TIDMSUN
RNS Number : 1375F
Surgical Innovations Group PLC
19 April 2011
For immediate release 19 April 2011
Surgical Innovations Group plc
("SI" or "the Group")
Final Results
Surgical Innovations Group plc (AIM: SUN), the designer and
manufacturer of innovative medical devices, is pleased to announce
its final results for the 12 months ending 31 December 2010.
Financial highlights
-- Revenue increased 55% to GBP7.045 million (2009: GBP4.541
million)
-- Pre-tax profit increased 487% to GBP1.549 million (2009:
GBP264,000)
-- Operating margins increased to 22% (2009: 6%)
-- Net cash of GBP2.2 million generated from operating
activities
-- Basic earnings per share of 0.48p (2009: 0.14p)
Operational highlights
-- Own brand sales increased 30% to GBP3.852 million (2009:
GBP2.956 million); driven by flagship Resposable(R) products
-- OEM revenues increased 71% to GBP2.506 million (2009:
GBP1.463 million)
-- Industrial sales boosted by delivery of GBP616,000 order
-- Continued major investment in research and development, plant
and manufacturing
Doug Liversidge, Chairman of the Group, said: "The Group has
undergone yet another year of transformation, successfully meeting
the demands of rapid growth. We have continued to invest heavily in
the business while R&D capability has undergone a step-change
to speed up new product development and improvements to our
existing technology. This has proven to be very appealing to
potential OEM customers and as a result we are seeing an influx of
enquires for a range of minimally invasive devices. With an already
promising start to 2011, we are looking forward with
confidence."
Enquiries:
Surgical Innovations Group plc
Doug Liversidge CBE, Chairman
Graham Bowland, Chief Executive Officer Tel: +44 (0) 113 230
7597
graham.bowland@surginno.co.uk www.surginno.com
Seymour Pierce Limited
Freddy Crossley / Sarah Jacobs Tel: +44 (0) 20 7107 8000
Corporate Broking
Marianne Woods www.seymourpierce.com
Media enquiries:
The Communications Portfolio
Ariane Comstive Tel: +44 (0) 20 7536 2028
ariane.comstive@communications-portfolio.co.uk
Chairman's statement
I am pleased to report a record year in the continuing
development of the Group. Our strategy of producing innovative,
high quality and cost-effective instruments to an increasingly
cost-conscious market, coupled with the strong investment in 2008
and 2009, has really started to bear fruit, both for our own
branded and OEM products.
Given the growth of the business, and to provide greater clarity
of progress in the key markets in which we operate, the Group is
for the first time reporting across three segments: SI Brand, OEM
and Industrial.
Results
Revenue for the period was GBP7.045 million (2009: GBP4.541
million) and profit before tax increased nearly five-fold to
GBP1.549 million (2009: GBP264,000).
A large part of this growth has arisen from sales in the OEM
segment which accounted for 35% of total revenue (2009: 32%). Sales
growth of SI branded products was driven by our Resposable(R)
products and overall revenues were boosted by the delivery of a
GBP616,000 order in the Industrial segment in May 2010; sales to
industrial customers accounted for 10% of total revenues for
2010.
Retained profit for the period was GBP1.788 million (2009:
GBP525,000) including a taxation
Cash flow and investment
During the year the Group generated net cash of GBP2.202 million
from operating activities, enabling the Group to continue its
strong investment in product development with capitalised
investment in R&D increasing by 57% to GBP1.674 million (2009:
GBP1.066 million) reflecting a step-change in the structure of the
R&D team as well as a stronger focus on new product
development.
Elsewhere capital expenditure remained strong with GBP628,000
invested in plant and equipment while the total number of employees
and agency staff increased from 76 at the end of 2009 to 117 at the
end of 2010. We have continued to make staff appointments in all
areas of the business, while the R&D team has been re-organised
in such a way as to encourage product concept generation.
The Clinical Advisory Board now consists of nine
highly-experienced surgeons covering a wide range of specialisms in
minimally invasive surgery, with Mr Marco Adamo and Mr Jon Conroy
joining the Board in January 2011, the latter extending the team's
expertise into arthroscopy.
Dividend
In 2009, SI successfully applied to the courts to cancel the
Group's accumulated losses. The purpose of this was to enable the
Board to implement a dividend strategy at such time as it considers
appropriate. While a strategy remains under review, the Board
believes that at this stage in the Group's development it would be
more appropriate to continue its focus on strong inward
investment.
Acquisitions
The Board continues to review acquisition opportunities in the
area of minimally invasive surgery where strong synergies exist
with the Group and where our R&D expertise and in-house
manufacturing capabilities can create improvements to the products
and cost savings for the end user.
Outlook
Trading in the period since the year end has been encouraging,
particularly from the core business, where we have seen further
orders for SI branded products, particularly for YelloPort+plus(R).
The R&D team continues to improve the SI branded product range
to generate a wider range of new products and enhancements for our
global distributor network and affirm our position as a leading
innovator within the field of minimally invasive surgery.
In February 2011 we were pleased to announce the four year
exclusive contract for a minimum of $2.2 million with US-based
Mediflex Surgical Products ("Mediflex") with regard to the
inclusion of YelloPort+plus(R) in surgical trays in the US. We are
also being approached by several other OEM customers to develop new
laparoscopic products on an exclusive basis.
We remain confident about the future growth prospects of the
business for the remainder of 2011 and further into 2012 and 2013
as new products are launched towards the end of this year and the
increasing traction with OEM customers gains momentum.
I would like to thank the Board and staff for their tireless
work in 2010 and their contribution to the rapid growth of the
business. We are better positioned than ever to take full advantage
of the opportunities that are available to us and I look forward to
reporting on the continuing success of the Group over the coming
year.
Doug Liversidge CBE
Chairman
Operating review
The investment made in the Group throughout 2008 and 2009
started to make a material impact in 2010 and resulted in a year of
record performance.
All three segments of the business demonstrated significant
growth in 2010. The main focus remains our core business of
minimally invasive surgery, either through our own branded products
or on behalf of our OEM customers.
We continued to make significant investment in research and
development as well as in our manufacturing capability.
Research & Development
The Group's continuing success and growth is dependent on its
ability to create new concepts and intellectual property in the
field of minimally invasive surgery. Significant investment of
GBP1.834 million was made in 2010 (2009: GBP1.066 million) in the
R&D team as well in a change in its structure. R&D now
employs 28 individuals and is divided into concept and development
teams.
The concept team of seven has been given a wide brief to
generate new ideas across all areas of minimally invasive surgery.
Working closely with the Clinical Advisory Board, the team has a
target to generate six concepts per annum which can be transferred
to the development team for further work. The team is working on a
number of new products and improvements which are on course to be
brought to the market by the end of 2011. Furthermore, in 2010 the
Group filed nine new UK patents as compared to five in 2009.
The R&D team has also benefited from the investment in
in-house manufacturing, a 3D printer and advanced CAD technology,
with the result that new ideas and prototypes can now be presented
to potential customers in a matter of days rather than months.
Looking forward, the Group expects to continue its high level of
investment in R&D as part of an ongoing strategy to ensure a
regular stream of new products and continual product
improvement.
Manufacturing
During 2010, GBP628,000 was invested in tooling, plant and
machinery - this was a continuation of the GBP839,000invested in
2009. The focus in 2010 was in areas where additional capacity was
required, and in plastic injection moulding, which now enables the
Group to manufacture in-house instrumentation in their
entirety.
The manufacturing facility now operates a continuous daily
three-shift system, constituting a much higher return on capital
employed as compared to 2009. Capacity has increased in all areas
of the facility and this has been complemented by the introduction
of lean manufacturing practices to optimise process performance;
this will continue throughout 2011. Computerised data control
measuring has now been introduced to all areas of the machine shop,
giving us the ability to analyse tolerance information and enhance
quality control.
Our facility allows for further capacity in the foreseeable
future and investment scheduled for the current financial year will
facilitate the continued growth and optimisation of the
manufacturing arm. Injection moulding capacity will be expanded and
further automation within the cleanrooms is planned as part of our
wider initiative to improve operating efficiencies throughout the
Group.
SI Brand
Revenues from SI branded products increased over the period by
30% to GBP3.852 million (2009: GBP2.956 million). This growth was
driven by SI's flagship Resposable(R) products; YelloPort+plus(R)
and Logi(R)Range.
Demand for Resposable(R) instruments, where some elements are
disposable and others reusable, reflects a culture change within
the medical device industry and provides cost-effective solutions
to an increasingly cost-conscious environment.
The sales and marketing of SI's products continued apace in its
target regions. The business development team now consists of four
full time employees who are looking to expand distribution of SI's
products through its network of over 45 dealers in Europe, the
Middle East, India, Australasia and the US. The team continues to
attend international exhibitions in these territories.
In 2010 it became evident that the routes to market in the US
are different for each product. For example, the most effective way
to distribute the Logi(R)Range is via a master dealer, while
YelloPort+plus(R) benefits from being distributed via serviced tray
companies. Since the year end we announced a $2.2 million contract
with Mediflex Surgical Products with regard to the inclusion of
YelloPort+plus(R) in surgical trays throughout the US.
In the UK, the Group extended its exclusive distribution
partnership with Elemental Healthcare for a further three years,
with particular focus on YelloPort+plus(R) and Logi(R)Range
instruments.
New product development and product enhancement for the SI Brand
continues apace and is driven by the R&D team's close working
relationship with the Clinical Advisory Board.
All our existing products are under continuous scrutiny by the
R&D team to improve quality and performance, as well as product
line extensions. Investment in our own machinery allows us to
provide a greater range of disposable elements that complement the
reusable parts. We are currently expanding the Logi(R)Range to
include a broader range of jaws in different sizes introducing it
to new areas of laparoscopic surgery.
With increasing focus on safer surgery and cosmesis (the
cosmetic aspect surgery), there is a drive for smaller and even
less invasive surgery. To respond to this, SI is taking the
strategic step of developing a range of 3mm Resposable(R)
instrumentation which is compatible with its existing
non-disposable handles that are already in the market place. SI is
also designing percutaneous instruments - surgical devices that
access the patient through a needle puncture rather than a port -
and updates on these developments will be provided in due
course.
As a result the Group has steadily built a reputation as a
leading innovator in the field of minimally invasive surgery.
OEM
Revenues in the OEM segment increased during the period by 71%
to GBP2.506 million (2009: GBP1.463 million), of which royalties
were GBP347,000. The growth in this part of the business is a
reflection of our strong relationships with large medical device
companies such as Gyrus, Teleflex Medical and CareFusion.
The OEM business is reliant on our partners to drive business on
our behalf and it can, on occasion, be unpredictable in terms of
repeat revenue streams from individual partnerships. To counteract
this we collaborate closely with our partners to gain understanding
of the challenges they encounter in the marketing and acceptance of
their specific OEM product lines.
The greatest attraction to our OEM customers is undoubtedly our
strategic positioning of a value added, full service offering of
design, regulation and manufacturing. This approach has made us of
particular interest to US medical device companies and it is from
here that the majority of enquiries are now being generated.
Crucially and strategically, the Group retains the full
intellectual property rights for any devices it develops in return
for providing exclusive worldwide distribution rights to the OEM
customer over a fixed period of time. Importantly the Group is not
offering contract manufacturing or a long-term assignment of a
licence, with the exception of revenues that are generated from
royalties. The ownership of all intellectual property enables the
Group to take back distribution rights at the end of any
distribution agreement or if sales targets are not met.
Industrial
Total revenues for the Industrial segment during the year were
GBP687,000(2009: GBP122,000). As previously stated, the delivery of
a GBP616,000 order in May 2010 significantly boosted sales and
revenues. As predicted, sales in the second half of the year
returned to historic levels. We continue to seek opportunities
where our intellectual property can be adapted to industrial
applications and the Group continues to engage with major
industrial partners. We look forward to updating shareholders on
our progress.
Employees and management
In 2010 we continued to make appointments across all areas of
the business increasing the total number of employees and agency
staff to 117 (2009: 76). I would like to thank all our staff and
management for their support and hard work in the last year.
Financial review
Revenue
Revenue increased 55% to GBP7.045 million (2009: GBP4.541
million). This increase was as a result of a 71% increase in OEM
revenues to GBP2.506 million together with increases in the other
two reporting segments: SI Brand and Industrial.
Gross margin
Gross margin has increased to 50% (2009: 42%) with the Group
again targeting an improvement in 2011 with increasing volumes,
operational efficiencies and substantial investment in
machinery.
Operating expenses
The Group's operating expenses increased in 2010 by GBP404,000
(26%) as a consequence of investment in business development
personnel and associated sales and marketing costs.
Employee numbers increased substantially during the year in
areas which will add future value to the business and provide a
level of customer service that benefits our organisation. As a
consequence, operating expenses are projected to increase in 2011
but at levels that provide overall Group profitability within
planned objectives.
Notwithstanding our investment in personnel, the Group continues
to rigorously control costs and is aware of the need to generate
cash within the business as a means of funding future capital and
product investment.
Finance income and costs
The net financial expense for the year was GBP30,000 (2009:
GBP27,000). This reflects the reduced returns available on the
Group's cash deposits coupled with the cost of asset finance. We
continue to finance assets used in the manufacturing processes of
the business; ensuring funds remain within the Group for both
internal product development and our working capital needs.
Profitability and operating margins
The Group's operating profit for 2010 was GBP1.579 million
(2009: GBP291,000). This is after charging GBP8,000 of non-cash
expenditure relating to share-based payments. We are greatly
encouraged by the substantial uplift in operating margin to 22%
(2009: 6%). We believe there is further room for improvement
through product mix and continued capital investment within the
manufacturing facility.
Capitalised development costs
The Group has a policy of continuous product development both
for SI Brand and OEM partner devices. As in previous years, the
Board is confident in the success of these products and accordingly
GBP1.674 million of costs have been capitalised during the year,
increasing the total amount of capitalised costs to GBP3.984
million.
YelloPort+plus(R) continues to generate revenues and under the
Group's accounting policy GBP73,000 of associated development costs
were amortised in the period (2009: GBP101,000) together with
GBP111,000 in relation to other products where revenue commenced in
the period.
Following review the Board recognised an impairment charge of
GBP334,000 within the financial statements and at 31 December 2010
confirmed that no further provision for impairment was
necessary.
Foreign currency
The Group maintains foreign currency bank accounts and, wherever
possible, supplier payments are made in Euros or Dollars to utilise
currency receipts.
The Group has used forward exchange contracts and will continue
to monitor the need for such contracts depending upon the level of
natural hedging achievable.
Taxation
The Group recognised a tax credit of GBP239,000 resulting from
deferred tax, reflecting the extent to which recoverability of tax
losses can be foreseen with reasonable certainty. The Group holds
deferred tax assets on the balance sheet of GBP432,000 (2009:
GBP193,000). In addition there are a further GBP16.100 million
(2009: GBP14.600 million) of tax losses that have not been
recognised.
Earnings per share (EPS)
The Group achieved 0.48p (2009: 0.14p) underlying basic EPS in
2010. There were shares issued during the year and full details of
all the EPS calculations are set out in note 6 to the accounts.
Cash and net funds
At the end of 2010 the Group had GBP442,000 (2009: GBP622,000)
in net funds. Net funds are defined as cash and cash equivalents
less obligations under finance leases..
Working capital
Working capital increased to GBP3.942 million (2009: GBP3.630
million) as a result of a reduction of GBP211,000 in trade and
other payables to GBP607,000 (2009: GBP818,000). The business
generated net cash from operations of GBP2.202 million (2009:
GBP1.439 million), however after accounting for the acquisition of
non-current assets of GBP2.044 million (2009: GBP1.517 million)
there was a net cash increase in the year of GBP60,000 (2009:
decrease of GBP316,000).
Consolidated statement of comprehensive income
for the year ended 31 December 2010
2010 2009
-------------------------------- --------------------------------
Non-recurring Non-recurring
Headline costs Total Headline costs Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ----- -------- ------------- ------- -------- ------------- -------
Revenue 5 7,045 - 7,045 4,541 - 4,541
Cost of sales (3,526) - (3,526) (2,447) (200) (2,647)
-------------- ----- -------- ------------- ------- -------- ------------- -------
Gross profit 3,519 - 3,519 2,094 (200) 1,894
Other
operating
expenses (1,932) - (1,932) (1,528) - (1,528)
Share-based
payments (8) - (8) (75) - (75)
-------------- ----- -------- ------------- ------- -------- ------------- -------
Operating
profit 1,579 - 1,579 491 (200) 291
Finance costs (39) - (39) (40) - (40)
Finance income 9 - 9 13 - 13
-------------- ----- -------- ------------- ------- -------- ------------- -------
Profit before
taxation 1,549 - 1,549 464 (200) 264
Taxation 239 - 239 261 - 261
-------------- ----- -------- ------------- ------- -------- ------------- -------
Profit and
total
comprehensive
income for
the period
attributable
to the owners
of the
parent 1,788 - 1,788 725 (200) 525
-------------- ----- -------- ------------- ------- -------- ------------- -------
Earnings per
share, total
and
continuing
Basic 6 0.48p 0.14p
Diluted 6 0.45p 0.14p
-------------- ----- -------- ------------- ------- -------- ------------- -------
Consolidated balance sheet
as at 31 December 2010
2010 2009
Notes GBP'000 GBP'000
-------------------------------------- ----- ------- --------
Assets
Non-current assets
Property, plant and equipment 2,477 2,056
Intangible assets 3,295 2,139
Deferred tax asset 432 193
-------------------------------------- ----- ------- --------
6,204 4,388
-------------------------------------- ----- ------- --------
Current assets
Inventories 2,033 2,047
Trade receivables 2,168 2,135
Other current assets 513 460
Cash and cash equivalents 2,622 2,508
-------------------------------------- ----- ------- --------
7,336 7,150
-------------------------------------- ----- ------- --------
Total assets 13,540 11,538
-------------------------------------- ----- ------- --------
Equity and liabilities
Equity attributable to equity holders
of the parent company
Share capital 7 3,815 3,738
Share premium account 75 18,809
Capital reserve 329 329
Retained earnings 6,369 (14,236)
-------------------------------------- ----- ------- --------
Total equity 10,588 8,640
-------------------------------------- ----- ------- --------
Non-current liabilities
Obligations under finance leases 653 511
-------------------------------------- ----- ------- --------
653 511
-------------------------------------- ----- ------- --------
Current liabilities
Bank overdraft 1,177 1,123
Trade and other payables 607 818
Obligations under finance leases 350 252
Accruals 165 194
-------------------------------------- ----- ------- --------
2,299 2,387
-------------------------------------- ----- ------- --------
Total liabilities 2,952 2,898
-------------------------------------- ----- ------- --------
Total equity and liabilities 13,540 11,538
-------------------------------------- ----- ------- --------
Consolidated cash flow statement
for the year ended 31 December 2010
Year ended Year ended
31 December 31 December
2010 2009
GBP'000 GBP'000
------------------------------------------------ ----------- -----------
Cash flows from operating activities
Operating profit 1,579 291
Adjustments for:
Depreciation of property, plant and equipment 448 345
Amortisation of intangible assets 518 101
Share-based payment 8 75
------------------------------------------------ ----------- -----------
Operating cash flows before movement in working
capital 2,553 812
Decrease/(increase) in inventories 14 (331)
(Increase)/decrease in receivables (86) 913
(Decrease)/increase in payables (240) 47
------------------------------------------------ ----------- -----------
Cash generated from operations 2,241 1,441
Interest paid (39) (40)
Tax received - 38
------------------------------------------------ ----------- -----------
Net cash generated from operating activities 2,202 1,439
------------------------------------------------ ----------- -----------
Cash flows from investing activities
Interest received 9 13
Acquisition of non-current assets (2,044) (1,517)
------------------------------------------------ ----------- -----------
Net cash used in investment activities (2,035) (1,504)
------------------------------------------------ ----------- -----------
Cash flows from financing activities
Cash received from issue of shares 152 -
Repayment of bank loans - (6)
Repayment of obligations under finance leases (259) (245)
------------------------------------------------ ----------- -----------
Net cash used in financing activities (107) (251)
------------------------------------------------ ----------- -----------
Net increase in cash and cash equivalents 60 (316)
Cash and equivalents at beginning of period 1,385 1,701
------------------------------------------------ ----------- -----------
Cash and cash equivalents at end of period 1,445 1,385
------------------------------------------------ ----------- -----------
Cash at bank and in hand 2,622 2,508
Bank overdraft (1,177) (1,123)
------------------------------------------------ ----------- -----------
Cash and cash equivalents at end of period 1,445 1,385
------------------------------------------------ ----------- -----------
Consolidated statement of changes in equity
for the year ended 31 December 2010
Share Share Capital Retained
capital premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ------- -------- ------- -------- -------
Balance as at 1 January
2009 3,738 18,809 329 (14,836) 8,040
Employee share-based payment
options - - - 75 75
Profit and total comprehensive
income for the period - - - 525 525
------------------------------- ------- -------- ------- -------- -------
Balance as at 31 December
2009 3,738 18,809 329 (14,236) 8,640
Employee share-based payment
options - - - 8 8
Reorganisation - (18,809) - 18,809 -
Transactions with owners 77 75 - - 152
Profit and total comprehensive
income for the period - - - 1,788 1,788
------------------------------- ------- -------- ------- -------- -------
Balance as at 31 December
2010 3,815 75 329 6,369 10,588
------------------------------- ------- -------- ------- -------- -------
Notes to the financial statements
1. Reporting Entity
Surgical Innovations Group plc ("the Company") is a public
limited company incorporated and domiciled in England and Wales
(registration number 2298163). The Company's registered address is
Clayton Wood House, 6 Clayton Wood Bank, Leeds LS16 6QZ.
The Company's ordinary shares are traded on the AIM market of
the London Stock Exchange. The financial statements of the Company
for the twelve months ended 31 December 2010 comprise the Company
and its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the design, development and
manufacture of devices for use in Minimally Invasive Surgery (MIS)
and industrial markets. Surgical devices are targeted at the
operating theatre environment in both public and private hospitals.
In international markets, the Group sells through independent
healthcare distributors, through Original Equipment Manufacture
(OEM) and licensing contracts with major suppliers of medical
equipment.
2. Basis of Preparation
These condensed consolidated financial statements have been
prepared in accordance with the accounting policies set out in the
annual report for the year ended 31 December 2010 and those to be
adopted at 31 December 2010 (see note 3).
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting
Standards (IFRSs), as adopted for use in the EU, this announcement
does not itself contain sufficient information to comply with
IFRSs. The Group expects to publish full financial statements that
comply with IFRSs in May 2011.
3. Accounting policies
The same accounting policies, presentations and methods of
computation are followed in the condensed set of financial
statements as applied in the Group's latest annual audited
financial statements. The annual financial statements of Surgical
Innovations Group plc are prepared in accordance with International
Financial Reporting Standards as adopted by the European Union.
4. Publication of non-statutory financial statements
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
Sections 434 and 435 of the Companies Act 2006.
The consolidated statement of comprehensive income, the
consolidated statement of changes in equity, the consolidated
balance sheet at 31 December 2010 and the consolidated cash flow
statement have been extracted from the Group's financial statements
upon which the auditors opinion is unqualified and does not include
any statement under section 498(2) or 498(3) of the Companies Act
2006. Those financial statements have not yet been delivered to the
Registrar.
The statutory accounts for the year ended 31 December 2009 have
been delivered to the registrar, contained an unqualified audit
report and did not include a statement under section 498(2) or
498(3) of the Companies Act 2006.
The audited accounts will be posted to all shareholders in due
course and will be available on request by contacting the Company
Secretary at the Company's Registered Office.
5. Segmental Reporting
Geographic analysis
2010 2009
GBP'000 GBP'000
--------------- ------- -------
United Kingdom 2,119 1,454
Europe 2,908 1,827
US 1,410 624
Rest of World 608 636
--------------- ------- -------
7,045 4,541
--------------- ------- -------
Revenues are allocated geographically on the basis of where
revenues were received from and not from the ultimate final
destination of use.
For management purposes the Group is organised into three
business segments, SI Brand, OEM and Industrial. These revenue
streams are the basis on which the Group reports its segment
information.
Segment results, assets and liabilities include assets directly
attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated items comprise mainly corporate
assets and liabilities and head office expenses.
These operating segments are monitored and strategic decisions
are made on the basis of adjusted segment operating results.
Business Segments
The principal activities of the SI Brand business unit are the
research, development, manufacture and distribution of SI branded
minimally invasive devices.
The principal activities of the OEM business unit are the
research, development, manufacture and distribution of minimally
invasive devices for third party medical device companies through
either own label or co-branding.
The principal activities of the industrial business unit are the
research, development, manufacture and sale of minimally invasive
technology products for industrial application.
SI Brand OEM Industrial Total
Year ended 31 December
2010 GBP'000 GBP'000 GBP'000 GBP'000
--------- -------- ----------- --------
Revenue 3,852 2,506 687 7,045
--------- -------- ----------- --------
Segment result 1,151 930 390 2,471
Unallocated expenses (892)
--------- -------- ----------- --------
Profit from operations 1,579
Finance income 9
Finance costs (39)
--------- -------- ----------- --------
Profit before taxation 1,549
Tax 239
--------- -------- ----------- --------
Profit for the year 1,788
--------- -------- ----------- --------
Year ended 31 December
2009 GBP'000 GBP'000 GBP'000 GBP'000
--------- -------- ----------- --------
Revenue 2,956 1,463 122 4,541
--------- -------- ----------- --------
Segment result 1,240 255 70 1,565
Unallocated expenses (1,274)
--------- -------- ----------- --------
Profit from operations 291
Finance income 13
Finance costs (40)
--------- -------- ----------- --------
Profit before taxation 264
Tax 261
--------- -------- ----------- --------
Profit for the year 525
--------- -------- ----------- --------
6. Earnings per ordinary share
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share for the
year ended 31 December 2010 was based upon the profit attributable
to ordinary shareholders of GBP1,788,000 (2009: GBP525,000) and a
weighted average number of ordinary shares outstanding for the year
ended 31 December 2010 of 375,812,587 (2009: 373,841,902).
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share for the
year ended 31 December 2010 was based upon the profit attributable
to ordinary shareholders of GBP1,788,000 (2009: GBP525,000) and a
weighted average number of ordinary shares outstanding for the year
ended 31 December 2010 of 397,339,910 (2009: 373,841,902). All
share options at the financial year end were anti-dilutive.
2010 2009
Earnings GBP'000 GBP'000
---------------------------------------------- ------- -------
Earnings for the purpose of basic and diluted
earnings per ordinary share 1,788 525
---------------------------------------------- ------- -------
7. Share capital
2010 2009
GBP'000 GBP'000
----------------------------------------------- ------- -------
Authorised 600,000,000
(2009: 600,000,000) ordinary shares of 1p each 6,000 6,000
----------------------------------------------- ------- -------
Allotted, called up and fully paid 381,491,902
(2009: 373,841,902) ordinary shares of 1p each 3,815 3,738
----------------------------------------------- ------- -------
8. Annual Report and AGM
The Annual Report will be available from the Company's website,
www.sigroupplc.com and posted to shareholders by 18 May 2011. The
Annual Report contains notice of the Annual General Meeting of the
Company which will be held at 1.00 p.m. on 20 June 2011 at Clayton
Wood House, 6 Clayton Wood Bank, Leeds LS16 6QZ.
This information is provided by RNS
The company news service from the London Stock Exchange
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FR SFAFWAFFSESL
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