'˜Breakout year' for Surgical Innovations

Surgical Innovations today told the City that it had delivered 'strong results' for 2016 Photo: Jonathan Brady/PA Wire

Surgical Innovations Group, the designer and manufacturer of medical technology, has reported 'strong results' in what it descibes as a breakout year for the group.

In 2016, the company’s results were ahead of market expectations and the balance sheet moved to a “healthy net cash position”, the group said.

The group said it had achieved healthy export-led revenue growth, which was up by 11 per cent to £6.09m.

Profit before tax was £0.28m, compared with a loss the previous year of £2.13m.

Executive chairman, Nigel Rogers, said: “Management have now demonstrated a track record of financial success, and built a robust platform for future development of the business.

“Recent regulatory changes have increased barriers for new market entrants, and strengthened the market position of those with the skills and experience to meet more stringent requirements.

“Our core market in laparoscopic surgery is not completely immune from the effects of economic uncertainty, but health spending in this area in the UK and other developed markets is forecast to continue to grow ahead of inflation. We aim to outperform the sector as a whole by increasing market penetration through opening new territories and introducing additional products and ranges, both organically and through additional partnerships and carefully selected acquisition activity.”