Smith and Nephew quarterly profits rise 4 per cent

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Strong results have boosted shares of medical devices maker Smith and Nephew.

It share price ended the day up 5.2% after the maker of hip and knee replacements announced a rise in profits of 4% to $215m (£133m).

Sales of $941m were well ahead of analysts' expectations, who had forecast a $929m turnover.

The company spoke of a "robust" performance in its orthopaedics and sports injury repair businesses, particularly in the US.

Chief executive David Illingworth said Smith and Nephew's sales of knee replacements and other reconstruction products had outperformed the market. The "trauma business also continues to improve and delivered revenue growth at the market rate", he said.

City analysts said Smith & Nephew had done better than American competitors, despite a tough economic climate. "This has been a solid quarter for the business, contrasting with the cries of woe from its US peers, and management is maintaining its full-year outlook from the second quarter," said Mike Mitchell at Seymour Pierce.

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