AGM Statement

Smith & Nephew Plc
29 April 2003


29 April 2003


                         SMITH & NEPHEW AGM TRADING UPDATE


Smith & Nephew plc, the advanced medical devices group, is on track to achieve
its financial goals for 2003, Chairman Dudley Eustace told shareholders at the
company's Annual General Meeting today.


The planned transaction to combine Smith & Nephew and Centerpulse AG to form a
global leader in orthopaedics is proceeding satisfactorily, with documents
posted to both companies' shareholders and notice given of an Extraordinary
General Meeting of Smith & Nephew shareholders on 19 May 2003.


Smith & Nephew plc confirms its previous trading statement made at the time of
the announcement of its intent to combine with Centerpulse AG, namely that the
Orthopaedics and Wound Management businesses have had a solid start to the year.
The implementation of the dual divisional structure of Orthopaedics into
Reconstructive Implants and Trauma is progressing well, as is the introduction
of specialised sales forces in the US.  Endoscopy, however, has experienced some
pressure from the increased re-use of disposable blades in the US.


Mr Eustace said: 'Our business strategy has proved very successful over the last
three years.  The increase in commercially attractive new products combined with
technology acquisitions and increased investment in sales forces are providing
us with the means of delivering sustainable growth.  We look forward with
confidence to the remainder of the year, as well as completing the transaction
to combine Centerpulse with our business.'

Enquiries:


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

Peter Hooley, Finance Director

Angie Craig, Corporate Affairs Director

Financial Dynamics                                     Tel: [phone]
David Yates

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