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LONDON (Alliance News) - Surgical Innovations Group PLC on Tuesday said its annual profit increased after a "strong rebound" in its second half, with revenue from its Surgical Innovations Brand products doing well.
Shares in Surgical Innovations were up 7.3% at 3.70 pence on Tuesday.
The medical technology maker and distributor posted a GBP515,000 pretax profit for 2018, an increase of 39% over its GBP371,000 profit for 2017.
This represents a significant improvement over its pretax profit of GBP94,000 for the first half of the year, which was hindered by a reduction in NHS surgery activity levels and the temporary loss of a CE mark on a key supplier's product.
Revenue also increased 25% to GBP11.0 million from GBP8.8 million, booted by its Surgical Innovations Brand which posted a 13% revenue increase to GBP6.1 million from GBP5.4 million.
Distribution revenue was also up, reaching GBP3.0 million from GBP1.8 million, an increase of 67%.
The company's net cash on December 31 was GBP380,000 after eliminating its GBP730,000 net debt position due to its Elemental Healthcare acquisition.
Chair Nigel Rogers said: "The market share momentum we achieved in the second half of the year has carried on into 2019, and we are confident about the outlook for the full year.
"The integration of Elemental Healthcare into the group has been completed, paving the way for a new management structure with additional capacity to take the group's business to the next level."
"We have made contingency arrangements in the event the UK exits the EU on March 29 without reaching an appropriate withdrawal agreement, although we remain hopeful these precautions will be rendered unnecessary," he added.
The company's revenue in 2019 so far has been ahead of the same period of 2018 and Surgical Innovations has also entered into UK distribution deals for new product lines.
