AGM Statement

Smith & Nephew Plc
4 April 2001

4 April 2001

              POSITIVE FIRST QUARTER TRADING FOR SMITH & NEPHEW

Trading in the first quarter of 2001 for Smith & Nephew, the advanced medical
devices group, has continued the positive trend shown in 2000, Chairman Dudley
Eustace told shareholders at the company's AGM today.


'Our four on-going businesses are performing well and up to expectations. Our
prospects for growth remain excellent, supported by innovative new products,
an increased sales capability and our desire to broaden our product offerings
through acquisitions and alliances. Our markets remain strong, driven by the
growing needs of ageing populations worldwide.'


Mr Eustace said that Smith & Nephew's orthopaedics business had been the
fastest growing major implant business in the world in 2000 and Endoscopy had
again consolidated its world leadership position in arthroscopy. Wound
Management had been reconfigured as a leader both in the technology of
advanced woundcare and in market share. Following repositioning, the
Rehabilitation business now had the potential to meet the group's growth
requirements for the future.


'Just over two years ago we announced a plan to transform Smith & Nephew from
what had become something of a healthcare conglomerate into a group focused on
the long term growth markets of medical devices. At the same time we said we
would strive to see a substantial improvement in financial performance in the
company in the three years to 2001. I am pleased to report that the
transformation has been achieved ahead of schedule and we are more than
meeting our financial targets.'


Enquiries:

Chris O'Donnell, Chief Executive                     Tel: [phone]
Smith & Nephew plc

Peter Hooley, Finance Director                       Tel: [phone]
Smith & Nephew plc

Margaret Stewart, Group Director, Corporate Affairs  Tel: [phone]
Smith & Nephew plc

Fiona Noblet                                         Tel: [phone]
Financial Dynamics