SI secures more US sales

KEYHOLE surgery specialist Surgical Innovations said the US represented its “largest opportunity” as it revealed that its pre-tax profits fell last year.

Leeds-based Surgical Innovations said it had achieved a strong second half performance, with good growth in higher margin SI branded products.

During 2012, the company recorded revenue of £7.64m, compared with £7.60m the year before. Pre-tax profit reduced to £1.23m, from £1.71m in 2011.

The company achieved strong second half sales, with contracted orders in the second half of £5.62m,which was an increase of 85 per cent on the first half.

US direct sales rose 21.9 per cent to £2.15m and are now 28.1 per cent of total revenue.

The company also secured an RGF (Regional Growth Fund) grant of up to £5.05m to fund its capital expansion strategy.

Doug Liversidge, the company’s chairman, said: “We remain confident about the future growth prospects of the business as our existing SI branded products continue to gain international clinical recognition. The US remains our largest opportunity where we have established multiple routes to market. Continued investment in developing these routes will provide quicker and easier access to this key market for both current and future products. We expect to see a regular flow of new products throughout the year, which will help to drive future revenues, as well as the development of new and existing relationships with our strategic OEM partners, while retaining our primary strategic objective of growing our SI Brand.”