Surgical Innovations Group PLC Year-end trading update (5937T)
09 January 2017 - 6:00PM
UK Regulatory
TIDMSUN
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 GBP6m. 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
GBP0.8m (2015: net bank debt of GBP1.0m).
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 www.sigroupplc.com
plc
Nigel Rogers, Executive Tel: 0113 230 7597
Chairman
Melanie Ross, COO & Finance
Director
WH Ireland Limited (NOMAD Tel: 0113 394 6600
& Broker)
Tim Feather/Ed Kennedy
Walbrook PR (Financial Tel: 020 7933 8780 or si@walbrookpr.com
PR & Investor Relations)
Paul McManus Mob: 07980 541 893
This information is provided by RNS
The company news service from the London Stock Exchange
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