Surgical Innovations hails healthy future

SURGICAL device manufacturer Surgical Innovations said it was on a “phenomenal journey” despite posting a drop in annual profit caused by a delayed order.

Chairman Doug Liversidge told TheBusinessDesk.com that he was more excited about the future prospects of the Leeds-based firm than anytime in the past thanks to ongoing contract wins, product development and improved facilities at its headquarters.

Managing director Graham Bowland said: “Where we’re going now is on a phenomenal journey.”

The group, which specialises in tools used during keyhole surgery, saw revenues increase to £4.5m over the year to December 31, 2009.

Retained profit fell to £525,000 from £630,000 last time.

Mr Liversidge said the drop was caused by the delay in the delivery of a major industrial devices order prior to year end and its decision to write down the company’s autologous blood transfusion assets, following a strategic review.

Surgical, which has developed its Resposable and LogiRange devices, has doubled its staff to 90 over the last year and brought on board a number of sales staff to win overseas contracts.

EBITDA increased by 11% to £1.1m.

The company generated net cash of £1.4m which has been invested into its facilities, including a state-of-art manufacturing facility and clean room, and new product development in laparoscopic instrumentation.

Mr Liversidge said: “The group has addressed the difficult issues and financially they are accounted for within the 2009 results. 

“We are now focused on our core minimally invasive surgery business and developing this outside of the laparoscopic field.

“With an increased employee base and investment in all areas of the organisation, we are able to meet the challenges of rapid growth within the business experienced in the later months of 2009 and start of 2010.
 
“With 2010 year-to-date revenues at an all time high and a £2m short term order book, coupled with new original equipment manufacturer contracts in prospect, the Board is extremely excited about the future for the group.”