(Alliance News) - Surgical Innovations Group PLC on Wednesday said that manufacturing productivity and chain disruptions have persisted and are likely to impact profit in the second half of 2023.
"A series of planned price increases has been implemented however, some of these will be phased in over time due to the fixed term nature of contractual agreements," the medical technology company said.
Surgical Innovations said it now expects to report "modest" positive adjusted earnings before interest, tax, depreciation, and amortisation, with "better momentum" in 2024.
Adjusted Ebitda in 2022 was GBP700,000, and GBP500,000 in 2021. Further, it expects annual revenue to be in line with its expectations.
Meanwhile, Jon Glenn has taken on the role of chair with immediate effect, replacing Nigel Rogers. His appointment was announced back in May, and he was due to succeed Rogers upon the announcement of the firm's interim results later this month. Following a successful transition of responsibility, the firm decided to bring the date forward.
The company will release its half-year results on September 19.
Surgical Innovations shares fell 15% to 1.52 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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Surgical Innovations (SUN)