Hull-founded Smith & Nephew has continued its strong performance in 2023, with revenue growth of 7.7 per cent reported in the third quarter of trading.

The global medical firm, launched by a city pharmacist and now listed in London and New York, saw sales up from $1.25 billion (£1 billion) to $1.357 billion (£1.1 billion) in the period to September 30. Advanced wound management, the division still based in Hull, though a £94 million move to nearby Melton is progressing, saw revenues up 3.6 per cent with double digit growth from elements within it. Orthopaedics saw a 8.3 per cent increase, while sports medicine and ENT was up 11.1 per cent.

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Deepak Nath, chief executive officer, said: “We saw strong growth in the third quarter, continuing the momentum from the first half of the year. Performance was broad-based, and I am particularly pleased by the step-up in Orthopaedics as we start to see the real impact from our improving execution under the 12-Point Plan.

"Our investment in innovation continues to bear fruit. Overall, I am encouraged that our actions to transform Smith & Nephew to a consistently higher growth company are starting to deliver."

Revenue growth is anticipated to be towards the higher end of the guided range of 6 per cent to seven per cent, with a trading profit margin around 17.5 per cent. It is described as reflecting headwinds from China, where a weakening market is reported.

An impression of how Smith and Nephew's new site at Melton West Business Park could look, featuring a mesh design.
An impression of how Smith and Nephew's new site at Melton West Business Park could look, featuring a mesh design.

Smith & Nephew was founded by pharmacist Thomas James Smith from his small operation in Hull in 1856, initially developing a new method for refining cod liver oil, before moving into bandage cutting and rolling less than a decade before the outbreak of the First World War.

Having outgrown its "disjointed and inefficient" nine building complex developed on the existing city centre gateway site since 1907, planning permission for the state-of-the-art facility was achieved in the spring, having been revealed last summer. It is currently in the detailed design phase ahead of an anticipated ground breaking on the Wykeland-developed business park early next year.

Shares were up 4.2 per cent to 962p following the day's London trading.