Last checked at 20 May 2009 07:00
| Press Release | 20 May 2009 |
Surgical Innovations™ Group plc
("the Group")
AGM Statement
Surgical Innovations™ Group plc (AIM: SUN), the designer and manufacturer of innovative surgical devices, will be holding its Annual General Meeting today at 2:00 pm in Leeds.
At the meeting Doug Liversidge, Non-Executive Chairman, will provide the following trading update:
"The Board is pleased with the performance of the Group in the first quarter of 2009. Demand for the product range continues to increase and trading remains in line with market expectations. There has been a positive response to the resposable™ concept and sales of the disposable products are encouraging.
"The Group continues to build relationships with Original Equipment Manufacture (OEM) partners, which provide a continuing and secure revenue stream. As stated in the preliminary results on 21 April 2009, we recently launched our latest product for obesity surgery, Logi™Flex, into Europe. Logi™Flex is designed as an aid to Gastric Band deployment and with obesity surgery increasing, we have already received interest from both obesity surgeons and manufacturers of gastric bands.
"We are maintaining our efforts to improve distribution into the US, in particular for the resposable™ YelloPort™ +plus port access system. The Group remains confident in succeeding in this marketplace having secured effective distribution channels for selected products and we look forward to updating the market in due course.
"We continue to implement our strategy of in-house manufacturing to improve efficiencies and have authorised a substantial investment in a new class 100,000 cleanroom to enhance our manufacturing facility in Leeds. This will enable us to bring the production and assembly of further products in-house and the Board expects significant cost reductions when it is installed and operational in the fourth quarter of the year.
"We are confident for the year ahead and look forwarding to providing a further update at the interim results in September."
- Ends -
For further information:
| Surgical Innovations Group plc | |
| Doug Liversidge, Non-Executive Chairman | Tel: +44 (0) 113 230 7597 |
|
| www.surginno.com |
| Graham Bowland, Finance Director | Tel: +44 (0) 113 230 7597 |
| graham.bowland@surginno.co.uk | www.surginno.com |
| Hanson Westhouse Limited | |
| Tim Feather / Matthew Johnson | Tel: +44 (0) 113 246 2611 |
| tim.feather@hansonwesthouse.com | www.hansonwesthouse.com |
Media enquiries:
| Abchurch Communications | |
| Stephanie Cuthbert /Jack Ballantyne | Tel: +44 (0) 20 7398 7714 |
| jack.ballantyne@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery and industrial markets. The Group employs over 60 people and is headquartered in Leeds.
The Group's subsidiaries Surgical Innovations Limited and Haemocell Limited are focused on strong international growth in two specialist areas namely minimally invasive surgery, where products are used in 'keyhole' surgery which is more accurately known as laparoscopic surgery, and products for autologous blood transfusion whereby a patient's own blood is recycled. Surgical Innovations is also targeting the growing obesity market exporting its products internationally.
For more information, see www.surginno.com