Smith & Nephew cuts sales growth forecast as China slowdown impacts results

Smith & Nephew has lowered its full-year sales growth forecast to 4.5%, down from 5% to 6%, due to disappointing sales in China. Third-quarter sales rose 4% to £1.1 billion, or 5.9% excluding China. The company also revised its profit margin target for 2024, now expecting growth of up to 0.5%, instead of the previously anticipated 18%. The decline in sales is attributed to China's price-cutting procurement program. As a result, Smith & Nephew's shares fell 12.5%, leading the FTSE 100 index decline. Overall, the FTSE 100 closed down 0.6%, while the FTSE 250 dropped 1.5%.