SI builds ‘stronger platform’ after turbulent 2014

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SURGICAL Innovations said it had built a “stronger platform” for the future, after a turbulent 2014.

In the financial year ended December 31 2014, the Leeds-based medical devices maker achieved revenue of £4.029m, compared with a restated figure of £7.478m in 2013. It recorded an EBITDA loss, adjusted to exclude exceptional items, of £52,000, compared with a restated profit of £1.681m the previous year.

The loss before tax was £9.829m, compared with a restated figure of £44,000 in 2013. The company successfully completed a refinancing during November 2014, comprising new investment of £1.5m and the refinancing of an existing £3m term loan.

Doug Liversidge, the company’s non-executive chairman, said: “The financial performance for 2014 was extremely disappointing. However, the board and staff of SI have worked tirelessly over the last six months with the key objective of restructuring the business to secure a sustainable future for the group. Following a turbulent 2014, the group now has a stronger platform to support the business over the medium term. The board remains committed to cash generation and the directors are satisfied with the progress made since the refinancing was announced in November 2014.”