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Medical products supplier ConvaTec reported a slump in profit as lower revenue and costs to turnaround performance weighed on performance.
For 2019, pre-tax profit fell to $18.9 from $201.2m, while revenue was roughly flat at $1.83m
Profit was hurt by the impairment of certain assets of $105.5m, operating cost increases of $69.1, resulting from the company's 'Transformation Initiative' programme.
Looking ahead, the company said it would target on constant currency revenue growth wihtin the range of 2.0% to 3.5% and constant currency adjusted earnings (EBIT) margin of 16.0% to 18.0%.
At 8:51am: (LON:CTEC) Convatec Group PLC share price was -12.67p at 195.73p