Surgical Innovations confident as full year trading up on expectations

Surgical Innovations Group said this morning that full year trading performance is ahead of previous expectations as revenues increased by around 10% compared with the prior year and exceeded £6m.

The designer and manufacturer of innovative technology for minimally invasive surgery, updated the markets on trading for the year ended December 31 2016, in which it said gross margins showed continued improvement and came into line with a target range of above 32% of revenues for the full year.

Surgical Innovations also said the net result for the year is expected to show a return to profitability at the profit before taxation level.

Bank borrowings were fully repaid prior to the end of the financial year, and year end net cash balances were approximately £0.8m (2015: net bank debt of £1.0m).

The group said the integration of the laparoscopic business and assets of Surgical Dynamics, acquired in November 2016, is continuing and progress is “satisfactory”.

Surgical Innovations’ full year results will be released in mid-March.