LONDON (ShareCast) - First half profits have more than tripled at keyhole surgery equipment maker Surgical Innovations as many UK hospitals convert to using its products.
The AIM company said revenues for the six months to end-June were 28% ahead of the same period last year at £3.88m, with profit before tax for the period more than tripled from £181,000 to £567,000
Chief Executive Graham Bowland, who noted that the company's performance was in line with expectations for the full year, said SI's system of reusable and disposable keyhole surgery equipment had “converted” 25 UK hospitals so far in the year.
This had helped adjusted earnings before interest, tax, depreciation and amortisation rise 16% to £1.14m on the previous period.
In the US, the push for cost reductions was becoming an ever-increasing phenomenon, with levels of orders and interest in the group's products “very encouraging”.
Efforts in the US have been led by newly appointed President of US Sales and Operations, Rick Barnett, who has been looking to expand SI's brand exposure Stateside.
In the UK, the company revealed it was soon to receive a £5.05m government regional growth grant to build a new clinical facility near Leeds that it expected to bring “significant efficiencies” once operational from around July 2015.
Shares in Surgical Innovations were up 16.22% to 5.38p at 09:21 on Friday.
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