February 28, 2020 / 7:17 AM / a month ago

BRIEF-Convatec Group FY Group Reported Revenue Of $1,827 Million Declined 0.3%

Feb 28 (Reuters) - ConvaTec Group PLC:

* CONVATEC GROUP PLC - RESULTS ON TRACK AND MAKING STRATEGIC PROGRESS

* FINANCIAL RESULTS IN LINE WITH GUIDANCE

* FY GROUP REPORTED REVENUE OF $1,827 MILLION DECLINED 0.3% YEAR ON YEAR BUT GREW 2.3%(3) ORGANICALLY.

* FY REPORTED EBIT OF $97MILLION, DECLINED 63.8% YEAR ON YEAR

* SEES 2020 CONSTANT CURRENCY REVENUE GROWTH 2.0% TO 3.5%

* SEES 2020 CONSTANT CURRENCY ADJUSTED EBIT MARGIN 16.0% TO 18.0%

* INVESTMENT OF C.$210 MILLION OVER 2019 TO 2021 (PREVIOUSLY C.$150 MILLION OVER 2019 TO 2021)

* ANTICIPATED ANNUAL GROSS BENEFITS IN 2021 INCREASED TO BETWEEN $150 MILLION AND $170 MILLION (PREVIOUSLY BETWEEN $130 MILLION AND $150 MILLION)

* FY ADJUSTED EBIT OF $354 MILLION WAS DOWN 17.5% (2018: $429 MILLION)

* RECURRING TRANSFORMATION COSTS RELATED TO COMMERCIAL AND RESEARCH AND DEVELOPMENT INVESTMENT EXPECTED TO BETWEEN $60 MILLION AND $65 MILLION IN 2020

* RECURRING TRANSFORMATION COSTS EXPECTED TO INCREASE TO C.$75 MILLION BY 2021

* ASSUMING SITUATION NORMALISES IN Q2 AND CORONAVIRUS OUTBREAK CONTAINED, DO NOT ANTICIPATE ANY SIGNIFICANT BUSINESS INTERRUPTION IN CHINA Source text for Eikon: Further company coverage:

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