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Shares in ConvaTec Group PLC rose on Wednesday after the company reported a sharp increase in annual profit, supported by steady revenue growth. The medical products firm also lifted its full-year dividend and reaffirmed its outlook, citing confidence in its expanding product pipeline.
Shares in ConvaTec opened up 6.4% at 262.80 pence in London on Wednesday.
The London-based medical products and technologies company said revenue rose 6.9% to $2.29 billion in 2024 from $2.14 billion in 2023, driven by broad-based growth across its chronic care categories.
Pretax profit climbed 47% to $245.9 million from $167.4 million a year prior, while diluted earnings per share rose 46% to 9.3 cents from 6.3 cents.
ConvaTec declared a full-year dividend of 6.416 cents per share, up 3.0% from 6.229 cents in 2023. The company said the payout represents 42% of adjusted net profit, in line with its target range of 35% to 45%.
Looking ahead, Chief Executive Officer Karim Bitar said: ‘We expect 2025 to be another year of strong strategic progress. This will be driven by our strongest-ever innovative, new product pipeline and further simplification and productivity improvements. We are on-track to deliver our medium-term guidance of 5-7% annual organic revenue growth, mid-20’s operating margin by 2026 or 2027.’
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