UPDATE 2-SSL FY operating profit up 31 pct, beating hopes

* Operating profit 89.5 million pounds, vs adj 68.1 mln stg

* Aims to grow EPS by at least 50 pct in 3 yrs to 2012

* Says new financial year has begun in line

* Final dividend up 21 percent to 6.4 pence

* Shares up 5.3 percent at 484 pence at 1000 GMT (Adds share price, analyst, CEO comments)

LONDON, May 19 (Reuters) - Strong sales of condoms and foot care products saw SSL International (SSL.L) achieve full-year operating profit that beat expectations and allowed the company to issue new earnings growth targets, sending shares up 5.3 percent.

The maker of Durex condoms and Scholl footcare products reported on Tuesday operating profit up by 31.4 pct to 89.5 million pounds ($137 million), beating its predictions of a 30 percent increase in the year.

The company said it has a new target for the three years to March 2012 of growing earnings per share by at least 50 percent.

"To make this a public target is surely a measure of the company's confidence in its model going forward, and indeed the immediate outlook," said analysts at Credit Suisse in a note to clients.

"Results beat our forecast on every line," added the broker, which has an outperform rating and a target price of 570 pence.

SSL said the new financial year has begun in line with its expectations, and announced a final dividend up by 20.8 percent to 6.4 pence.

Chief Executive Garry Watts told Reuters that the company would consider expanding its international operations by making acquisitions in Latin America, Central America, Korea or Vietnam.

"There are opportunities in all of those regions ... it may be that the recession prises out an opportunity that wasn't there before," he said.

He said that there was a lot of talk about whether Schering Plough SGP.N might sell the Scholl brand in the U.S. as it completes the acquisition of Merck (MRK.N) announced in March. [ID:nWNAB1634]

FUTURA MEDICAL

Watts also said that he was never expecting to get marketing partner Futura Medical's (FUM.L) erection-enhancing condom approved by regulators at the moment, saying that there was still work to be done.

It follows a statement by Futura last week saying that the approval had been delayed because SSL had moved its manufacturing to Asia, creating a need for more manufacturing data. [ID:nRn1M1434S]

"I agree that it will be next year at the earliest before this sees the light of day, but this is what I have been saying for the last five years," said Watts. "They've got to solve the remaining technology issues before we can get (to market)."

Shares in SSL have fallen by just over 5 percent in the past year, outperforming the FTSE Mid Cap .FTMC index which has declined by about 28 percent in the same period. (Reporting by Ben Deighton, editing by Lorraine Turner and Rupert Winchester) ($1 = 0.6516 pound)