ConvaTec profit falls as costs rise; CFO to step down

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ConvaTec profit falls as costs rise; CFO to step down

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(Reuters) – British medical technology company ConvaTec <CTEC.L> on Thursday reported a 7.4 percent fall in operating profit for the first half of the year, as increased expenses offset higher sales and margins. ConvaTec also said CFO Nigel Clerkin would leave the company in October after its decision to relocate the position of CFO to its main office in Reading, as he decided not to relocate his family from Dublin. The company appointed Frank Schulkes as CFO designate and he will become CFO on Oct. 31. Frank was previously CFO of Wittur Group, an industrial firm based in Germany. ConvaTec, whose products are used in acute wound care and critical care, said adjusted operating profit fell to $193.5 million from $209 million a year earlier.

(Reporting by Justin George Varghese; Editing by Gopakumar Warrier)
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