Leeds-based Surgical Innovations Group posts record revenues as firm looks to grow

The group posted EBITDA profit of £0.20m, down from £0.70m the year prior. It also reported a net operating pre-tax loss of £0.69m.

Surgical Innovations Group is a designer, manufacturer and distributor of medical technology for minimally invasive surgery.

Chairman, Jonathan Glenn, said: "I am pleased to report that the Company finished the year with record revenues and entered 2024 with an encouraging order book.

“While we faced some operational challenges during the period, recent actions taken by the Board to improve operational efficiencies, together with continued increasing sales momentum, give the Board confidence that we have put the business onto a sustainable growth trajectory for 2024 and beyond.”

Mr Glenn said that the firm remains “well placed” to take advantage as the pandemic-fuelled backlog in surgery continues to be addressed.

European sales for the firm rose seven per cent, returning to above pre-pandemic levels.

UK sales also grew eight per cent year on year, including OEM sales, representing 64 per cent of the firm’s of total revenues.

Mr Glenn added that this growth suggests a “favourable trajectory”, offering potential opportunities for expansion and market penetration.

In December the firm launched its new product, LogiTube, a gastric calibration tube designed to meet specific needs of the obesity market, in the UK. The company also plans to roll out LogiTube in the US later this year.

Mr Glenn added: “Strategic product launches further demonstrate the Group's commitment to innovation and its ability to identify and capitalise on market opportunities. Furthermore, the promising order book provides a stable foundation for future profitable growth in revenue generation.”

The group achieved a number of new UK distribution contracts during in the year. It secured a five-year deal with Microline Surgical worth an estimated £9m in sales over the length of the contract.

It also secured a three-year deal with Peters Surgical, with a sales value of £1.5m estimated over the contract period