Medtech firm reports 28% growth in half-year revenues

Leeds-based Surgical Innovations reported a revenues above its pre-pandemic levels, with a growth of 28% over 2021.

The firm, which makes solutions for minimally invasive surgery, reported a 39% growth in sales in the UK and Asia-Pacific outside Japan, and EBITDA profit of £290,000.

Chairman Nigel Rogers said, “The momentum in UK and Japan is indicative of the successful investment in Sales and Marketing which has been driving our sustainability initiatives. With further growth opportunities in the second half of the year as major markets continue to recover, and the launch of new products into new and existing key markets, the prospects are certainly encouraging.

“Revenues in the period to 31 August 2022 have continued to grow and strengthen, significantly increasing by approximately 113% above the level achieved in the prior year, and around 116% ahead of the corresponding pre-pandemic period of 2019, despite being suppressed by a large sales backorder of £0.7m which is to be shipped in the second half of the year.

“Production activity has been challenging with extended supply chain lead times and a reduction of skilled labour, but investment in capital expenditure and people should increase the capacity and improve efficiency in the second half of the year.

“The increasing overhead base has put pressure on the business, but the Group remains profitable at adjusted EBITDA, and this will continue to improve with further growth opportunities.”