Surgical Innovations explores new markets
MEDICAL instruments manufacturer Surgical Innovations is looking to apply its expertise to help with heart, lung and brain surgery after a flat first half.
The company revealed this morning that orders already secured meant it is on track to pass full year last year’s revenues.
SI recorded pre-tax profits of £475,000 for the six months to the end of June, almost identical to the same period last year. Turnover fell slightly from £3.2m to £3.02m although this was put down to lower orders from OEM manufacturers which are expected to be balanced by a stronger second half.
The Leeds-based firm specialises in instruments used in laparascopic surgery and this morning said it had identified opportunities to use its technology in operations on other areas of the body.
SI chairman Doug Liversidge said: “Despite challenging markets we remain confident about the future growth prospects of the business as our existing SI branded products continue to gain international clinical recognition and offer an attractive value proposition to clinicians in these times of austerity.
“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. With booked orders for the rest of the year already surpassing last year’s full year revenue levels we have great confidence in delivering further growth in the current financial year.”
Ebitda rose 10.3% to £976,000 while operating profit increased 2.5% to £527,000.
