Surgical supplier operates on a 36% increase in revenue

MEDICAL supplier Surgical Innovations has reported a dramatic improvement in its fortunes after a year of transition.

Revenues for the year to 31 December 2015 were up 36% to £5.47m, which the company says is due to increased manufacturing output and further efficiencies that have streamlined the business.

Although they are still in the red, Leeds-based Surgical Innovations managed to narrow its losses from £9.78m in 2014 to £1.98m.

A management reshuffle saw director Chris Rea stand down in October 2015. Alistair Taylor and Paul Hardy joined as non-executive board members.

In December 2015, interim managing director Melanie Ross withdrew her resignation and will take on the role permanently, having initially decided to leave on the same day that Mr Rea handed in his resignation.

Executive chairman, Nigel Rogers, said: “In a year of transition for the Company, there have been many positive changes. Relationships with our distribution partners have been strengthened and revenues have returned to growth on solid foundations.

“Manufacturing and operating costs have been reduced, and working capital has been brought into line with the current needs of what is now a cash generative business.

“With these changes delivered and a solid platform secured for future growth, we now have a Board and management structure intended to drive the future direction and development of the business.

“Although there remain some challenges in building on the improvements delivered in 2015, we look forward with renewed confidence.”