Narrowing losses at Surgical Innovations as exports rise

SURGICAL INNOVATIONS has “started the second half with confidence” according to its chairman following an upsurge in exports.

The Leeds-based business, which manufactures equipment for minimally invasive surgeries, has said that export sales were up 19.1% to £2.18m despite “sluggish conditions” in Continental Europe.

This contributed to revenue growth for the business, which was up to £3.04m for the half year to 30 June 2016, an increase on the same period last year when it reached £2.6m.

Surgical Innovations dramatically narrowed its pre-tax losses, from £1.9m to £58,000 in the corresponding period this year.

The group said this was down to an increase in sales abroad, particularly in the US. It said it had committed to its R&D programme and would be ready to launch branded products in the latter half of the year.

Executive chairman, Nigel Rogers, said: “The rate of revenue growth was pleasing led by strong exports, especially in the US market. Gross margins and profitability were driven up by productivity gains, and cash generation was sufficient to eliminate net bank borrowings by the end of the period.

“Our focus on innovation, productivity, exporting and excellence in products and service continue to deliver improving results and open new opportunities to develop the business. Accordingly we look forward with confidence.”