Surgical Innovations Group PLC Year-end trading update (5937T)

TIDMSUN

RNS Number : 5937T

Surgical Innovations Group PLC

09 January 2017

Surgical Innovations Group plc

("SI Group" or the "Company")

Year-end trading update

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative technology for minimally invasive surgery, provides an update on trading for the year ended 31 December 2016.

The trading performance for the year was slightly ahead of the board's previous expectations. Revenues increased by approximately 10% compared with the prior year, and exceeded GBP6m. Gross margins showed continued improvement and came into line with a target range of above 32% of revenues for the full year. 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 GBP0.8m (2015: net bank debt of GBP1.0m).

The integration of the laparoscopic business and assets of Surgical Dynamics Limited, acquired in November 2016, is continuing and progress is satisfactory. This work is expected to continue through the first quarter of 2017, with manufacture of these additional products underway at Leeds by the end of March.

Audited results for the year ended 31 December 2016 will be released in mid-March 2017.

The announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information please contact:

 
 Surgical Innovations Group                         www.sigroupplc.com 
  plc 
 Nigel Rogers, Executive                            Tel: 0113 230 7597 
  Chairman 
 Melanie Ross, COO & Finance 
  Director 
 
 WH Ireland Limited (NOMAD                          Tel: 0113 394 6600 
  & Broker) 
 Tim Feather/Ed Kennedy 
 
 Walbrook PR (Financial        Tel: 020 7933 8780 or si@walbrookpr.com 
  PR & Investor Relations) 
 Paul McManus                                       Mob: 07980 541 893

This information is provided by RNS

The company news service from the London Stock Exchange

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January 09, 2017 02:00 ET (07:00 GMT)

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