GYG.L Regulatory News (GYG)

14 Jul 2006 07:00

Gyrus Group PLC14 July 2006 14th July 2006 Gyrus Group PLC Pre-Close Period Statement Reading, UK - Gyrus Group (GYG.L) a leading supplier of medical devices whichreduce trauma and complications in surgery, today provides a pre-close periodupdate ahead of its interim results announcement on 12th September 2006. The Group's reported revenues for the six months to 30th June 2006 areanticipated to be approximately £107 million representing growth of over 125% onthe previous year (2005: £47.3 million). Proforma organic revenue growth (whichassumes a full period comparative for the ACMI business which was acquired on21st July 2005) is expected to be marginally over 10%. The legacy Gyrusbusinesses grew revenue by approximately 17% over the first half of 2005 (12% ona constant exchange rate basis). Good performances from the Group's proprietaryDivisions in the US and the Partnered Technologies Division were partly offsetby a weaker performance in international markets, where the integration ofinternational distributors during the period caused a shortfall in revenues. The Surgical Division's new PlasmaCision-derived products (G400 generator,Plasma Trissector, Plasma J Hook) were introduced to the general surgery marketin late March and the technology has been well received during this initialevaluation phase. At the end of the period there were approximately 100 G400generators either placed or sold into the surgical market and the divisionachieved revenue in excess of $1 million from the PlasmaCision portfolio. The Urology & Gynaecology Division had a slower first half when compared to astrong 2005 result pre-acquisition, however the adoption of PK SuperPulse intothe legacy ACMI urology accounts has started well with sales in excess of theCompany's forecasts. New product introductions, including the early evaluationof the new digital ureteroscope, show significant potential for the second halfof 2006. The integration programme has continued on track and savings from this, togetherwith revenue orientated towards more profitable US domestic disposables sales,is expected to result in a significant enhancement to operating profitability. Subject to any unforeseen adjustments it is anticipated that underlying "adjusted" earnings per share (excluding amortisation of acquired intangibleassets, integration costs and deferred tax adjustments) for the six months to30th June 2006 will be in line with consensus expectations, which currentlystand at 7.3 pence per share (H1 2005: 5.1 pence). Brian Steer, Executive Chairman of Gyrus said: "The first half of 2006 has been a successful period of change; we have madesignificant inroads into the integration programme and have started tore-orientate the legacy ACMI business towards our disposable devices businessmodel. At the same time we have successfully introduced our important newPlasmaCision technology. In addition, we look forward to a number of potentiallysignificant new product launches in the second half of 2006." Enquiries: Gyrus Group PLCBrian Steer Executive Chairman 01189 219 750Simon Shaw Chief Financial Officer 01189 219 750 Financial DynamicsBen Atwell 0207 269 7242 This information is provided by RNS The company news service from the London Stock Exchange