworth will step down on April 14 and will be replaced by Olivier Bohuon, former chief executive of pharmaceuticals firm Pierre Fabre.
Smith said trading profits increased by 9% to 278 million US dollars (£173.1 million) in the final quarter of 2010 on flat revenues of 1.1 billion US dollars (£664.4 million). The City had been expecting trading profits of around 252 million US dollars (£156.9 million).
The company reported strong sales of knee replacements, key hole surgery products and advanced wound management treatments.
The results made no mention of takeover bids despite rumours that Smith walked away from a £7 billion offer from US pharmaceutical giant Johnson & Johnson before Christmas and that other rivals such as Zimmer and Stryker are also interested.
The strong final quarter results helped full-year revenues increase 4% to 4 billion US dollars (£2466.9 billion) and an 11% increase in trading profits to 969 million US dollars (£603.3 million).
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