Business
Trading update for ten months to 31 October 2022
Trading update for ten months to 31 October 2022.
About this update from Convatec Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 10 November 2022\n \n \n \n \n Convatec Group Plc\n \n \n \n \n Trading update for the ten months ended 31 October 2022\n \n \n \n \n \n \n \n \n \n Good sales growth sustained Organic growth guidance increased for 2022\n \n \n \n \n \n \n \n Convatec Group Plc (\"Convatec\" or the \"Group\"), a global medical products and technologies company, today announces a trading update for the ten months ended 31 October 2022. Group revenue increased by 2.4% on a reported basis (H1: 3.6%) impacted by foreign exchange movements. On a constant currency basis revenue was up 7.8% (H1: 8.0%) and was up 6.3% on an organic basis1 (H1: 6.4%). Following sustained good sales growth, guidance for 2022 organic revenue growth has been increased to 5.4% to 5.8% (previously 4.0% to 5.5%.)\n \n In Advanced Wound Care, organic revenue growth was high single-digit for the first 10 months, broadly in line with the first half year. In North America the limited position in foam continued to impact performance ahead of the launch of ConvaFoam in Q4. The strong performance in Global Emerging Markets and good performance in Europe continued.\n \n \n \n In Ostomy Care, organic revenue growth was low single-digit for the first 10 months, as expected and consistent with the first half year. Good growth in Convatec products was achieved, particularly in the Global Emerging Markets. The growth in Europe and North America continued to be impacted by planned rationalization, leading to improvements in mix and consequently margin.\n \n \n \n In Continence and Critical Care, organic revenue growth for the first 10 months was mid single-digit, in line with the first half year. The growth in Continence Care improved in the second half with better supply chain management. The organic growth in the critical care component (which is only the Flexi-sealTM portfolio following the exit of hospital care), declined in the second half. This was as expected, given it is against strong COVID-19 driven comparatives.\n \n \n \n In Infusion Care, organic revenue growth was double-digit for the first 10 months, slightly lower than in the first half year. Underlying demand for our infusion sets remains strong and we continue to expect at least high single-digit growth for the full year. Growth in the remainder of the year wil...