Encouraging signs at Smith & Nephew

Smith & Nephew’s (SN.) new chief executive, Namal Nawana, has a big challenge ahead of him. His predecessor, Olivier Bohoun, was criticised for not sufficiently managing costs or integration processes at the woundcare specialist, so remedial measures are under way. Thankfully, the market seemed nonplussed by a reported $58m (£44m)-worth of restructuring costs in the first half, which ate into operating margins and held back reported profit growth.