ConvaTec rallies after sales defy downbeat City forecasts

Medical technology firm ConvaTec has defied downbeat City expectations by posting consensus-beating growth in sales and profits for 2017.

However the firm warned supply problems caused by a hurricane in the Caribbean had led to an overall “disappointing” set of results, despite the manufacturing problems being fixed.

ConvaTec said supply issues would continue to hold back its performance this year.

The firm experienced a tough 2017 on the London market after its disclosure of manufacturing issues in the Dominican Republic in October wiped more than a quarter off its market value and relegated it from the FTSE 100.

Convatec shares rallied more than 7pc in morning trading today at £2.12 after its results came out better than feared.

However Convatec, which was London’s biggest flotation of 2016, is still well down on its peak stock price of north of £3.40 last June.

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