Surgical hails strong set of first half results
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.”