Surgical Innovations to incur charges in full year results

KEYHOLE surgery specialist Surgical Innovations said it will incur exceptional charges of around £1.6m in its full year results following a further review of its balance sheet.

The Leeds-based business said the charges will be recognised in its results for the year to December 31 and are in addition to the exceptional charges incurred in the company’s recent interim results.

“Items within these exceptional charges include a write-down in the carrying value of non-current trade receivables under the rebate scheme in place with certain of the company’s overseas distribution partners and the regrettable cost of redundancies made as part of the board’s ongoing program to reduce the company’s costs,” SI said.

The review also identified revenues previously recognised on certain transactions where a sales return will be required in the results for the year to December 31. As a result, current year revenues will be reduced by around £0.6m.

As previously notified, the board said it expects that the company will report a significant loss before tax for the full year.

Last month, the company revealed that it may pull the plug on plans to build a state-of-the-art research and development centre in Leeds following a “disappointing” first half performance.