Smith+Nephew, the Hull-based med-tech company, reported a solid financial performance for 2024. Revenues were £4.6 billion, up from £4.4 billion the previous year. Profits also significantly increased, rising to £394 million, compared to £228 million in 2023.
The growth follows the implementation of the company’s 12-Point Plan, which drives operational changes and restructuring. As part of the plan, Smith+Nephew has reduced its workforce by nearly 9%, including more than 1,000 job cuts in 2024. Most of these reductions occurred in the year’s final quarter.
Over 60% of revenue in 2024 came from products launched in the last five years. The company also focuses on improving operational efficiency, with two years of margin expansion and strong cash flow generation.
Looking ahead, Smith+Nephew is targeting continued revenue growth in 2025. To drive improved returns, the company will emphasize product development and further efficiency gains.
