LONDON (Alliance News) - Surgical Innovations Group PLC Tuesday said pretax profit in the first half increased 19%, as more of its products were adopted for keyhole surgery across the UK and US.
The company, which specialises in the design and manufacture of devices for use in minimally invasive surgery, posted pretax profit of GBP567,000 for the period ended 30 June, up from GBP181,000 in the same period last year.
Surgical Innovations said revenue jumped 28% to GBP3.9 million, from GBP3.0 million in 2012.
This was boosted by a 38% increase in revenue from SI branded products to GBP2.9 million, up from GBP2.1 million last year. However, revenue from OEM products, which includes equipment for third party medical device companies, declined 5.2% to GBP0.85 million from GBP0.89 million
Earnings before interest, depreciation, amortisation and exceptional items increased 17% to GBP1.1 million from GBP976,000.
Operating profit increased during the period to GBP623,000 from GBP181,000 last year.
The company said it had added two more distributors to its US distribution network during the period, while it also secured its largest ever US order, in financial terms, for SI branded products .
The company said it remained confident about the future growth prospects of the business and the continued growth of its SI branded products.
"The increased adoption of our cost-effective Resposable products [used during laparoscopic surgery] in the UK is particularly encouraging and our access to the US market had been greatly improved through the establishment of additional distribution relationships," Chairman Doug Liversidge said in a statement.
"We continue to develop innovative new products for hip arthroscopy and a 3mm range and look forward to the launch of the hernia mesh fixation device, all of which will contribute to future revenue growth."
Surgical Innovations Group shares were trading at 6.95 pence Monday morning, up 0.57p or 9.0%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Surgical Innovations (SUN)