Surgical Innovations profit boosted in second half, names new CFO

(Alliance News) - Surgical Innovations Group PLC on Wednesday said it enjoyed a profitable second half of the year, as it named Brent Greetham as its new chief financial officer.

The surgical and medical instrument manufacturer said adjusted earnings before interest, tax, depreciation and amortisation in 2024 are "slightly ahead" of market expectations.

Shares in Surgical Innovations climbed 12% to 0.62 pence in London on Wednesday morning.

The firm said profit has benefited from "stringent cost controls", with restructuring efforts contributing to a profitable second half compared to the first six months of 2024.

It expects to report full-year revenue "broadly in line" with market expectations.

The company said Brent Greetham will take over as chief financial officer from February 24.

Current Chief Financial Officer Chris Martin is leaving to "pursue another opportunity" and will step down from the board on Friday.

Greetham most recently worked as senior finance director for the Discovery division at Charles River Laboratories International Inc for nearly seven years.

Chief Executive Officer David Marsh said: "After a challenging start to 2024 I am pleased with the turnaround delivered in H2, following stringent cost controls, and the strong platform this has given us for growth.

"I would like to thank Chris for all his efforts and support during his time as CFO and look forward to working with Brent, and benefiting from his experience in the life sciences sector, as we strive to deliver continued growth to the group."

By Michael Hennessey, Alliance News reporter

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