REG - Surgical Innovations - FY24 Trading Update & & Directorship Change

Surgical InnovationsAnnouncement

12/02/2025 07:00

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RNS Number : 7547W  Surgical Innovations Group PLC  12 February 2025

Surgical Innovations Group plc

("Surgical Innovations", the "Company", or the "Group")

 
FY24 Trading Update
& Directorship Change

 

Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and
distributor of innovative medical technology for minimally invasive surgery
("MIS"), provides an update on trading for the year ended 31 December 2024, a
period of turnaround which delivered a profitable second half and positions
the Group for long-term growth.

 

The Group expects to report full-year revenues broadly in line with market
expectations. Adjusted EBITDA(1) is slightly ahead of market expectations,
benefiting from stringent cost controls. Effective cost management and
restructuring efforts have contributed to a profitable second half (H2)
compared to the first half of the year.

 

Net debt(2) as at 31 December 2024 was £0.3m (as at 30 June 2024: £0.5m)
with gross cash headroom as at 31 December 2024 of £1.2m (as at 30 June 2024:
£1.2m).

 

Appointment of CFO

The Company announces the appointment of Brent Greetham as Chief Financial
Officer (CFO) with effect from 24 February 2025. Chris Martin, current Group
Chief Financial Officer, will be leaving the business to pursue another
opportunity, and will step down from the Board on 14 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.

 

David Marsh, Chief Executive Officer, said: "After a challenging start to 2024
I am pleased with the turnaround delivered in H2'24, following stringent cost
controls, and the strong platform this has given us for growth. I look forward
to updating shareholders further at our preliminary results in March.

 

"I would like to thank Chris for all his efforts and support during his time
as CFO and look forward to working with Brent, and benefiting from his
experience in the life sciences sector, as we strive to deliver continued
growth to the Group."

 

Notes

 

(1) Adjusted EBITDA is earnings before interest, tax, depreciation and
amortization adjusted by deducting non-recurring exceptional costs, impairment
of intangible acquisition costs and share based payment costs.

(2) Net debt is presented Pre-IFRS 16 and equals cash less bank debt

 

Additional Disclosures Required under the AIM Rules for Companies

Brent Raymond Greetham (aged 49) holds no ordinary shares in the Company and
has held the following directorship or partnerships in the past five years:

 

Current directorships and partnerships:

·    N/A

 

Previous directorships and partnerships held in the past five years:

·    Argenta Discovery 2009 Limited

·    Charles River Discovery Research Services UK Limited

·    Biofocus DPI (Holdings) Ltd

 

Save as disclosed above, there is no further information to be disclosed in
respect of the above appointment pursuant to Rule 17 and Schedule 2 paragraph
(g) of the AIM Rules for Companies.

 

 

For further information please contact:

 

 Surgical Innovations Group plc                                                www sigroupplc com (http://www.sigroupplc.com/)
 David Marsh, CEO                                                              Tel: 0113 230 7597

 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)

 

 

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