Business
ConvaTec Q1 Trading Update
ConvaTec Q1 Trading Update.
About this update from Convatec Group Plc
[{"type":"text","content":"\n \nRNS Number : 9631X ConvaTec Group PLC 03 May 2019 \n\n \n \nTrading Update for the three months ended 31 March 2019\n3 May, 2019 (LSE: CTEC)\n \nTrading in the first quarter for ConvaTec Group Plc (\"the Group\"), a leading global medical products and technologies company, was in-line with management expectations at a Group level and reflected the ongoing challenges outlined in February. \n \nKey Points: \n· Group revenue of $430.6 million included an additional one-off provision in the quarter of $8.9 million, arising from a change of accounting methodology as detailed below. Excluding this, first quarter Group revenue was broadly flat on an organic basis.\no Including this provision Group revenue declined 2.0%1 on an organic basis, 1.9%2 on a constant currency basis and 6.0% on a reported basis.\n· FY2019 guidance unchanged.\n· Transformation Initiative: momentum building, almost 300 leaders trained in transformation.\n· Franchise summary:\no Advanced Wound Care: ongoing drag from legacy portfolio and continuing trends from Q4 '18 - underperformance in the US and negative channel movements in the UK - more than offset good demand for AQUACEL® Ag + / Advantage; Avelle™ launched in US; deploying specialist salesforce in US;\no Ostomy Care: good performance in LatAm and APAC, continued weakness in the US.\no Continence and Critical Care: Continence continuing to drive growth.\no Infusion Devices: higher than anticipated customer orders resulted in a good performance against a strong prior year comparator.\n \n \n\n\n\n\n \n\n\nQ1 2019\nReported $'m \n\n\nQ1 2018\nReported $'m \n\n\nReported growth % \n\n\nOrganic growth1 % \n\n\nOrganic growth1,3 % \nex. rebate provision\n\n\n\n\nAdvanced Wound Care \n\n\n129.7\n\n\n147.1\n\n\n(11.8)\n\n\n(6.8)\n\n\n(3.2)\n\n\n\n\nOstomy Care\n\n\n119.6\n\n\n128.0\n\n\n(6.5)\n\n\n(0.8)\n\n\n0.9\n\n\n\n\nContinence & Critical Care\n\n\n108.4\n\n\n108.4\n\n\n0.0\n\n\n1.8\n\n\n3.1\n\n\n\n\nInfusion Devices \n\n\n72.9\n\n\n74.7\n\n\n(2.4)\n\n\n(0.2)\n\n\n(0.2)\n\n\n\n\nTotal revenue \n\n\n430.6\n\n\n458.2\n\n\n(6.0)\n\n\n(2.0)\n\n\n(0.1)\n\n\n\n\n \n \nRick Anderson, Group Chief Executive Officer, commented: \n\"Tradin...