LONDON (ShareCast) - AIM-listed Surgical Innovations Group has warned that both its revenue and profit will be "significantly below market expectations" for the full year.
It blamed the reduction of income on the continued reductions in original equipment manafacturer (OEM) revenues, slower than anticipated revenues from the US dealer network and its strategic decision to reduce inventories within the customer supply chain.

The group also said that given current trading, it has decided to focus on growth of the SI Brand, cash conversion and "those OEM products that add value to the SI Brand".

A subsequent review of its balance sheet OEM assets has resulted in an exceptional non-cash impairment charge of £2.2m.

Its half-year results are due out on Thursday.

Shares fell 25.71% to 3.25p at the opening bell.

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