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 £10.7m. 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 £1.0m of term loan in advance of the due date from available cash resources. The closing net cash balances of the Group stood at approximately £0.5m at the year end.
Audited results for the year ended 31 December 2019 will be released in late March 2020.