Trading Update

Smith & Nephew Plc
20 June 2003

20 June 2003



                 Smith & Nephew Close Period Trading Update


Smith & Nephew plc, the advanced medical devices group, has continued to achieve
strong double-digit sales growth during the first half of 2003 in its largest
and fastest-growing business - Orthopaedics.  Overall underlying sales growth
for Smith & Nephew in the first half of 2003 is expected to be around 10%.
Acquisitions will add 1% to this growth, but currency will be 3% adverse.

Orthopaedics will lead the group with underlying sales growth of around 15% as
anticipated, with continued strong reconstructive growth of 19% and trauma
growth of 10%.  Wound Management's underlying growth is running at 7%, a slower
than expected start, largely due to delays in production expansion in the US.
Sales of Dermagraft are on track and we expect Wound Management to return to
previous growth levels in the second half.  As previously indicated, we
anticipate Endoscopy's sales growth will slow to 5%, mainly due to increased
blade reuse in the US, but is expected to improve for the full year with a
number of new product launches in the second half.

Sir Christopher O'Donnell, Chief Executive of Smith & Nephew said, 'We are
pleased with the growth of our orthopaedics business and believe increased sales
of new products will accelerate our overall sales growth in the second half of
the year.  We remain on track to meet our full-year financial targets.'

Smith & Nephew is to give a briefing to investors and analysts today ahead of
the close period, which precedes its interim results announcement.  The briefing
will be via conference call at 3 pm UK time, and can be heard by live audio
webcast via the Smith & Nephew website at www.smith-nephew.com.  A recording of
the briefing will be available on the Smith & Nephew website after the call.

Smith & Nephew, whose business is focused on the fast growing markets for
orthopaedics, endoscopy and advanced wound management products, will report
interim results on 31 July.



Enquiries:


Smith & Nephew

Angie Craig                                                                      Tel: [phone]
Corporate Affairs Director

Financial Dynamics
David Yates                                                                      Tel: [phone]




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