Profits jump at SI

SURGICAL Innovations is considering acquisition opportunities after recording a 10% growth in pre-tax profits.

The company grew revenue by almost 8% to £7.6m with income from own-branded products jumping 22.7% to £4.73m.

Leeds-based Surgical Innovations is a specialist manufacturer of instruments used in keyhole surgery sold under its own SI brand and through agreements with original equipment manufacturers (OEM).

Chairman Doug Liversidge said: “We remain confident about the future growth prospects of the business as our existing SI branded products continue to gain international clinical recognition through our expanding and varied routes to market.

“We expect to see further growth from new products that are launched throughout the year, as well as through the development of existing and new relationships with OEM customers.”

Mr Liversidge said the board was reviewing acquisition opportunities “where strong synergies exist with the group and where our R&D expertise and in-house manufacturing capabilities can enhance functionality and profitability to the products acquired whilst providing cost savings for the end user.”

Surgical Innovations hit pre-tax profits of £1.7m for 2011 while the company generated net cash of £1.78m.