WASHINGTON, D.C. 20549

                        Report of Foreign Private Issuer

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

                               September 13, 2005

                        Commission File Number 001-14978

                               SMITH & NEPHEW plc
                              (Registrant's name)

                                 15 Adam Street
                            London, England WC2N 6LA
             (Address of registrant's principal executive offices)

     [Indicate by check mark whether the registrant files or will file annual
reports under cover 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 by furnishing the information contained
in this Form, the registrant is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of

               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 - Trading Update

13 September 2005

Ahead of an analysts visit to the US later this week, Sir Christopher O'Donnell,
Group Chief  Executive  of Smith & Nephew plc (LSE:  SN,  NYSE:  SNN) the global
medical technology business, made the following comments on trading today:

"Sales growth over the summer has been below expectations,  partly influenced by
Hurricane Katrina during August.  In Orthopaedics  sales growth of knee products
was slower following new product roll-outs by competitors.  In consequence,  and
coupled with the continuing difficulties in Louisiana and Mississippi, Smith and
Nephew is  reducing  its full year  guidance  for  underlying  sales  growth for
Orthopaedics  by 1% to 17%.  In  Wound  Management  a  continued  decline  in US
distributor  inventories  has  caused  us  to  reduce  full  year  guidance  for
underlying sales growth for Wound Management by 1% to 5%."

"The benefit of translational  currency has reduced from 11/2% to 1/2% of sales,
for the full year,  following  the recent  decline in the US dollar versus Smith
and Nephew's reporting  currency,  sterling.  A further  consequence is that the
trading margin for the full year will be slightly lower at  approximately  20.6%
and full year EPS growth will be 12 - 13%."

Smith & Nephew will start its close period on 30 September  ahead of  announcing
results for the third quarter on 27 October.

A conference  call for analysts  will be held today at 12.00pm BST / 7.00am EST.
For details  contact  Samantha  Hardy on +44 (0) 20 7960 2257.  The call will be
audio  webcast live at  and a recording  will be available
shortly afterwards.



Peter Hooley                                   Tel:        +44 (0) 20 7401 7646
Smith & Nephew Group Finance Director
Investors / Media                              
Liz Hewitt                                     Tel:       +44 (0) 20 7401 7646
Smith & Nephew Group Director Corporate Affairs

About us

Smith  &  Nephew  is a  global  medical  technology  business,  specialising  in
Orthopaedics,  Endoscopy and Advanced Wound Management products.  Smith & Nephew
is a global leader in arthroscopy  and advanced  wound  management and is one of
the fastest growing global orthopaedics companies.

Smith & Nephew is  dedicated  to helping  improve  people's  lives.  The company
prides  itself  on the  strength  of its  relationships  with its  surgeons  and
professional  healthcare  customers,  with whom its name is synonymous with high
standards  of  performance,  innovation  and trust.  The  company has over 8,500
employees and operates in 33 countries around the world generating  annual sales
of GBP1.25 billion.

Forward-Looking Statements

This press release  contains  certain  "forward-looking  statements"  within the
meaning  of the  US  Private  Securities  Litigation  Reform  Act  of  1995.  In
particular,  statements  regarding expected revenue growth and operating margins
discussed under "Outlook" are  forward-looking  statements as are discussions of
our product pipeline.  These statements,  as well as the phrases "aim",  "plan",
"intend",   "anticipate",   "well-placed",   "believe",   "estimate",  "expect",
"target", "consider" and similar expressions, are generally intended to identify
forward-looking  statements.  Such forward-looking  statements involve known and
unknown risks,  uncertainties  and other important factors  (including,  but not
limited to, the outcome of  litigation,  claims and regulatory  approvals)  that
could cause the actual  results,  performance or achievements of Smith & Nephew,
or industry results,  to differ materially from any future results,  performance
or achievements expressed or implied by such forward-looking statements.  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 20F, for a
discussion of certain of these factors.

All  forward-looking  statements in this press release are based on  information
available  to  Smith  &  Nephew  as of the  date  hereof.  All  written  or oral
forward-looking  statements  attributable to Smith & Nephew or any person acting
on behalf of Smith & Nephew are  expressly  qualified  in their  entirety by the
foregoing.  Smith & Nephew does not undertake any obligation to update or revise
any forward-looking  statement contained herein to reflect any change in Smith &
Nephew's expectation with regard thereto or any change in events,  conditions or
circumstances on which any such statement is based.


     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.

                                                 Smith & Nephew plc

Date: September 13, 2005
                                                  By:   /s/ Paul Chambers
                                                 Paul Chambers
                                                 Company Secretary