Smith & Nephew hit by tough markets
The company reported a trading profit of £1bn after revenue rose 2 per cent on an underlying basis.
Chief Executive Olivier Bohuon said the company had delivered growth in 2016, but "not at the level we had wanted".
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Hide Ad"Market conditions in China and the Gulf states together shaved more than a percentage point of growth off the group in 2016," he said.
He added that China returned to growth in the second half.
Smith & Nephew, which employs around 900 people in Yorkshire, said it expects better growth in 2017, with underlying revenue expected to increase by 3 to 4 per cent.
Shares in the company, which also makes treatments for chronic wounds such as leg ulcers and pressure sores, fell 4 per cent to eight week lows of 1,143p after the results.
Analysts at JP Morgan Cazenove said the midpoint of the guidance would lead to a 1.6 per cent downgrade in revenue consensus.
They said the downgrades could see the shares trading nearer the £11 level rather than £12 in the short term.