Update

RNS Number : 0951H

Surgical Innovations Group PLC

11 March 2015

 



Surgical Innovations Group plc

(the "Company")

Update

The Company has previously announced that it would report a significant loss for the year ended 31 December 2014 due to a number of factors.

In connection with the preparation and audit of the annual accounts, the Board is in the process of its annual impairment review of the Company's intangible assets, which are primarily the capitalised costs of product development.  The review is not yet finalised and the results agreed with the auditors, however the Board expects that there will be an additional, substantial non-cash impairment of the intangible assets, which will impact on the results for the year.

In addition, the Board expects that the results will include a significant, non-cash write down in the carrying value of inventory.

Notwithstanding these issues, the Directors are satisfied with the progress made in restructuring the Company since the refinancing announced on 18 November 2014.  In particular, the cash position is ahead of forecast.

A further update will be provided in the announcement of the final results.

ENDS

For further information please visit www.sigroupplc.com or contact:

Enquiries:

Doug Liversidge, CBE Non-Executive Chairman Surgical Innovations Group Plc Tel: [phone]
Tim Feather/Liam Gribben Nominated Adviser and Broker WH Ireland Limited Tel: [phone]

 

END

 

 

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