Medtech firm forecasts blow to its trading prospects

Surgical Innovations Group, a designer and manufacturer of medical equipment for key hole surgery, is expecting the coronavirus outbreak to significantly affect its trade in the short term.

The listed, Leeds-based business will release its audited annual results for the year ended 31 December 2019 on Tuesday 31 March 2020.

These results have been delayed slightly from the planned timetable, whilst the Group and its auditors have worked through the implications of regulatory guidance relating to the virus.

Its latest update explains: “On 17 March 2020, the UK Government announced the suspension of all non-urgent surgical procedures by the NHS in preparation for a peak in treatment of patients affected by Covid-19.

“This will have a significant adverse short-term effect on the Group’s trading prospects in the UK market, and it is anticipated other significant markets overseas may be affected in a similar manner.

“The audited annual results will set out the approach taken by the Group in relation to the pandemic, and its likely effect on the Group’s business and prospects in the current year.

“Reflecting the current material uncertainty, the Group has withdrawn forecast guidance for the current financial year.

“The Group has a positive net cash balance at the current time, and reasonable grounds to anticipate support from the UK Government, its bankers and other key stakeholders.”