UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

July 28, 2016

Commission File Number 001-14978

SMITH & NEPHEW plc

(Registrant’s name)

15 Adam Street

London, England WC2N 6LA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes  ¨            No   x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934.

Yes  ¨            No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b) : 82- n/a.

Smith & Nephew plc

INDEX TO EXHIBITS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Item 1

Smith & Nephew plc		T 44 (0) 207 401 7646
15 Adam Street		www.smith-nephew.com
London WC2N 6LA

Smith & Nephew Second Quarter Trading and First Half 2016 Results

First half revenue increased 3%, led by 10% growth in Sports Medicine Joint Repair

28 July 2016

Smith & Nephew plc (LSE:SN, NYSE:SNN) results for second quarter and first half ended 2 July 2016:

Q2 Highlights¹

H1 Highlights¹

Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said:

“Q2 saw the continuation of many of the trends seen in the previous period, including growth of 10% in Sports Medicine Joint Repair and 5% in Knee Implants. The Emerging Markets improved from the previous quarter, despite conditions in China and the Gulf States remaining challenging, as previously highlighted. We expect our performance in China to begin to improve in the second half.

“For the first half of 2016 we delivered 3% revenue growth. The modest reduction in Trading profit was primarily due to the expected transactional currency headwind first signalled in 2015.

“The planned sale of our Gynaecology business demonstrates our disciplined strategic approach to capital deployment. More broadly, with strong core businesses, a growing pipeline of innovative products boosted by the recent acquisition of the robotics business Blue Belt Technologies, and more efficient operations, we are confident in our positioning and long-term prospects.”

News

Analyst conference call

An analyst meeting and conference call to discuss Smith & Nephew’s second quarter trading and first half 2016 results for the period ended 2 July 2016 will be held today, Thursday 28 July at 9.00am BST / 4.00am EDT. This will be webcast live and available for replay shortly after. The details can be found on the Smith & Nephew website at www.smith-nephew.com/results.

Enquiries

Notes

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Smith & Nephew Second Quarter Trading and First Half 2016 Results

Second Quarter 2016 Trading Update

Our second quarter revenue was $1,191 million (2015: $1,168 million), an increase of 2% on an underlying and reported basis. A foreign exchange headwind of -1% was offset by acquisitions, which added 1% to the reported growth rate.

The second quarter 2016 comprised 64 trading days, one more than in the same period of 2015, which typically benefits our surgical businesses more than our Advanced Wound Management businesses, and the Established Markets more than the Emerging Markets.

Second Quarter Consolidated Revenue Analysis

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Q2 2016 Franchise Highlights

Sports Medicine Joint Repair continued to perform strongly, with revenue up 10% in the quarter, driven in particular by demand for our shoulder repair portfolio. We further strengthened our franchise in the period with the launch of the ULTRABUTTON^à Adjustable Fixation Device for knee repair. In Arthroscopic Enabling Technologies the growth rate of 4% includes a strong contribution from our COBLATION^à technology acquired with ArthroCare.

In Trauma & Extremities positive revenue growth in the US was offset by the continuation of the difficult trading conditions in China and the Gulf States reported last quarter, resulting in an overall -6% decline in revenue from the franchise.

Our Other Surgical Businesses franchise delivered revenue growth of 14% in the quarter, with a strong contribution from Ear, Nose & Throat (‘ENT’), the larger business within this franchise, and new capital sales of our robotic NAVIO^à Surgical System into both hospitals and Ambulatory Surgical Centres.

Performance in Reconstruction was led by another good quarter in Knee Implants, where we grew revenue by 5%, with continued high demand for our JOURNEY^à II Total Knee System. Hip Implants revenue growth was flat in the quarter. We extended our REDAPT^à Revision Femoral System with the addition of a monolithic stem and our 3D-printed titanium REDAPT Revision Acetabular Fully Porous Cup, launched last quarter, has been well received.

Advanced Wound Care performance declined -7%, reflecting continued weakness in China, a strong comparator and some weakness in Europe as we adapt our business to changing market dynamics. This overshadowed the positive growth in the US led by ALLEVYN^à Life.

Advanced Wound Bioactives growth was 4%, an improvement over the first quarter, and we expect growth to accelerate across the year.

Revenue in Advanced Wound Devices was up 1%, with the effects of distributor destocking in China offset by another excellent quarter from our disposable negative pressure wound therapy (‘NPWT’) device PICO^à.

First Half 2016 Results

Group revenue for the first half was $2,328 million (H1 2015: $2,272 million), an increase of 3% on an underlying basis and 2% on a reported basis. A foreign exchange headwind of -2% was partially offset by acquisitions, which added 1% to the reported growth rate. We benefited from four extra sales days in the first half of 2016 over 2015, and will have four fewer sales days in the second half than in 2015.

Our US business, which accounts for approximately 50% of Group revenue, performed strongly, with revenue up 6% on the first half of 2015. We delivered 2% revenue growth in our Other Established Markets. In the Emerging Markets, which represented 14% of Group revenue in the first half, revenue declined -4%, as trading in China and the Gulf States remained challenging. Excluding these, our Emerging Markets achieved double-digit revenue growth in the first half of the year.

In our Established Markets, the Sports Medicine franchises continue to perform strongly as we build upon our broad portfolio of joint repair products, instruments and enabling technologies. It is now two years since we completed the acquisition of ArthroCare and the expected benefits are coming through and we remain on-track to deliver $50 million of sales synergies by the end of 2017. Our Reconstruction business continues to have good momentum driven by our Knee Implant franchise. The Blue Belt Technologies integration is going well, giving us an exciting robotics platform from which we expect to drive strong growth.

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Most of our Emerging Markets businesses continue to generate double-digit growth as we benefit from our investments in our business platform in recent years. In China, the slow-down in end-markets seen since mid-2015 was compounded by destocking in the distributor channel, resulting in a decline in sales in the last twelve months. Sports Medicine has now returned to positive growth in China as the level of stock in the channel has adjusted and we expect a recovery in the other franchises in the coming quarters, albeit that this is taking longer than originally anticipated in our Advanced Wound Management franchises. In the oil-dependent Gulf States, whilst we expect the recent difficult trading conditions to continue in the near-term, our experience from many years of successful trading gives us confidence in our longer-term prospects in the region.

We continue to innovate for value with new product launches and disruptive business models. A number of exciting new platforms are being introduced in 2016 including new camera and COBLATION^à systems in Sports Medicine and a new Negative Pressure Wound Therapy platform, RENASYS^à Touch. We are also introducing a total knee indication on the NAVIO Surgical System, with the first patient case completed in July following FDA clearance in May of this year. This new indication has the potential to increase system utilisation, as approximately 80% of knee replacement procedures are total knee replacements, compared to less than 10% for partial knee replacements.

We continue to simplify and improve our operating model. Our programme to realise at least $120 million of annual savings, announced in 2014, is progressing ahead of plan. At the end of the first half of 2016 we had realised annual savings of $110 million. These savings are being driven by our focus on efficient procurement, the greater agility of the single managing director model and rationalisation of our office footprint in a number of countries.

In recent years we have undertaken a number of acquisitions, strengthening both our technology and product portfolio, and our Emerging Markets business. In May 2016 we signed a definitive agreement to divest our Gynaecology business for $350 million. Gynaecology has been rapidly built around Smith & Nephew’s resection technologies and comprises, primarily, the TRUCLEAR^à System for the hysteroscopic resection and removal of uterine tissue. This is expected to complete in August 2016.

First Half 2016 Consolidated Analysis

Smith & Nephew results for the first half ended 2 July 2016:

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Trading Analysis

Trading profit was $483 million in the first half (H1 2015: $512 million). The Trading profit margin was 20.8% (H1 2015: 22.5%), down 170 bps, primarily reflecting the significant transactional currency headwind first signalled in 2015, as well as the impact of reduced sales in China and the Gulf States and investment in Blue Belt Technologies, somewhat offset by the Group Optimisation programme and benefits from recent acquisitions.

The net interest charge for the first half was $24 million within Trading results (H1 2015: $21 million). Net debt was $1,695 million, an increase of $334 million from $1,361 million at 31 December 2015, mainly driven by acquisitions made in the period.

The tax rate on Trading results for the 2016 half year was 26.3% (2015: 27.2%). We continue to expect the tax rate on Trading results for the full year to be 26.5% or slightly lower, barring any changes to tax legislation (Full Year 2015: 26.8%).

Adjusted earnings per share (‘EPSA’) was 37.4¢ (74.8¢ per American Depositary Share, ‘ADS’) compared to 39.1¢ for the same period last year, with the reduction from the prior period due to the reduction in adjusted attributable profit.

Trading cash flow was $255 million in the half year. The Trading profit to cash conversion ratio was 53% (H1 2015: 75%), predominantly due to the timing of working capital movements.

Reported Analysis

Reported operating profit of $357 million (H1 2015: $439 million) is after integration and acquisition costs, as well as restructuring and rationalisation costs, amortisation of acquisition intangibles and legal and other items incurred in the first half (see Note 8 to the Interim Financial Statements). The prior year period included a gain of $45 million resulting from a patent infringement judgment in the US.

The net interest charge within reported results was $24 million (H1 2015: $18 million) with the increase from the prior period being due to interest on the patent infringement judgement recognised in 2015.

The tax rate on reported results for the 2016 half year was 26.3% compared to 28.2% for the 2015 half year. The reduction is due to a lower tax rate on Trading results for the 2016 half year and the specific tax treatment relating to the adjusting items between Trading and reported results.

Basic earnings per share was 27.0¢ (54.0¢ per ADS) (H1 2015: 33.0¢) with the reduction from the prior period due to the reduction in attributable profit.

Cash generated from operations was $380 million in the first half. This decreased from $579 million in the 2015 half year due to the impact of the cash receipt from the patent infringement judgement in 2015 and the timing of working capital movements.

Interim Dividend

Consistent with previous periods, the Interim Dividend is set by a formula and is equivalent to 40% of the total dividend for the previous year. The Board is therefore pleased to confirm that the Interim Dividend for the first half of 2016 is 12.3¢ per share (24.6¢ per ADS), compared with 11.8¢ last year. This equates to 9.4 pence per share at prevailing exchange rates as of 27 July 2016, an increase of more than 20% year-on-year. The Interim Dividend will be paid on 25 October 2016 to shareholders on the register at the close of business on 7 October 2016.

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UK referendum regarding the European Union (‘EU’)

Smith & Nephew is a global medical technology company with a presence in more than 100 countries. Within the EU we have commercial offices in most countries and manufacturing sites in Germany and the UK. Our UK revenue accounted for 6% of Group revenue in 2015. Smith & Nephew believes that the outcome of the UK referendum regarding the EU will not have a significant impact on our ability to conduct business into and out of the EU in the short to medium term. However, we recognise that we are entering a period of uncertainty as the exit process is agreed and we are monitoring political and macro-economic developments closely.

Outlook

For the second half we expect the positive trends in Reconstruction and Sports Medicine to continue, and we expect a partial improvement in China, somewhat offset by ongoing weak conditions in the Gulf States. As usual, second half trading profit margin is expected to exceed that delivered in the first half, although held back by negative operational gearing resulting from the slower than anticipated sales growth mainly in the Emerging Markets.

The planned sale of our Gynaecology business demonstrates our disciplined strategic approach to capital deployment. Our shareholders will benefit directly through a $300 million share buy-back programme commencing in the second half of 2016. The divestment is expected to be broadly neutral to EPSA in 2017, after the share buy-back, and to reduce EPSA by less than 1.0¢ in 2016.

Forward calendar

The Q3 Trading Report will be released on 3 November 2016.

About Smith & Nephew

Smith & Nephew is a global medical technology business dedicated to supporting healthcare professionals in their daily efforts to improve the lives of their patients. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 15,000 employees and a presence in more than 100 countries. Annual sales in 2015 were more than $4.6 billion. Smith & Nephew is a member of the FTSE100 (LSE:SN, NYSE:SNN).

For more information about Smith & Nephew, please visit our corporate website www.smith-nephew.com, follow @SmithNephewplc on Twitter or visit SmithNephewplc on Facebook.com.

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as “aim”, “plan”, “intend”, “anticipate”, “well-placed”, “believe”, “estimate”, “expect”, “target”, “consider” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with quality management systems or failure to comply with related regulations; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers; competition for qualified personnel; strategic actions, including acquisitions and dispositions, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew’s most recent annual report on Form 20-F, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew’s expectations.

^à Trademark of Smith & Nephew. Certain marks registered US Patent and Trademark Office.

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First Half Consolidated Revenue Analysis

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2016 HALF YEAR CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Unaudited Group Income Statement for the half year to 2 July 2016

Unaudited Group Statement of Comprehensive Income for the half year to 2 July 2016

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Group Balance Sheet as at 2 July 2016

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Unaudited Condensed Group Cash Flow Statement for the half year to 2 July 2016

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Unaudited Group Statement of Changes in Equity for the half year to 2 July 2016

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Notes to the Condensed Consolidated Interim Financial Statements

Smith & Nephew plc (the ‘Company’) is a public limited company incorporated in England and Wales. In these condensed consolidated interim financial statements (‘Interim Financial Statements’), ‘Group’ means the Company and all its subsidiaries. These Interim Financial Statements have been prepared in conformity with IAS 34 Interim Financial Reporting. The financial information herein has been prepared on the basis of the accounting policies set out in the annual accounts of the Group for the year ended 31 December 2015. The Group prepares its annual accounts on the basis of International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (‘EU’) and in accordance with the provisions of the Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the International Accounting Standards Board. However, the differences have no impact for the periods presented. Under IFRS, the Directors are required to adopt those accounting policies most appropriate to the Group’s circumstances for the purpose of presenting fairly the Group’s financial position, financial performance and cash flows. In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the Group; it may later be determined that a different choice would have been more appropriate. The Group’s significant accounting policies which require the most use of management’s judgement are: valuation of inventories; impairment; liability provisioning; taxation and business combinations. There has been no change in the methodology of applying management judgement to these policies since the year ended 31 December 2015.

The Group has adequate financial resources and its customers and suppliers are diversified across different geographic areas. The Directors believe that the Group is well placed to manage its business risk appropriately. The Directors have a reasonable expectation that the Group has sufficient resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing these Interim Financial Statements.

The principal risks and uncertainties that the Group is exposed to are consistent with those as at 31 December 2015. These continue to be: product portfolio development; acquisitions and business development; government action, pricing and reimbursement pressure; business operations, supply chain and business recovery; IT system disruption and cyber crime; talent retention and organisational change; product safety, quality, regulation and litigation and reputation, ethics, bribery and corruption. Further detail on these risks can be found in the annual accounts of the Group for the year ended 31 December 2015 on pages 44-48. The Group is monitoring developments following the UK referendum on June 23 to leave the EU as discussed on page 7. New risks may arise once negotiation of the terms of the UK’s exit commence.

The financial information contained in this document does not constitute statutory accounts as defined in sections 434 and 435 of the Companies Act 2006. The auditors issued an unqualified opinion that did not contain a statement under section 498 of the Companies Act 2006 on the Group’s statutory financial statements for the year ended 31 December 2015. The Group’s statutory financial statements for the year ended 31 December 2015 have been delivered to the Registrar of Companies.

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The Group is engaged in a single business activity, being the development, manufacture and sales of medical technology products and services.

Development, manufacturing, supply chain and central functions are managed globally for the Group as a whole. Sales are managed through three geographical regions, with a president for each who is responsible for the commercial review of that region. The Executive Committee (‘ExCo’) (formerly the Commercial Operations team (‘CommOps’)), comprises geographical presidents and certain heads of function and is chaired by the Chief Executive Officer (‘CEO’). ExCo is the body through which the CEO uses the authority delegated to him by the Board of Directors to manage the operations and performance of the Group. All significant operating decisions regarding the allocation and prioritisation of the Group’s resources and assessment of the Group’s performance are made by ExCo, and whilst the members have individual responsibility for the implementation of decisions within their respective areas, it is at the ExCo level that these decisions are made. Accordingly, ExCo is considered to be the Group’s chief operating decision maker as defined by IFRS 8 Operating Segments.

In making decisions about the prioritisation and allocation of the Group’s resources, ExCo reviews financial information on an integrated basis for the Group as a whole and determines the best allocation of resources to Group-wide projects. This information is prepared substantially on the same basis as the Group’s IFRS financial statements aside from the adjustments described in Note 8. In assessing performance, ExCo also consider financial information presented on a geographical selling region and product franchise basis for revenue. Financial information for corporate and functional costs is presented on a Group-wide basis.

The results of the single segment are shown below.

Further description of why the ExCo focuses on the underlying revenue growth and trading measures, and how this reconciles to operating profit, is detailed in Note 8.

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