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Economic Performance

Further information

Investor Centre
More details on our financial performance can be found in the Investor Information section on our website.

Introduction

The Group's business policies aim to achieve long-term growth and profits – which in turn bring continued economic benefits to shareholders, employees, suppliers and local communities. Smith & Nephew's sustainable development depends ultimately on its ability to provide a satisfactory economic return.

The Group prides itself on the strength of its relationship with its clinicians and other healthcare professionals with whom it has a reputation for product innovation and high standards of customer service. Healthcare economic considerations are integrated into the product development process to ensure that the benefits from the company's new products and line extensions not only seek to improve patient outcomes, provide better treatment and procedures for both clinician and patient but also contribute more cost effective solutions for healthcare services.

The Group has built expertise in the area of measuring healthcare economics within its advanced wound management business and has made considerable progress in the last year in introducing a similar system across its other businesses. A description of the principles of healthcare economics and how they relate to Smith & Nephew products can be found in the Healthcare Economics section later in this report. More information on Smith & Nephew's 2007 performance can be found in our on-line 2007 Annual Report.

2007 Annual Report

Financial Highlights	2003	2004	2005	2006	2007
Group revenue ($m)	1,939	2,301	2,552	2,779	3,369
Trading profit ($m)	358	452	517	571	706
Adjusted earnings per ordinary share (¢)*	29.6	37.8	42.3	45.2	52.0
*This is before: • In 2007 acquisition related costs, restructuring and rationalisation expenses, the legal settlement, amortisation of acquisition intangibles and taxation thereon. • In 2006, acquisition related costs, amortisation of acquisition intangibles, loss on hedge of the sale proceeds of the joint venture, net profit on disposal of the joint venture and taxation thereon. • In 2005, restructuring and rationalisation costs, amortisation of acquisition intangibles, gain on hedge of the sale proceeds of the joint venture and taxation thereon. • In 2004, amortisation of acquisition intangibles, macrotextured claim and taxation thereon. • In 2003, acquisition related costs, restructuring and acquisition related expenses within the joint venture, net profit on disposal of the associate and taxation thereon.

More details on our financial performance can be found in the Investor Information section on our website.

Investor Information