Do you want to skip to content? Skip to content
Contact Us Convatec Argentina Argentina Belize Belize Brasil Brasil Canada (English) Canada (English) Canada (Français) Canada (Français) Chile Chile Colombia Colombia Costa Rica Costa Rica Curaçao Curaçao El Salvador El Salvador Ecuador Ecuador Guatemala Guatemala Guyana Guyana Honduras Honduras Jamaica Jamaica México México Nicaragua Nicaragua Panamá Panamá Perú Perú Puerto Rico Puerto Rico República Dominicana República Dominicana Suriname Suriname Venezuela Venezuela United States (English) United States (English) België België Bosna i Hercegovina Bosna i Hercegovina Česko Česko Danmark Danmark Deutschland Deutschland Eesti Eesti España España France France Hrvatska Hrvatska Ireland Ireland Ísland Ísland Italia Italia Latvija Latvija Lietuva Lietuva Magyarország Magyarország Malta Malta Nederland Nederland Norge Norge Polska Polska Portugal Portugal România România Schweiz (Deutsch) Schweiz (Deutsch) Suisse (Français) Suisse (Français) Slovenija Slovenija Slovensko Slovensko Srbija Srbija Suomi Suomi Sverige Sverige Türkiye Türkiye United Kingdom United Kingdom Österreich Österreich Ελλάδα Ελλάδα България България Македонија Македонија Россия Россия Україна Україна South-Africa South-Africa ישראל ישראל الأردن الأردن الإمارات العربية المتحدة الإمارات العربية المتحدة البحرين البحرين المملكة العربية السعودية المملكة العربية السعودية ایران ایران پاکستان پاکستان عُمان عُمان قطر قطر لبنان لبنان مصر مصر العراق العراق الكويت الكويت Australia Australia Hong Kong SAR Hong Kong SAR 中国香港 中国香港 India India Indonesia Indonesia Malaysia Malaysia New Zealand New Zealand Philippines Philippines Singapore Singapore Việt Nam Việt Nam ไทย ไทย 대한민국 대한민국 中国 中国 中国台湾 中国台湾 日本 日本
Convatec Convatec False /oidc-signin/en-us/

Most visited pages

Reports, results and presentations
Contact Us Convatec Argentina Argentina Belize Belize Brasil Brasil Canada (English) Canada (English) Canada (Français) Canada (Français) Chile Chile Colombia Colombia Costa Rica Costa Rica Curaçao Curaçao El Salvador El Salvador Ecuador Ecuador Guatemala Guatemala Guyana Guyana Honduras Honduras Jamaica Jamaica México México Nicaragua Nicaragua Panamá Panamá Perú Perú Puerto Rico Puerto Rico República Dominicana República Dominicana Suriname Suriname Venezuela Venezuela United States (English) United States (English) België België Bosna i Hercegovina Bosna i Hercegovina Česko Česko Danmark Danmark Deutschland Deutschland Eesti Eesti España España France France Hrvatska Hrvatska Ireland Ireland Ísland Ísland Italia Italia Latvija Latvija Lietuva Lietuva Magyarország Magyarország Malta Malta Nederland Nederland Norge Norge Polska Polska Portugal Portugal România România Schweiz (Deutsch) Schweiz (Deutsch) Suisse (Français) Suisse (Français) Slovenija Slovenija Slovensko Slovensko Srbija Srbija Suomi Suomi Sverige Sverige Türkiye Türkiye United Kingdom United Kingdom Österreich Österreich Ελλάδα Ελλάδα България България Македонија Македонија Россия Россия Україна Україна South-Africa South-Africa ישראל ישראל الأردن الأردن الإمارات العربية المتحدة الإمارات العربية المتحدة البحرين البحرين المملكة العربية السعودية المملكة العربية السعودية ایران ایران پاکستان پاکستان عُمان عُمان قطر قطر لبنان لبنان مصر مصر العراق العراق الكويت الكويت Australia Australia Hong Kong SAR Hong Kong SAR 中国香港 中国香港 India India Indonesia Indonesia Malaysia Malaysia New Zealand New Zealand Philippines Philippines Singapore Singapore Việt Nam Việt Nam ไทย ไทย 대한민국 대한민국 中国 中国 中国台湾 中国台湾 日本 日本

28 February 2020

Download Full Press Release

PDF Download

 

Audited Annual Results for the twelve months ended 31 December 2019

Results on track and making strategic progress

Financial results in line with guidance, FY 2019 key points:

  • Group reported revenue of $1,827 million declined 0.3% year on year but grew 2.3%3 organically.
  • Reported EBIT4 of $97million, declined 63.8% year on year due to the impairment of acquired intangible assets, transformation investments including MDR and the impact of adverse FX movements.
  • As expected, adjusted1 EBIT4 of $354 million was down 17.5% (2018: $429 million), primarily due to the investment in transformation ($40 million) and Medical Device Regulation (“MDR”, $5 million), and the impact of adverse FX movements ($14 million); with adjusted1 EBIT margin of 19.4% (2018: 23.4%).

Strategic progress:

  • New vision, strategy, operating model and values announced today, based on:
    • Five pillars of our corporate strategy: Focus, Innovate, Simplify, Build  and  Execute.
    • Simplified operating model: more customer-centric, agile and innovation led with clear accountability.
  • Transformation progressing well; increasing future investment. FY 2019 achievements:
      • Implementation of more than 100 initiatives underway.
      • More than 150 people trained on execution excellence and over 500 people directly involved in transformation.
      • Transformation cost investment of $40 million and capex investment of $20m.
    • Increasing transformation investment to c.$210 million over 2019 to 2021 (previously c.$150 million5 over 2019 to 2021). For further details see page 3.
    • Recurring transformation costs related to commercial and R&D investment expected to between $60 million and $65 million in 2020, increasing to c.$75 million by 2021 (previously $50 million5 by 2021). This was $13 million in 2019. For further details see page 3.
    • Anticipated annual gross benefits in 2021 increased to between $150 million and $170 million (previously between $130 million and $150 million5).

Financial outlook, FY 2020

  • Constant currency revenue growth expected to be 2.0% to 3.5%6.
  • Constant currency adjusted EBIT margin 16.0% to 18.0%6, including c.$50 million of cost investment associated with the transformation and c.$18 million of costs related to MDR.

Karim Bitar, Chief Executive Officer, commented:

“One of the key reasons that attracted me to Convatec was the significant opportunity ahead of us. We operate in structurally growing markets; however, our performance in different product categories and markets varies markedly. With clear direction, an emphasis on innovation and an execution excellence culture, Convatec will focus on pivoting to sustainable and profitable growth.

Since I joined Convatec, the Convatec Executive Leadership Team (“CELT”) and I have undertaken a strategic assessment and concluded that we need to move to a new operating model. The new model is customer-centric, more agile, focuses on innovation and ensures clear accountability. Our transformation goal and strategic intent is to pivot to sustainable and profitable growth.”

(...)

Download the full text of this announcement

PDF Download

 

Enquiries

 

Analysts and Investors  
                                                                                                                                 

investorrelations@convatec.com

Mark Reynolds, Director Investor Relations         

+44 (0)7551 036 625

 

 


Media


mediarelations@convatec.com

Buchanan: Charles Ryland / Chris Lane / Vicky Haynes          

+44 (0)207 466 5000

 

Press Release

See all

5/13/2022

Convatec announces the release of ConvaMax™

Read more

5/13/2022

Interim Results for the 6 months ended 30 June 2020

Read more

5/13/2022

Trading update for the three months ended 30 September 2020

Read more

5/13/2022

Expert panel publishes Wound Hygiene consensus

Read more

5/13/2022

Non-Executive Director appointment

Read more

5/13/2022

Convatec Group Plc Annual Results 2019

Read more

5/13/2022

Trading update for the three months ended 31 March 2020

Read more

5/13/2022

Non-Executive Director appointment

Read more

5/13/2022

Board Changes

Read more

5/13/2022

Non-Executive Director appointment

Read more