Healthy outlook for Surgical Innovations

14/09/2010

Surgical Innovations today hailed "the fruition of our hard work" as the medical device designer and manufacturer posted interim pre-tax profits up more than 250%.

Doug Liversidge, chairman of the Leeds-based firm, told TheBusinessDesk.com that Surgical Innovations would consider making strategic acquisitions if the right target came along.

However, he said the group was delighted with its progress through organic growth and the sale of its innovative products which are used mainly for abdominal surgey and weight loss.

In the six months to June 30, revenue increased by 79% to £3.57m, operating profit increased by 234% to £781,000, and pre-tax profit increased by 256% to £766,000.

Graham Bowland, chief executive of Surgical Innovations, said: "There has been a step change in the business since the re-organisation last year. We have seen considerable sales growth in our key product areas with our two flagship Resposable products generating increasing demand from surgeons and distributors alike, as well as from our OEM partners. 

"The group has continued to invest in new laparoscopic devices and enhancements to existing ranges to ensure we remain at the forefront of surgical instrument technology. 

"With this backdrop and with new products expected to be launched in the next 12 months, we look forward with confidence."

Mr Bowland said research and development was being put into place to further improve existing products and also look at developing instruments used in treatment for joint problems.

Mr Liversidge said the ideal acquisition target would be a company whose products Surgical Innovations could manufacture at its headquarters, taking away any overheads.

But he said there was no timetable to make any purchases.

Mr Liversidge added: "We're absolutely delighted with our first half performance. This is perhaps the fruition of our hard work over many years. We've got a top class group of people here."

Over the six months, the group's sales were boosted by the delivery of a £616,000, and a concept team and product development team were also established and developed.

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