Surgical Innovations Group PLC AGM Statement (5202S)
June 26 2018 - 1:00AM
UK Regulatory
TIDMSUN
RNS Number : 5202S
Surgical Innovations Group PLC
26 June 2018
Surgical Innovations Group plc
("SI", "the Company" or the "Group")
AGM Statement
Surgical Innovations Group plc (AIM: SUN), the designer,
manufacturer and distributor of innovative medical technology for
minimally invasive surgery, holds its Annual General Meeting at 3pm
today.
At the meeting, Executive Chairman, Nigel Rogers, will make the
following statement:
Total group revenues for the six months ending 30 June 2018 are
expected to exceed GBP5m with gross margin and profitability
slightly ahead of the corresponding period last year. For the
reasons indicated below, we anticipate much stronger results in the
second half of the year.
Export sales of SI branded products are gaining increasing
traction in many overseas markets, as a result of product range
extensions, additional sales resources and business development
initiatives. We anticipate further opportunities to improve our
market share across several key geographical markets to be
delivered in the coming months.
Market conditions in the UK during the first half of the year
have been challenging as a result of reduced activity levels of
elective surgery in the NHS, and the supply chain disruption in
respect of the Cellis range of biological matrices. There are
positive signs that NHS hospitals are continuing to return to
normalised activity levels, and recent government policy
announcements regarding a longer-term funding settlement for the
NHS are encouraging.
Distribution sales in the UK market will also benefit from
additional product lines taken on during the first half of the
year, and the renewal of a number of key contracts.
Revenues from OEM customers have been steady, and are expected
to increase in the second half of the year, following the redesign
of certain key products and additional revenues from precision
engineering products.
Management have used this period of subdued demand to bear down
further on working capital, delivering significant reductions in
inventory levels and strong cash flow. The Group is expected to
have little or no net debt at 30 June 2018.
Interim results for the first half of the year will be released
in September 2018.
This announcement includes inside information as defined by
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please contact:
Surgical Innovations Group plc www.sigroupplc.com
Nigel Rogers, Executive Chairman Tel: 0113 230 7597
Melanie Ross, COO & CFO
WH Ireland Limited (NOMAD & Broker) Tel: 0113 394 6600
Tim Feather
Alex Bond
Walbrook PR (Financial PR & Investor Tel: 020 7933 8780 or si@walbrookpr.com
Relations)
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
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END
AGMSESFMIFASEDM
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