Trading Update

Smith & Nephew Plc
18 December 2003

                         Smith & Nephew Trading Update

                       Strong Performance in Orthopaedics

18 December 2003

Smith & Nephew is to give a trading update to investors and analysts today ahead
of the close period preceding its Preliminary Results Announcement.  The company
will announce its preliminary results for 2003 on 5 February 2004 at noon GMT
(7am EST).  A meeting for analysts will take place in London later that day at
3pm GMT/10am EST.  Investors outside the UK will be able to participate in the
meeting via webcast and conference call.

Smith & Nephew has continued to deliver good top line growth in the second half,
with underlying sales growth of 10% expected for the full year.  Orthopaedics is
continuing to perform strongly, with underlying sales growth of 16% expected for
the year.  Knee sales are growing 23% worldwide, and hips and trauma are growing
15% and 11% respectively.  Endoscopy's underlying sales growth is expected to be
4% for the year with blade reuse and lower orders from HealthSouth impacting US
growth.  Advanced Wound Management is seeing its first half sales growth of 8%
continue for the full year.

Chris O'Donnell, Chief Executive of Smith & Nephew said, 'Smith & Nephew has
sustained its momentum during the second half of 2003.  Our strong Orthopaedics
sales growth and overall margin improvement continue to give us confidence in
meeting our EPSA growth goals.'


Enquiries:

Smith & Nephew
Angie Craig                                             Tel: [phone]
Corporate Affairs Director

Financial Dynamics
David Yates                                             Tel: [phone]


About Us

Smith & Nephew (LSE: SN, NYSE:SNN) is one of the world's leading medical devices
companies, specialising in Orthopaedics, Endoscopy and Advanced Wound
Management.  Smith & Nephew ranks as the global leader in arthroscopy and
advanced wound management and is the fastest growing full-line orthopaedics
company in the world.

Smith & Nephew is dedicated to helping improve people's lives.  The company
prides itself on the strength of its relationships with its surgeon and
healthcare professional customers, with whom its name is synonymous with the
highest standards of performance, innovation and trust.  The company has 7,500
employees and operates in 32 countries around the world, generating sales of
over £1 billion.


                      This information is provided by RNS
            The company news service from the London Stock Exchange