14 Jan 2011 10:08
For immediate release | 14 January 2011 |
Surgical Innovations Group plc
("SI" or "the Group")
Trading update
Surgical Innovations Group plc (AIM:SUN), the designer and manufacturer of innovative medical devices, today announces an update on trading for the year ended 31 December 2010.
SI continued to trade well in the second half of 2010 and early indications for the full year are that the Group has performed in line with market expectations.
Graham Bowland, Chief Executive Officer, said: "SI made good progress in 2010 with its Resposable® products and OEM business, while continuing to grow its own branded products. The Group benefits from a strong underlying business and we are cautiously optimistic going forward with a number of additional larger OEM prospects in the pipeline for the year ending 31 December 2011. However these contracts can take longer to materialise and are not guaranteed. The board will keep shareholders updated. "
Preliminary results for the year to 31 December 2010 are due to be released on Tuesday 19 April 2011.
- Ends -
Enquiries:
Surgical Innovations Group plc
Doug Liversidge, Chairman
Graham Bowland, Chief Executive Officer Tel: +44 (0) 113 230 7597
graham.bowland@surginno.co.uk www.surginno.com
Seymour Pierce Limited
Freddy Crossley / Sarah Jacobs Tel: +44 (0) 20 7107 8000
Corporate Broking
Marianne Woods www.seymourpierce.com
Media enquiries:
The Communications Portfolio
Ariane Comstive Tel: +44 (0) 20 7536 2028
ariane.comstive@communications-portfolio.co.uk Mob: +44 (0) 7785 922 354
Notes to Editors:
About Surgical Innovations Group plc
Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery (MIS) and industrial markets.
As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio.
Over 100 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards.
The Group's patented products are sold through three main channels:
SI brand | Through an established network of 45 distribution partners, Surgical Innovations branded products are sold in all major medical markets including North America, Europe, South Africa, the Middle East, South-east Asia and Australia. |
OEM and IP | The Group supplies large medical device companies on an OEM basis, collecting sales fees as well as IP license and royalty fees. Clients include Teleflex Medical, Gyrus and CareFusion. |
Industrial
| SI's patented segment technology has been applied to the industrial market enabling customers to undertake inspection and maintenance of large-scale equipment, such as turbines, in situ with minimum disassembly and downtime. |
For more information, see www.surginno.com
Surgical Innovations (SUN)