Strong second half results for Surgical Innovations as revenues rise 25%

Strong second half results for Surgical Innovations as revenues rise 25%
Credit: Shutterstock.com/ Nixx Photography

Surgical Innovations Group is trading “in line with market expectations” as it reports a 25% rise in revenue to £10.97 million for the year ended 31 December 2018.

Underlying organic growth sales – excluding its 2017 acquisition of Elemental Healthcare – stood at 12%, while adjusted EBITDA rose 6% to £2.36 million.

The AIM-listed Leeds-based med-tech specialist said that its first half results were constrained by “reduced activity levels in NHS surgery” but added that the strong rebound expected in the second half “has been delivered”.

The group is now trading as expected under CEO David Marsh who was appointed to the role last month.

“I am pleased to report that the anticipated sharp recovery in performance in the second half of the year has been achieved, and the Group delivered strong results for the year,” said Chairman Nigel Rogers.

“The market share momentum we achieved in the second half of the year has carried on into 2019, and we are confident about the outlook for the full year.

“The integration of Elemental Healthcare into the Group has been completed, paving the way for a new management structure with additional capacity to take the Group’s business to the next level.

“We have made contingency arrangements in the event that the UK exits the EU on 29 March 2019 without reaching an appropriate withdrawal agreement, although we remain hopeful that these precautions will be rendered unnecessary.”