Results Round Up
Smith & Nephew shares tumbled as it revealed it had discovered $100m of overstated sales at its recently acquired Plus business.
The artificial hip and knee joint group, which also reported a 12% rise in first quarter operating profit to £142m, added sales would be hit for the year because of the issues with Plus.
"We have undertaken a thorough investigation of these practices which has made significant progress, but is not yet fully complete. We currently expect revenues, in a full twelve month period, to be reduced by about $100m". A large part of this issue relates to Greece where pro-forma 2007 revenues were $60m, it added.
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The first quarter of 2008 has been in line with expectations at air conditioning and pump hire group Andrews Sykes, although pre-tax profit from continuing operations fell to £8.55m in 2007 from £9.85m the year before.
Last summer's gloomy weather caused a £2m drop in revenue to £57.85m, said the group.
