REG - Surgical Innovations - Final Results
30/05/2025 07:00
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RNS Number : 6973K Surgical Innovations Group PLC 30 May 2025
Surgical Innovations Group plc
("Surgical Innovations", the "Company", or the "Group")
Final Results
Results for the year ended 31 December 2024
Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and
distributor of innovative medical technology for minimally invasive surgery
("MIS"), reports its final results for the year ended 31 December 2024
("FY24") and announces a strong start to 2025, positioning the Company for
growth.
Financial highlights:
· Revenue consistent at £11.95m (2023: £12.01m)
Ø SI branded products, up 6.8% to £6.3m in the period (2023: £5.9m)
· The underlying gross margins fell to 30.6% (2023: 37.9%)
· Adjusted EBITDA(1) decreased slightly in 2024 to £0.05m (2023: £0.20m)
· Adjusted EPS amounted to a loss of 0.07p per share (2023: 0.05p per share
loss)
· Net cash outflows from operations amounted to £0.08m (2023: inflows of
£0.40m)
· The Group's closing net cash(2) balances as of 31 December 2024 amounted to
(£0.31m) (as at 31 December 2023: £0.36m)
· Available gross cash resources totalling £1.21m (as at 31 December 2023:
£2.20m), including an undrawn invoice discounting facility of £1.0m
(1) Adjusted EBITDA, calculated as operating loss of £0.79m adding back
depreciation £0.48m and amortisation £0.21m, and non recurring items
£0.15m.
(2) Net cash comprised of cash at bank of £0.2m (2023: £1.21m) less bank
borrowings £0.50m (2023: £0.85m), excluding leases under IFRS16.
Commercial and operational highlights:
· Two new UK distribution contracts signed in April 2024, with Microline
Surgical Inc and Peters Surgical
· SI branded products saw strong growth across all key markets as sustainability
continues to resonate with healthcare providers
· Strong OEM sales performance, as supply chain issues were resolved and
backorder position cleared
· Successful UK launch of LogiTube™, addressing the obesity market, has been
followed by a broader rollout across Europe and select APAC regions
· Completed the overhead restructure, streamlined costs and reallocation of
resources with benefits expected to be received in 2025
· Charmaine Day and Paul Hardy stood down from their roles in April 2024 and in
June 2024 as Chief Financial Officer and Non-executive Director respectively
Post period end highlights:
· Appointment of Brent Greetham as Chief Financial Officer in February 2025
Current Trading & Outlook:
· Sales for 2025 are tracking in line with management expectations, supported by
sustainability-led growth and strong performance in Europe and APAC, both up
12%
· New product launches, including LogiTube™ and an upcoming illuminated
version, are expanding the Company's presence in the obesity market across the
UK, Europe, and the US
· Cost-reduction initiatives focused on material optimisation and product
redesign are being implemented to enhance margins and manufacturing efficiency
· A new five-year UK distribution agreement with Microline and additional
partnerships with Aspen, Cipher, and Veol broaden the portfolio and strengthen
UK market positioning
· The Company is well-positioned for growth in 2025, with momentum across key
initiatives, a strong innovation pipeline, and continued focus on
profitability and market expansion
Chairman of Surgical Innovations, Jonathan Glenn, said: "2025 has started on
a strong note, with all areas of the business demonstrating growth compared to
the previous year. Key sectors are trending higher than the same period in
2024, reflecting the positive momentum. The continued emphasis on
sustainability is driving new account acquisitions in key markets.
"With a strong start to 2025 and multiple strategic initiatives in motion, the
Company is well-positioned for growth and success. The combination of
sustainability-driven market expansion, targeted distribution partnerships,
and innovative product launches will reinforce the Company's competitive edge.
At the same time, ongoing cost-reduction efforts will enhance profitability
and ensure long-term sustainability. The recent extension of key distribution
agreements, along with new partnerships, further strengthens Elemental's
market presence and growth potential. As the year progresses, the Company
remains focused on capitalising on emerging opportunities, delivering
high-quality solutions, and driving value for both customers and
stakeholders."
This announcement has been made available online at
https://www.sigroupplc.com/investors-centre/
(https://www.sigroupplc.com/investors-centre/) .
Investor Presentation
David Marsh, Chief Executive Officer, and Brent Greetham, Chief Financial
Officer, will provide a live presentation relating to the final results via
the Investor Meet Company platform on Thursday 5 June at 16.00 BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
09.00. the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to
meet Surgical Innovations Group plc via:
https://www.investormeetcompany.com/surgical-innovations-group-plc/register-investor
(https://url.uk.m.mimecastprotect.com/s/_fohCrAzh8Q463s7fnf4NtOV?domain=investormeetcompany.com)
. Investors who already follow Surgical Innovations Group plc on the
Investor Meet Company platform will automatically be invited.
For further information please contact:
Surgical Innovations Group plc www sigroupplc com (http://www.sigroupplc.com/)
David Marsh, CEO Tel: 0113 230 7597
Brent Greetham, CFO
Singer Capital Markets (Nominated Adviser & Broker) Tel: 020 7496 3000
Alex Bond / Oliver Platts
Walbrook PR (Financial PR & Investor Relations) Tel: 020 7933 8780 or si@walbrookpr.com (mailto:si@walbrookpr.com)
Paul McManus / Lianne Applegarth Mob: 07980 541 893 / 07584 391 303
About Surgical Innovations Group plc
The Group specialises in the design, manufacture, sale and distribution of
innovative, high quality medical products, primarily for use in minimally
invasive surgery. Our product and business development is guided and supported
by a key group of nationally and internationally renowned surgeons across the
spectrum of minimally invasive surgical activity.
We design and manufacture and source our branded port access systems, surgical
instruments and retraction devices which are sold directly in the UK home
market through our subsidiary, Elemental Healthcare, and exported widely
through a global network of trusted distribution partners. Many of our
products in this field are based on a "resposable" concept, in which the
products are part reusable, part disposable, offering a high quality and
environmentally responsible solution at a cost that is competitive against
fully disposable alternatives.
Elemental also has exclusive UK distribution for a select group of specialist
products employed in laparoscopy, bariatric and metabolic surgery, hernia
repair and breast reconstruction.
In addition, we design and develop medical devices for carefully selected OEM
partners and have also collaborated with a major UK industrial partner to
provide precision engineering solutions to complex problems outside the
medical arena.
We aim for our brands to be recognised and respected by healthcare
professionals in all major geographical markets in which we operate and
provide by development, partnership or acquisition a broad portfolio of cost
effective, procedure specific surgical instruments and implantable devices
that offer reliable solutions to genuine clinical needs, the Company's
Reposable portfolio enables healthcare providers to reduce both plastic waste
and their CO2 footprint as they strive for net zero.
Further information
Further details of the Group's businesses and products are available on the
following websites:
www.sigroupplc.com (http://www.sigroupplc.com)
www.surginno.com (http://www.surginno.com/)
www.elementalhealthcare.co.uk (http://www.elementalhealthcare.co.uk)
To receive regular updates by email, please contact si@walbrookpr.com
(mailto:si@walbrookpr.com)
Chairman's Statement
For the year ended 31 December 2024
Despite the challenges encountered at the outset of 2024, I am pleased to
report that the Company concluded the year with stable revenues, a
strengthened operational position, and a range of significant new
opportunities. These include the introduction of SI-branded products and the
expansion of distribution agreements within the UK. Although operational
challenges persisted throughout the period, the Board's strategic actions to
enhance operational efficiency, combined with sustained sales growth of
SI-branded products, provide a solid foundation for the business as it
progresses on a path of sustainable growth in 2025 and beyond.
Market overview
In today's market, healthcare providers continue to face the significant
challenge of reducing the backlog of surgeries, which remains above seven
million in the UK alone. Additionally, rising supply chain costs and ongoing
disruptions have led to backorders of critical components, impacting sales.
Despite these obstacles, the growing focus on environmental sustainability is
driving organisations to adopt greener practices, not only within their own
operations but across the wider healthcare sector. In response, healthcare
providers in our key markets are increasingly seeking sustainable solutions.
The Company's reposable™ technology aligns with this shift, positioning
Surgical Innovations to capitalize on the demand for sustainability as
surgical backlogs are gradually addressed.
Financial overview
Revenues of £11.95m compared to the previous year (2023: £12.01m) reflect
the challenging start to 2024, however, the Company reports strong growth in
SI branded products across most regions is encouraging, up 6.8% to £6.3m in
the period (2023: £5.9m), enhanced by the sustainability messaging.
The strong sales of SI branded products continue to grow evidencing the focus
on sustainability messaging. This focus on sustainable solutions for the
operating room has contributed to significant year-on-year sales increases in
key markets. In Europe, sales reached £1.73 million (2023: £1.47m), while
APAC saw £1.16 million (2023: £0.99m), and ROW contributed £0.53 million
(£0.48m). These results underpin the growing momentum of our sustainability
messaging, which have continued to resonate strongly with customers and
partners.
The UK business (Distribution / OEM) encountered several significant
challenges that impacted revenue, with sales declining to £5.4m (2023:
£6.10m). Early-year disruptions from NHS industrial action and NHSSC
inventory realignment affected performance. However, opportunities for
SI-branded products, supported by key account conversions, are expected to
drive growth in 2025.
Challenges remain in the US market, where sales declined to £1.13m (2023:
£1.36m). In response, the Company continues to explore opportunities to
enhance our route to strengthen its market approach and drive growth in the
region. This includes a structured sales training program and co-travelling
efforts to reinforce sustainability messaging with healthcare providers. The
bandwidth challenges have delayed the search for new distribution channels for
the scissor business beyond the South-eastern states as the international team
has focused on regions where there are significant growth opportunities.
Operational and supply chain challenges have impacted margins and
efficiencies, driven by inflationary pressures on key components, extended
lead times, and complex regulatory requirements. These factors have
collectively constrained profitability. To address these issues, a project
focused on reducing operational overheads was completed in early Q3, with the
benefits beginning to be realised in H2 and expected to continue into 2025.
Adjusted EBITDA decreased slightly to £0.05m (£0.20m in 2023) due to the
operational and supply chain challenges cited above. This led to an adjusted
loss before tax(1) for the full year of £0.74m, (2023: loss of £0.69m).
Adjusted Loss Per Share amounted to 0.21 pence (compared to earnings of 0.06
pence in 2023).
Throughout the financial year, the Group experienced a cash outflow of £0.1m
from operations (2023: cash inflow of £0.26m). Capital expenditure was
reduced to £0.1m (2023: £0.3m). While product innovation remains a key
strategic pillar, total investment in research expenses for the year amounted
to 9.6% of revenue (2023: 9.2%). The Group's closing net cash(2) balances as
of 31 December 2024 amounted to (£0.31m) (as of 31 December 2023: £0.36m),
with available gross cash resources totalling £1.2m (2023: £2.20m),
including an undrawn invoice discounting facility of £1.0m.
(1) Adjusted profit measures and reconciliation to reported measures set out
below.
(2) Net cash comprised of cash at bank of £0.2m (2023; £1.21m) less bank
borrowings £0.50m (2023: £0.85m), excluding leases under IFRS16.
Strategy and development
The Group specialises in the design, manufacture, sale, and distribution of
innovative, high-quality medical products, primarily for use in minimally
invasive surgery. We develop, manufacture, and source our branded port access
systems, surgical instruments, and retraction devices, which are sold directly
in the UK through our subsidiary, Elemental Healthcare, and widely exported
via a trusted global distribution network. Many of our products are based on a
"resposable" concept-combining reusable and disposable components-to provide a
high-quality, cost-effective, and environmentally responsible alternative to
fully disposable solutions.
Elemental Healthcare also holds exclusive UK distribution rights for a select
range of specialist products used in laparoscopy, bariatric and metabolic
surgery, hernia repair, breast reconstruction, upper GI, and colorectal
procedures. Additionally, we design and develop medical devices for carefully
chosen OEM partners and collaborate with a major UK industrial partner to
deliver precision engineering solutions for complex challenges beyond the
medical sector.
Our goal is for our brands to be recognized and trusted by healthcare
professionals in all key markets where we operate. Through internal
innovation, strategic partnerships, and acquisitions, we offer a comprehensive
portfolio of cost-effective, procedure-specific surgical instruments and
implantable devices-delivering innovative solutions to real clinical needs in
the operating theatre.
Regulatory and new product development
The regulatory pathway for the EU Medical Device Regulation (MDR) remains on
track, despite delays in the transition process, which have shifted the
notified body's focus to more immediate priorities. The Company's Quality
Management System, technical files, and microbiology data have been fully
aligned with MDR requirements, successfully audited by BSI, and fully
approved.
Progress on product technical files continues, with two out of three already
approved for MDR and the final file currently undergoing clinical review.
Additionally, the UKCA mark has been secured, and another successful
completion of the Medical Device Single Audit Program (MDSAP) audit has been
achieved. While the ongoing investment in regulatory compliance places a
financial strain on the business, achieving these standards is a significant
milestone and establishes a strong barrier to entry for competitors.
Despite delays in the regulatory process for new products, investment in
product development remains ongoing. Cost-reduction initiatives for the
YelloPort Elite range continue, with a focus on exploring new materials and
design modifications to drive efficiency. In Q4, the introduction of the 5mm
Optical in key markets further strengthened the portfolio. Regulatory delays
have delayed the launch of the Logi Dissect and Grasp instruments, now
rescheduled for late 2025, early 2026.
Investment in new product development underscores our commitment to
sustainability, with a strong emphasis on accelerating time-to-market and
implementing cost-saving measures to enhance profitability. The successful UK
launch of LogiTube™, a gastric calibration tube designed to address the
specific needs of the obesity market, has been followed by a broader rollout
across Europe and select APAC regions. This product line will soon be expanded
with the introduction of an illuminated version, aimed at improving patient
safety. Both LogiTube™ models are expected to be registered in the USA by
the end of Q4 2025.
Operational update
Key efficiency initiatives are starting to deliver tangible results, as
evidenced by the improvements in H2. The overhead restructuring, aimed at
streamlining costs and reallocating resources toward strategic priorities, was
successfully completed in Q3 2024. With relatively low investment, the Group
has implemented automation in key functions to modernize operations, further
reducing overhead costs and enhancing quality control consistency to
strengthen our product offering. While progress in reducing inventory has been
slower than anticipated, a renewed focus in 2025 will help release cash and
improve cash flow.
Overall, these initiatives represent a concerted drive to improve operational
efficiencies, maximise productivity, and reduce costs across the organisation.
The company expects to see the benefits of such initiatives in 2025.
Board and executive management update
Paul Hardy stood down from his role as Non-executive Director having announced
his intention to stand down from the board at the AGM in June 2024, following
over eight years in the post. Charmaine Day also left the Group from her
position as Chief Financial Officer ('CFO') in April 2024, to pursue other
opportunities, after being with the Group since 2012. The board would like to
thank both Paul and Charmaine for their dedication to the Company and wish
them well with their endeavors in the future.
Chris Martin joined the board in July 2024 as CFO and Executive Director
however in early February 2025 informed the Company of his intention to pursue
another opportunity. The Board responded and appointed Brent Greetham as CFO
on the 24 February 2025. Brent brings with him over 25 years' experience in
the life sciences sector, having held senior finance leadership roles in
various life science, biotech, and manufacturing organisations. His most
recent role was with Charles River Laboratories, where he served as the Senior
Finance Director for their Discovery division for nearly seven years. Prior to
this, from 2011, Brent held finance leadership roles with Thermo Fisher
Scientific, Gilead Sciences and Mission Therapeutics. Brent became a Chartered
Accountant in 2004, having initially studied at Sheffield Hallam University,
obtaining a degree in Accounting and Finance. Brent began his career in 1998
with the Grampian Country Food Group.
Current trading and outlook
2025 has started on a positive note, with overall sales in line with
management expectations, reflecting the momentum in the business. The
continued emphasis on sustainability is driving new account acquisitions in
key markets, notably in Germany, where our Resposable™ devices are at the
forefront of a 20-site Green Surgery trial. A targeted focus on key
distribution partners, particularly in Europe and APAC-both showing 12%
growth-is proving highly effective and will be a key driver of sustained
expansion throughout 2025.
Despite a slowdown in product development due to the MDR, the Company has
identified significant opportunities, particularly through new product
launches in the obesity market. Following the successful introduction of
LogiTube™ in the UK, we expanded into Europe in April 2024, with a US
rollout planned later this year, subject to regulatory approval. Additionally,
an illuminated version of this device is expected to launch in the UK and
Europe in H2 2025, enhancing patient safety and expanding opportunities within
the obesity market. These strategic launches reinforce our commitment to
innovation and our ability to capitalise on emerging market needs in all
regions.
To further strengthen profitability, and in addition to cost saving measures
taken in 2024, further cost-reduction initiatives are being implemented to
enhance the margins of key Reposable™ products. These projects focus on
optimising material selection and implementing functional redesigns to reduce
manufacturing costs while maintaining or improving product performance. By
leveraging advanced materials and streamlining design processes, the Company
aims to enhance efficiency, reduce waste, and drive down production expenses.
These efforts not only support margin improvements but also ensure that
products remain competitive in the market, offering enhanced value to
customers without compromising quality or functionality.
In addition, during 2024, Elemental has secured a new five-year exclusive UK
distribution agreement with Microline Surgical Inc. ("Microline"), a
Boston-based company, extending a partnership that began in 2007. Under this
agreement, Elemental will continue distributing Microline products through
2029, with projected sales of approximately £9 million over the contract
term. The Company has also signed new agreements with Cipher Surgical Ltd.
("Cipher"), Aspen Surgical Inc., and Veol Medical Technologies, broadening its
portfolio with an exciting range of medical devices for the UK healthcare
market. Notably, both Aspen and Cipher have existing UK revenue streams that
Elemental will now manage. Additional distribution opportunities are actively
being negotiated to further enhance Elemental's market presence. New account
conversions in the UK for SI Branded will also strengthen sales to drive
growth in 2025.
With a positive start to 2025 and multiple strategic initiatives in motion,
the Company is well-positioned for growth and success. The combination of
sustainability-driven market expansion, targeted distribution partnerships,
and innovative product launches will reinforce the Company's competitive edge.
At the same time, ongoing cost-reduction efforts will enhance profitability
and ensure long-term sustainability. The recent extension of key distribution
agreements, along with new partnerships, further strengthens Elemental's
market presence and growth potential. As the year progresses, the Company
remains focused on capitalising on emerging opportunities, delivering
high-quality solutions, and driving value for both customers and stakeholders.
Jonathan Glenn
Non-executive Chairman
30 May 2025
Operating and Financial Review
Operational overview
People
Our employees are key to our business strategy, and we aim to attract, retain
and develop talented individuals.
Supply chain
Although supply chain disruptions eased to some extent, challenges remained
throughout 2024, particularly with prolonged lead times on components
affecting production efficiency. However, strengthened relationships with key
suppliers, supported by strategic investments in personnel, have led to
noticeable improvements. A thorough review of these initiatives will continue
into 2025 as part of the ongoing operational improvement plan.
Financial overview
Revenue
In 2024, the Group saw year over year revenues reduce by 0.6% to £11.9m,
compared to £12.0m in the prior financial year. However, revenues from the
sale of Surgical Innovations Branded (SI Branded) products saw robust growth
of 7.6% to £6.4m, compared to £5.9m in 2023.
Distribution sales encompass third-party products that complement the
manufactured product portfolio. In 2024, this segment contributed 30.2% of the
revenue, falling from 2023 levels (35.4%)
Overall, OEM sales experienced robust growth, reaching £1.9m in 2024 compared
to £1.8m in 2023. However, this growth was hindered by external factors in
the supply chain, ongoing from 2024.
H2 saw some softness in some regions, as strong growth in the APAC region
(+10.8%) was offset by headwinds in other regions.
The UK market continues to play a substantial role in the Group's overall
revenue, representing 62% (2023 64%) of the total. This revenue is
predominantly attributed to third-party distribution products sold by our
subsidiary, Elemental Healthcare Ltd, but also includes OEM sales.
Year-on-year growth is evident in our key markets, with our sustainability
drive gaining momentum. This trend is especially pronounced in Canada, where a
change in distributor has reignited the sustainability drive, leading to
substantial conversions among key accounts.
Year on year growth saw double digit growth in our Europe, APAC and ROW
territories. Across the UK region sales were broadly flat, whilst challenges
persist in the US market
Margins
2024 2023
For margin analysis, the Group has divided the assessment between the £'000
underlying gross margin and the overall contribution margin. £'000
Revenue 11,945 12,014
Cost of Sales (8,284) (7,461)
Underlying Gross Margin 3,661 4,553
The underlying gross margins fell below the target range, registering at 30.6% Underlying Gross Margin % 30.6% 37.9%
(2023: 37.9%). Net Cost of Manufacturing(1) (225) (1,105)
Contribution Margin 3,436 3,448
Contribution Margin % 28.8% 28.7%
The reported contribution margin increased to 28.8% (2023 28.7%) during the
year.
We continue to focus upon our manufacturing operations including our supply
chain, on an ongoing basis.
Furthermore, given the mounting pressure on both direct and indirect costs, a
thorough review of absorption rates has been undertaken.
The emphasis on continuously improving margins is anticipated to remain a top
priority throughout the current year.
1. The net cost of manufacturing reflects the shortfall in recovering both
fixed and variable costs, encompassing both direct and indirect expenses.
Use of adjusted measures
Adjusted KPIs are used by the Board to understand underlying performance and
exclude items which distort comparability, as well as being consistent with
broker forecasts and measures. The method of adjustments is consistently
applied but is not defined in International Financial Reporting Standards
(IFRS) and, therefore, are considered to be non-GAAP (Generally Accepted
Accounting Principles) measures. Accordingly, the relevant IFRS measures are
also presented where appropriate.
Adjusted EBITDA Disclosure notes EBITDA(1)
Operating Loss (£0.791m)
Depreciation £0.48m
Amortisation £0.21m
EBITDA as stated: (£0.10m)
Share based payments £0.00m
Adjusted EBITDA serves as a key measure of business performance, offering Other expense/non-recurring items 3 £0.15m
insight into the underlying performance of the Group. This metric excludes Adjusted Measure £ 0.05m
items that may distort comparability, such as the charge for share-based
payments, which is a non-cash expense typically excluded from market
( )
forecasts.
(1)EBITDA is defined as earnings before interest, taxation, depreciation and
amortisation (including impairment). EBITDA is calculated as operating loss of
£0.791m adding back depreciation £0.48m and amortisation £0.21m.
Adjusted EBITDA decreased slightly to 2024 to £0.05m (£0.20m in 2023).
( )
(1)EBITDA is defined as earnings before interest, taxation, depreciation and
amortisation (including impairment). EBITDA is calculated as operating loss of
£0.791m adding back depreciation £0.48m and amortisation £0.21m.
Financial position
Capital expenditure on tangible assets decreased compared to the prior year,
amounting to £0.1m in 2024 (2023: £0.3m). The Group remains committed to
reviewing its capital expenditure and will continue to enhance its investment
plans. A review of the business priorities and operational improvements will
guide our focus in this area as we move further into 2025.
Investment in new product development continues, with investment in the year
of £0.27m (2023: £0.41m). Further additions to the YelloPort Elite range saw
the introduction of XL cannula to allow for the soft insertion of Laparoscopic
Staplers routinely used in Bariatric surgery. Following the successful launch
of the LogiTube Gastric Calibration Tube work began on a novel illuminated
version to enhance patient safety, this is expected to be launched in Q3 2025.
As part of the annual review development expenditure underwent impairment
testing, and it was determined that all current projects continue to provide
economic benefit. Therefore, no direct impairment was recognised in 2024
(compared to nil in 2023).
A review of the goodwill arising from the acquisition of Elemental Healthcare
Ltd was conducted to assess further impairment. The trading environment in the
UK market was significantly affected by the pandemic throughout 2020 and
continued into 2021, resulting in a cumulative impairment of £2.76m. However,
the UK market has exhibited strong signs of recovery, which has persisted into
2023. With increased visibility on the outlook, the Directors anticipate
improved forecasting of future net inflows on this cash-generating unit (CGU).
Based on this assessment, the recoverable amount of the CGU exceeds its
carrying value by £0.56m.
The presence of several impairment indicators within the business this year
necessitated a broader consideration of asset impairment beyond goodwill. A
review of the CGU of Surgical Innovations Ltd was conducted, and based on the
assessment, the amount of the CGU exceeds its recoverable amount by £1.16m
(see note 4).
Working Capital
Inventory levels continue to be managed with a view to mitigating risks
associated with extended lead times, with the primary focus being on
mitigating exposure to key components. Inventory holdings were £3.0m at the
year-end (2023: £2.85m).
Trade receivables increased to £1.7m at the year-end (2023: £1.58m), with
minimal risk associated with overdue balances. Trade creditors decreased over
the same period (2024: £1.14m, 2023: £1.17m).
Net cash outflows from operations amounted to £0.1m in 2024, compared to
inflows of £0.40m in 2023.
The Group concluded the year with net cash balances of (£0.31m) (excluding
leases), compared with an opening net cash balance of £0.36m. Total gross
cash resources available amounted to £1.21m (compared to £2.20m as of
December 31, 2023), including an undrawn invoice discounting facility of
£1.0m.
The Group recorded a corporation tax credit of £0.1m in the year. (2023:
credit of £0.20m). Overall, the Group continues to hold substantial tax
losses on which it holds a cautious view, and consequently the Group has
chosen not to recognise those losses.
Key Performance Indicators ("KPIs")
The Group considers the key performance indicators of the business to be:
2024 2023 Target Measure
Underlying Gross Profit Margin Gross profit (before net manufacturing cost)/ revenue 30.6% 37.9% >40%
Direct Gross Profit Margin Gross profit / revenue 28.8% 28.7% >40%
Net Cash/(Net Debt)(1) Cash less debt (£0.31m) £0.36m N/A
1. Net cash is stated after bank borrowings £0.50m
(2023: £0.85m), excluding leases under IFRS16.
Reconciliation of adjusted KPI / measures;
Disclosure notes EBITDA(2)
Operating loss (£0.791m)
Depreciation £0.48m
Amortisation £0.21m
EBITDA as stated (£0.10m)
Share based payments £0.00m
Other expense/non-recurring items 3 £0.15m
Adjusted Measure £ 0.05m
2. EBITDA is defined as earnings before interest,
taxation, depreciation and amortisation (including impairment). EBITDA is
calculated as operating loss of £0.791m adding back depreciation £0.48m and
amortisation £0.21m. TDA is defined as earnings before interest, taxation,
depreciation and amortisation (including impairment).
Earnings per share EPS
Basic EPS (0.21p)
Loss attributable to shareholders (£1.94m)
Add: Share based payments £0.00m
Add: other expense/non-recurring items £0.15m
Add: Impairment loss £1.16m
Adjusted loss attributable to shareholders (£0.63m)
Adjusted EPS (0.07p)
Principal risks and uncertainties
The management of the business and the nature of the Group's strategy are
subject to a number of risks which the Directors seek to mitigate wherever
possible. The principal risks are set out below.
Issue Indication of risk on prior year Risk and description Mitigating actions
Funding risk Risk increased on prior year The Group currently has a mixture of borrowings comprising a balance of Liquidity and covenant compliance is monitored carefully across varying time
£0.50m CBILS arrangement, with additional headroom of an undrawn £1.0m horizons to facilitate short term management and also strategic planning. This
invoice discounting facility. The Group remains dependent upon the support of monitoring enables the management team to consider and to take appropriate
these funders and there is a risk that failure in particular to meet covenants actions within suitable time frames.
attaching to the CBILS could have financial consequences for the Group.
Margin erosion due to operational challenges Risk increased on prior year The Group encountered operational inefficiencies, resulting in a natural A comprehensive operational review of both manufacturing operations and the
erosion of the gross margin in the second half of the year. supply chain has been conducted. Measures have already been implemented,
including an internal restructure of the business to drive operational savings
and enhance efficiencies and productivity.
As part of this evaluation, the Group has implemented a redundancy plan and
transitioned from average costing to standard costing in early 2024.The
emphasis on continuously improving margins is anticipated to remain a top
priority throughout the current year.
Shortage of skilled labour Existing risk remains at the same level from prior year Attracting and retaining key skilled personnel. Investment in people remains a central focus of our business strategy, aimed
at retaining, attracting, and developing talented individuals.
In 2024, the Company underwent a significant restructuring, which had a
notable impact on our staff. We worked closely with our personnel to minimize
disruptions and provide support to those affected. Throughout the process, we
maintained regular communication on company performance to offer reassurance
and transparency to our team.
Issue Indication of risk on prior year Risk and description Mitigating actions
Customer concentration Existing risk remains at the same level from prior year The Group exports to over thirty countries and distributors around the world, The majority of distributors, including the most significant, are well
but certain distributors are material to the financial performance and established and their relationship with the Group spans many years. Credit
position of the Group. (As disclosed in note 2 to the financial statements, levels and cash collection is closely monitored by management, and issues are
one customer accounted for 15.7% of revenue in 2024 and the loss, failure or quickly elevated both within the Group and with the distributor.
actions of this customer could have a severe impact on the Group).
Foreign Risk increased on prior year The Group's functional currency is UK Sterling; however, it makes significant The Group monitors currency exposures on an on-going basis and enters into
purchases in Euros and US Dollars. forward currency arrangements where considered appropriate to mitigate the
exchange risk
risk of material adverse movements in exchange rates impacting upon the
business. Euro and US Dollar cash balances are monitored regularly and spot
rate sales into sterling are conducted when significant currency deposits have
The hedging of US Dollars and Euros is typically achieved through sales, accumulated. The accounting policy for foreign exchange is disclosed in
creating a natural hedge. Nevertheless, shifts in the supply chain dynamics accounting policy 1d.
have resulted in a rise in the volume of foreign transactions.
Regulatory Existing risk remains at the same level from prior year As an international business a significant proportion of the Group's products The Group has a dedicated Compliance department which assists product
require registration from national or federal regulatory bodies prior to being development teams with support as required to minimise the risk of regulatory
approval offered for sale. The majority of our major product lines have FDA approval in approval not being obtained on new products and ensures that the Group
the US and we are therefore subject to MDSAP audit and inspection of our operates processes and procedures necessary to maintain relevant regulatory
manufacturing facilities. approvals.
There is no guarantee that any product developed by the Group will obtain and Whilst there is no guarantee that this will be sufficient, the Group has
maintain national registration or that the Group will always pass regulatory invested in people with the appropriate experience and skills in this area
audit of its manufacturing processes. Failure to do so could have severe which mitigates this risk significantly.
consequences upon the Group's ability to sell products in the relevant
country.
MDR transitions are well underway and completed for all but one range. We have
an extension to current MDD certificates as approved by the EU for this
The Group has until the end of 2028 to transition the current product product.
portfolio to fall under the Medical Device Regulations (MDR), currently held
under Medical Device Directive (MDD). Time constraints of BSI the notified
body are out of our control.
Economic factors Existing risk remains at the same level from prior year
The business has been affected by rising employment costs and raw material Raw material purchases undergo a continual review, with economies of scale
expenses, and it is acknowledged that these pressures are likely to persist applied. Investment in the supply chain will yield benefits through enhanced
into 2025. supplier relations, while more effective inventory management will mitigate
further exposure.
Despite reducing levels of UK inflation in 2024, supply chain costs have
persisted in rising. This is expected to persist throughout 2025 as inflation Increases in the cost of goods are mitigated and passed on where possible.
moves upwards.
As a result of the introduction of tariffs by the US, and the evolving nature
There are also pressures upon labour costs, as a result of the 6.7% increase of these tariffs, current global trade realignments are, on balance, creating
in the National Living Wage in early 2025. competitive advantages for our UK-based manufacturing. Our supply chain
remains well-positioned to navigate this evolving landscape with minimal
disruption anticipated, and the potential for market share gains
Supply chain delays in both raw materials and finished goods have affected the
business throughout 2024, though the impact has been less severe compared to
the previous year. Some disruption is expected in 2025
U.S. tariffs introduce near-term complexity
Jonathan Glenn
30 May 2025
Consolidated statement of comprehensive income
for the year ended 31 December 2024
2024 2023
Notes £'000 £'000
Revenue 2 11,945 12,014
Cost of sales (8,509) (8,566)
Gross profit 3,436 3,448
Other operating expenses (4,227) (4,044)
Operating loss 3 (791) (596)
Impairment costs (1,160) -
Finance costs (99) (132)
Loss before taxation (2,050) (728)
Taxation credit 107 219
(Loss)/profit and total comprehensive Income (1,943) (509)
(Loss)/profit per share, total and continuing
Basic (0.21p) (0.06p)
Diluted (0.21p) (0.06p)
The Consolidated statement of comprehensive income above relates to continuing
operations.
(Loss) / profit and total comprehensive income relate wholly to the owners of
the parent Company.
Consolidated statement of changes in equity
for the year ended 31 December 2024
Share Share Capital Merger Retained
capital premium reserve reserve earnings Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 January 2023 9,328 6,587 329 1,250 (6,531) 10,963
Share based payment - - - - 30 30
Total - transactions with owners - - - - 30 30
Profit and total comprehensive income for the period - - - - (509) (509)
Balance as at 31 December 2023 9,328 6,587 329 1,250 (7,010) 10,484
Share based payment - - - - - -
Total - transactions with owners - - - - - -
Loss and total comprehensive income for the period - - - - (1,943) (1,943)
Balance as at 31 December 2024 9,328 6,587 329 1,250 (8,953) 8,541
The merger reserve arose from a business combination in 2017
Consolidated balance sheet
at 31 December 2024
2024
2023
Notes £'000 £'000
Assets
Non-current assets
Property, plant, and equipment 701 898
Right-of-use assets 794 804
Intangible assets 5,423 6,529
6,918 8,231
Current assets
Inventories 2,969 2,854
Trade and other receivables 2,156 2,023
Cash at bank and in hand 195 1,212
5,320 6,089
Total assets 12,238 14,320
Equity and liabilities
Equity attributable to equity holders of the parent company
Share capital 9,328 9,328
Share premium account 6,587 6,587
Capital reserve 329 329
Merger reserve 1,250 1,250
Retained earnings (8,953) (7,010)
Total equity 8,541 10,484
Non-current liabilities
Borrowings 5 150 502
Dilapidation provision 165 165
Lease liability 547 549
862 1,216
Current liabilities
Trade and other payables 6 1,603 1,632
Accruals 689 377
Borrowings 5 352 352
Lease liability 191 259
2,835 2,620
Total liabilities 3,697 3,836
Total equity and liabilities 12,238 14,320
The accompanying accounting policies and notes form part of the financial
statements.
Consolidated cash flow statement
for the year ended 31 December 2024
2024 2023
£'000 £'000
Cash flows from operating activities
(Loss)/Profit after tax for the year (1,943) (509)
Adjustments for:
Taxation (107) (219)
Finance costs 99 131
Depreciation of property, plant and equipment 265 244
Amortisation and impairment of intangible assets 4 1,374 279
Depreciation Right-of-Use assets 213 234
Share-based payment charge - 30
Foreign exchange (18) 27
Decrease/(Increase) in inventories (115) 308
Decrease/(Increase) in trade and other receivables (133) 34
(Decrease)/Increase in payables 283 (299)
Cash (used in) / generated from operations (82) 260
Taxation received 107 219
Interest paid (99) (79)
Net cash (used in) / generated from operating activities (74) 400
Cash flows from investing activities
Payments to acquire property, plant and equipment (67) (284)
Development cost additions 4 (268) (404)
Net cash (used in) / generate from investing activities (335) (688)
Repayment of bank loan 5 - -
Repayment of CBILS 5 (353) (353)
Repayment of lease liabilities (273) (319)
Net cash (used in) / generated from financing activities (626) (672)
Net decrease in cash and cash equivalents (1,035) (960)
Cash and cash equivalents at beginning of year 1,212 2,199
Effective exchange rate fluctuations on cash held 18 (27)
Cash and cash equivalents at end of year 195 1,212
Notes to the consolidated financial statements
1. Group accounting policies under IFRS
(a) Basis of preparation
Surgical Innovations Group PLC (the "Company") is a public AIM listed company
incorporated, domiciled and registered in England in the UK. The registered
number is 02298163 and the registered address is Clayton Wood House, 6 Clayton
Wood Bank, Leeds, LS16 6QZ.
The consolidated financial statements have been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the
Companies Act 2006 and as applicable to companies reporting under IFRS. The
preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies. The financial statements have been prepared under the historical
cost convention, are presented in Sterling and are rounded to the nearest
thousand.
Going concern
The Directors continue to adopt the going concern basis in the preparation of
the financial statements.
The Directors have prepared forecasts for the period to December 2026 based on
a full evaluation of the Group's trading activities and costs base, sensitized
to reflect a rational judgement of the level of inherent risk.
Financial headroom as at 31 December 2024 was £0.9m with the invoice
discounting facility remaining largely undrawn.
The Board is satisfied that there is headroom including testing any
sensitivities under reasonably possible scenarios, and the Directors conclude
that it continues to be appropriate to prepare the Annual Report and Accounts
on a going concern basis.
2. Segmental reporting
Information reported to the Board, as Chief Operating Decision Makers, and for
the purpose of assessing performance and making investment decisions is
organised into three operating segments. The Group's operating segments under
IFRS 8 are as follows:
SI Brand - the research, development, manufacture and distribution of SI branded
minimally invasive devices
OEM - the research, development, manufacture and distribution of minimally invasive
devices for third party medical device companies through either own label or
co-branding. As well as Precision Engineering, the research, development,
manufacture and sale of minimally invasive technology products for precision
engineering applications
Distribution _ Distribution of specialist medical products sold through Elemental Healthcare
Ltd
The measure of profit or loss for each reportable segment is gross margin less
amortisation of product development costs. Assets and working capital are
monitored on a Group basis, with no separate disclosure of asset by segment
made in the management accounts, and hence no separate asset disclosure is
provided here. The following segmental analysis has been produced to provide a
reconciliation between the information used by the chief operating decision
maker within the business and the information as it is presented under IFRS.
SI Brand Distribution OEM Total*
£'000
£'000
Year ended 31 December 2024 £'000 £'000
Revenue 6,373 3,625 1,947 11,945
Expenses (5,765) (2,171) (1,786) (9,722)
Result
Segment result 608 1,454 161 2,223
Unallocated expenses (4,173)
Other Income -
(Loss) from operations (1,950)
Finance income -
Finance costs (99)
(Loss) before taxation (2,049)
Tax credit 107
Loss for the year (1,943)
*There were no revenues transactions between the segments during the year
Included within the segment/operating results are the following significant
non-cash items:
SI Brand Distribution OEM Total
Year ended 31 December 2024 £'000 £'000 £'000 £'000
Amortisation of intangible assets 214 - - 214
Impairment of intangible assets 1,160 - - 1,160
Unallocated expenses for 2024 include sales and marketing costs (£664,000),
research and development costs (£1,149,000), central overheads (£1,298,000),
Direct (Elemental Healthcare) sales & marketing overheads (£909,000),
share based payments (£nil) and Other expensed/Non-recurring (£153,000).
SI Brand Distribution OEM Total*
£'000
£'000
Year ended 31 December 2023 £'000 £'000
Revenue 5,925 4,255 1,834 12,014
Expenses (4,862) (2,560) (1,423) (8,845)
Result
Segment result 1,063 1,695 411 3,169
Unallocated expenses (3,765)
Other income -
(Loss) from operations (596)
Finance income -
Finance costs (132)
(Loss) before taxation (728)
Tax charge 219
(Loss) for the year (509)
*There were no revenues transactions between the segments during the year
Included within the segment results are the following items:
SI Brand Distribution OEM Total
Year ended 31 December 2023 £'000 £'000 £'000 £'000
Amortisation of intangible assets 279 - - 279
Impairment of intangible assets - - - -
Unallocated expenses for 2023 include sales and marketing costs (£633,000),
research and development costs (£1,099,000), central overheads (£869,000),
Direct (Elemental Healthcare) sales & marketing overheads (£1,126,000),
share based payments (£30,000), Other expensed / Non-recurring (£8,000) note
3.
Disaggregation of revenue
The Group has disaggregated revenues in the following table:
Year ended 31 December 2024 SI Brand Distribution OEM Total
£'000 £'000 £'000 £'000
United Kingdom 1,998 3,625 1,779 7,402
Europe 1,726 - - 1,726
US 957 - 168 1,125
APAC(1) 1,158 - - 1,158
Rest of World 534 - - 534
6,373 3,625 1,947 11,945
Year ended 31 December 2023 SI Brand Distribution OEM Total
£'000 £'000 £'000 £'000
United Kingdom 1,935 4,255 1,508 7,698
Europe 1,478 - - 1,478
US 1,032 - 326 1,358
APAC(1) 998 - - 998
Rest of World 482 - - 482
5,925 4,255 1,834 12,014
1. APAC-Asia Pacific
Revenues are allocated geographically on the basis of where revenues were
received from and not from the ultimate final destination of use. During 2024
£1,788,000 (15.0%) of the Group's revenue depended on one distributor in the
OEM segment (2023: £1,503,000 (12.5%)), and £840,000 (7.0%) in the SI Brand
segment (2023: £868,000 (7.2%)).
Sales of goods were £11,945,000 (2023: £12,014,000) and sales relating to
services in the UK were £Nil (2023: £Nil).
3. Operating (loss) / profit
The operating profit for the year is stated after charging/(crediting):
2023
2024 £'000
£'000
Depreciation of owned assets 265 244
Amortisation and impairment of capitalised development costs 214 279
Depreciation of Right-of-use assets 213 234
Research expenses 1,149 1,099
Foreign exchange Losses / (gains) (18) (27)
Auditor's remuneration:
- fees payable to the Company's auditor for the audit of the Company's annual 54 32
financial statements
- fees payable to the Company's auditor for the audit of the subsidiary - 29
undertakings
- fees payable to the Company's auditor for the non audit fees relating to tax - -
services
Expenses relating to:
- leases of low value assets - 1
- short term leases less than 12 mths - -
Other expensed items -non-recurring 153 8
Non-recurring/ Non-cash costs - (7)
Other expensed items -non-recurring
These are expenses or a group of expenses that are considered non-recurring in
nature, as determined by the Directors. They are believed to warrant separate
identification in the financial statements to provide readers with a clear
understanding of the underlying trading performance of the business.
Non-recurring Costs
Severance costs related to restructuring activities in year (£153k).
Other operating expenses comprised:
2024
2023
2024 2023
£'000 £'000
Sales & marketing 664 633
Direct (Elemental Healthcare) sales & marketing overheads 909 1,126
Administrative expenses 1,138 869
Research expenses 1,149 1,099
Other expensed items- nonrecurring 153 8
Share based payments - 30
Amortisation and impairment 214 279
4,227 4,044
4. Intangible assets Capitalised development costs Single use product knowledge transfer Exclusive Supplier Agreements
Goodwill Total
£'000 £,000 £'000 £'000 £'000
Cost
At 1 January 2023 14,566 225 8,180 1,799 24,770
Additions 404 - - - 404
At 1 January 2024 14,970 225 8,180 1,799 25,174
Additions 268 - - - 268
At 31 December 2024 15,238 225 8,180 1,799 25,442
Accumulated amortisation and impairment
At 1 January 2023 (13,586) (225) (2,757) (1,799) (18,367)
Charge for the year (278) - - - (247)
At 1 January 2024 (13,864) (225) (2,757) (1,799) (18,645)
Charge for the year (214) - - - (214)
Impairment loss (1,160) (1,160)
At 31 December 2024 (15,238) (225) (2,757) (1,799) (20,019)
Carrying amount
At 31 December 2024 - - 5,423 - 5,423
At 31 December 2023 1,106 - 5,423 - 6,529
At 1 January 2023 980 - 5,423 - 6,403
Goodwill and intangibles are allocated to the cash generating unit (CGU) that
is expected to benefit from the use of the asset.
Impairment losses in the year
During the year, as a result of losses in the Surgical Innovations Limited
cash generating unit ('CGU'), the group carried out a review of the
recoverable amount of the assets in this CGU. This CGU comprises the SI Brand
and OEM segments. Based on the results of the CGU impairment assessment which
has been undertaken using a value in use model, an impairment loss of £1.16m
has been recognised in profit or loss in respect of the capitalised
development costs. The other assets in scope of the impairment assessment,
being the property plant and equipment, were concluded to have a fair value
less cost of disposal in excess of the carrying value and no impairment in
respect of these assets has been recognised. Principal assumptions underlying
this calculation are the growth rate into perpetuity of 2.5% and a pre-tax
discount rate of 21.3% applied to anticipated cash flows. In addition, the
value in use calculation assumes a gross profit margin of 19% increasing to
24% over the 5 year period using past experience of sales made and future
sales that were expected at the reporting date based on anticipated market
conditions.
Capitalised development costs
Capitalised development costs represent expenditure incurred in developing new
products that fulfil the requirements met for capitalisation as set out in
paragraph 57 of IAS38. These costs are amortised over the future commercial
life of the product, commencing on the sale of the first commercial item, up
to a maximum product life cycle of ten years, and taking account of expected
market conditions and penetration.
Goodwill
The Group tests goodwill at each reporting date for impairment and whenever
events or changes in circumstances indicate that the carrying value may not be
recoverable. The recoverable amount of a cash generating unit (CGU) is
determined based on value in use calculations. These calculations use cash
flow projections based on five-year financial budgets approved by management.
Cash flows beyond the five-year period are extrapolated using estimated long
term growth rates.
An impairment review is carried out annually for goodwill. Goodwill arose on
the acquisition of Elemental Healthcare Limited in 2017 and is related to both
the Distribution and SI Brand segments of the Group. Elemental Healthcare
Limited is considered to be a separate cash-generating unit (CGU) of the Group
whose recoverable amount has been calculated on a value in use basis by
reference to discounted future cash flows over a five-year period plus a
terminal value. Principal assumptions underlying this calculation are the
growth rate into perpetuity of 2.5% and a pre-tax discount rate of 18.0%
(2023:16.3%) applied to anticipated cash flows. In addition, the value in use
calculation assumes a gross profit margin of 56% increasing to 59% over the
5-year period using past experience of sales made and future sales that were
expected at the reporting date based on anticipated market conditions.
The Group has conducted a sensitivity analysis on the impairment test of the
CGU. Assuming no change to other assumptions, the discount rate can increase
by 13% before an impairment would result.
5. Borrowings
2024 2023
Bank Loan £'000 £'000
Current liabilities 352 352
Non-current liabilities 150 502
Lease liabilities
Current liabilities 191 259
Non-current liabilities 547 549
1,240 1,662
In March 2022, the Group refinanced its existing debt with Yorkshire bank
consisting of the following:
· Extension to the CBILS of £1.5m repayable in May 2026, interest is
calculated at rate of 2.94% repayable monthly over the Bank of England base
rate. Monthly instalments are £0.029m.
· Covenants attached to the CBILS comprise of EBITDA to debt servicing
costs at a minimum of 1.25x.
· Additional headroom with an Invoice Discounting facility of £1.0m
across the Group, 2.5% on margin with a maximum of nominal administration fee
of a maximum of £0.018m if not utilised.
· In March 2024, the bank extended its support by resetting the testing
parameters. They excluded 31 March 2024 and initiated the rolling test from
June 2024, based on EBITDA being 1x the debt service. Subsequent testing
periods included September 2024 (1x, on a 6-month rolling basis), December
2024 (1.25x, on a 9-month rolling basis), and then on a 12-month rolling basis
thereafter.
Changes in liabilities arising from financing activities Non-current loans and borrowings Current loans and borrowings Total
At 1 January 2023 825 382 1,207
Cash flows for repayment of CBILS - (353) (353)
Transfer between non-current and current (352) 352 -
Interest paid in the period - (79) (79)
Interest accrued in the period - 79 79
At 31 December 2023 473 381 854
Cash flows for repayment of CBILS - (352) (352)
Transfer between non-current and current (352) 352 -
Interest paid in the period - (59) (59)
Interest accrued in the period - 59 59
At 31 December 2024 121 381 502
2024 2023
6. Trade and other payables £'000 £'000
Trade payables 1,137 1,169
Other tax and social security 193 218
Other payables 238 245
1,568 1,632
The Group and Company's financial liabilities have contractual maturities
(including interest payments where applicable) which are summarised below.
Amounts due in Amounts due in Amounts due in Total financial
less than 1 year 2-5 years 5-10 years liabilities
As at 31 December 2024 £'000 £'000 £'000 £'000
Trade payables 1,137 - - 1,137
Other payables 238 - - 238
Bank borrowings-Current 352 - - 352
Bank borrowings-Non-current - 150 - 150
1,727 150 - 1,877
Amounts due in less than 1 year Amounts due in 2-5 years Amounts due in 5-10 years Total financial liabilities
As at 31 December 2023 £'000 £'000 £'000 £'000
Trade payables 1,169 - - 1,169
Other payables 245 - - 245
Bank borrowings-Current 352 - - 352
Bank borrowings-Non-current - 502 - 502
1,766 502 - 2,268
7. Share Capital
Shares in issue reconciliation
2024 2023
Opening no of shares in issue 932,816,177 932,816,177
Issued in satisfaction of share options exercised - -
Closing number of shares in issue 932,816,177 932,816,177
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