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LONDON (Alliance News) - Surgical Innovations Group PLC Wednesday reiterated its expectation of posting a "significant" pretax loss for its full year, and warned it will post an exceptional charge of GBP1.6 million following a further review of its balance sheet.
Shares in the surgical products company are trading down 28% at 1.70 pence Wednesday morning, having set a new 52-week low of 1.56p at the open.
Surgical Innovations said the exceptional charge will be in addition to those it posted in its interim results in September. At that time it said it had booked exceptional costs of GBP2.6 million relating to manufacturer asset write-downs, as demand from its international manufacturer products weakened further, and to costs from the Regional Growth Fund project.
On Wednesday the company said the charge will include a write-down on the carrying value of non-current trade receivables under the rebate scheme in place with some of its overseas distribution partners, and redundancy charges as part of its ongoing program to reduce its costs.
Additionally, the review also identified revenue on which a sales return will be required in its full-year results, which will lead to a GBP600,000 reduction in full-year revenue.
Surgical Innovations stressed that short-term working capital funding and cash generation remains its key priority.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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