Year-end trading update

RNS Number : 5937T

Surgical Innovations Group PLC

09 January 2017

 

Surgical Innovations Group plc

("SI Group" or the "Company")

Year-end trading update

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative technology for minimally invasive surgery, provides an update on trading for the year ended 31 December 2016. 

The trading performance for the year was slightly ahead of the board's previous expectations. Revenues increased by approximately 10% compared with the prior year, and exceeded £6m. Gross margins showed continued improvement and came into line with a target range of above 32% of revenues for the full year. The net result for the year is expected to show a return to profitability at the profit before taxation level.

Bank borrowings were fully repaid prior to the end of the financial year, and year end net cash balances were approximately £0.8m (2015: net bank debt of £1.0m).

The integration of the laparoscopic business and assets of Surgical Dynamics Limited, acquired in November 2016, is continuing and progress is satisfactory. This work is expected to continue through the first quarter of 2017, with manufacture of these additional products underway at Leeds by the end of March.

Audited results for the year ended 31 December 2016 will be released in mid-March 2017.

The announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information please contact:

Surgical Innovations Group plc	www.sigroupplc.com
Nigel Rogers, Executive Chairman	Tel: [phone]
Melanie Ross, COO & Finance Director
WH Ireland Limited (NOMAD & Broker)	Tel: [phone]
Tim Feather/Ed Kennedy
Walbrook PR  (Financial PR & Investor Relations)	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]

 

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