March 2 (Reuters) - British medical devices firm ConvaTec on Thursday reported a 8 percent increase in operating profit for the year ended Dec. 31, 2016 helped by an increase in gross margins that was ahead of target.
ConvaTec, which specialises in medical products for chronic health conditions, reported a 2016 adjusted operating profit of $472 million, a jump from last year’s profit of $437 million.
But it booked a post-tax loss of $203 million compared to $93 million year ago, on the back of reorganisation costs and charges related to its stock market listing in October last year in which it raised nearly 1.5 billion pounds.
ConvaTec’s shares were more than 4 percent higher by 0805 GMT. (Reporting By Justin George Varghese. Editing by Jane Merriman)