Sur­gi­cal hails strong set of first half re­sults

Yorkshire Post - Business - - FRONT PAGE -

KEY­HOLE SURGERY in­stru­ments maker Sur­gi­cal In­no­va­tions re­ported first half re­sults at the top end of ex­pec­ta­tions, with strong growth in rev­enue and prof­its as it con­tin­ues its turn­around.

The Leeds-based firm said trad­ing was solid in the sec­ond half of the year to date and said it has am­bi­tious plans for the fu­ture and con­fi­dence in its abil­ity to de­liver fur­ther suc­cess.

The group’s chief op­er­at­ing of­fi­cer and chief fi­nan­cial of­fi­cer Me­lanie Ross said the first half per­for­mance has ex­ceeded the whole of last year.

“Th­ese re­sults re­flect all the in­vest­ment and the hard work over the past few years,” she said.

SI re­ported good progress on the in­te­gra­tion of El­e­men­tal Health­care, an NHS med­i­cal prod­ucts sup­plier, which it bought last month.

“El­e­men­tal is go­ing re­ally well. Hav­ing Adam Power and David Marsh join the board has brought a new view of com­mer­cial. They have some great ideas,” said Ms Ross.

As part of the El­e­men­tal deal, Mr Power and Mr Marsh joined SI’s board. SI re­ported a 14 per cent in­crease in rev­enue to £3.5m in the six months to June 30. It made a pre-tax profit of £300,000, up from a loss of £60,000 in the first half last year and an an­nual profit of £280,000 last year.

“We think the first half of the year has gone re­ally well and we hit the up­per range of our ex­pec­ta­tions,” said Ms Ross.

An­a­lyst Eric Burns at WH Ire­land said: “Sur­gi­cal in­no­va­tions’ in­ter­ims are strong with first half rev­enue growth of 14 per cent. The firm is de­liv­er­ing on its strat­egy of build­ing a health­care busi­ness of scale on AIM.”

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