TIDMSUN

RNS Number : 5067Z

Surgical Innovations Group PLC

13 January 2020

Surgical Innovations Group Plc

(the "Group")

Year-end Trading Update

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative technology for minimally invasive surgery, provides an update on trading for the year ended 31 December 2019.

Sales for the second half of the year were approximately 10% higher than the first half, resulting in revenue for the full year of approximately GBP10.7m. Gross margin was within target range and the resulting adjusted profit before tax is anticipated to be in line with market expectations.

In the final quarter of 2019, the Group concluded agreements to extend important contractual relationships including the exclusive manufacture of the Fix-8 device for Advanced Medical Solutions plc until June 2024, and the U.K. exclusive distribution of the Dexter robot for Distalmotion SA until October 2022.

The Group continued to be cash generative and the Board has elected to repay GBP1.0m of term loan in advance of the due date from available cash resources. The closing net cash balances of the Group stood at approximately GBP0.5m at the year end.

Audited results for the year ended 31 December 2019 will be released in late March 2020.

For further information contact:

 
 Surgical Innovations Group Plc                                     www.sigroupplc.com 
 David Marsh, CEO                                             Tel: +44 (0)113 230 7597 
 Charmaine Day, Co Sec & GFC 
 
 Walbrook PR (Financial PR & Investor    Tel: +44 (0)20 7933 8780 or si@walbrookpr.com 
  Relations) 
 Paul McManus / Lianne Cawthorne                Mob: +44 (0)7980 541 893 / +44 (0)7584 
                                                                               391 303 
 
 N+1 Singer (Nominated Adviser and 
  Broker)                                                          +44 (0)20 7496 3000 
 Richard Lindley / Rachel Hayes

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