The Leeds-based medical instrument maker also reported further margin improvements through productivity gains and returned to profitability at operating level.
Nigel Rogers, executive chairman of Surgical Innovations, said: “The rate of revenue growth was pleasing led by strong exports, especially in the US market. Gross margins and profitability were driven up by productivity gains, and cash generation was sufficient to eliminate net bank borrowings by the end of the period.
“Our focus on innovation, productivity, exporting and excellence in products and service continue to deliver improving results and open new opportunities to develop the business. Accordingly we look forward with confidence.”
Surgical has had a couple of tough years and last year the company appointed Mr Rogers, a turnaround specialist.
The business lost its way when it failed to sort out a bottleneck in its US distribution chain. The company became too reliant on other firms launching its products but Mr Rogers, a respected turnaround specialist, is now setting up new US partnerships.
He has also persuaded finance director Melanie Ross, who had been going to leave, to stay on in the role. Ms Ross was brought in by former interim managing director Chris Rea, the entrepreneur behind Rotherham-based mechanical seals maker AESSEAL.
Surgical specialises in making ‘resposable’ instruments – which contain long-lasting reusable parts and cheap throwaway parts that are only used once.