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LONDON May 1 Medical devices maker Smith & Nephew is to hand back cash to shareholders through a $300 million share buyback.
The supplier of artificial hips and knees announced the buyback programme on Thursday as part of a new capital allocation framework that will also see a commitment to further investment and acquisitions.
The news came as the group posted first-quarter revenue of $1.075 billion, against $1.079 billion a year ago, and adjusted earnings per share of 18.5 cents against 19.3.
Analysts, on average, had expected revenue of $1.07 billion and adjusted earnings per share of 18 cents, according to Thomson Reuters I/B/E/S.