REG - Surgical Innovations - Half-year Report
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250929:nRSc0942Ba&default-theme=true
RNS Number : 0942B Surgical Innovations Group PLC 29 September 2025
Surgical Innovations Group plc
("Surgical Innovations", the "Group" or the "Company")
Half-year Report
Interim results for the six months ended 30 June 2025
Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and
distributor of innovative medical technology for minimally invasive surgery,
reports its unaudited interim results for the six-month period ended 30 June
2025 ("H1 2025").
Financial Highlights
· Revenues were £6.15m, similar to prior year (H1 2024: £6.18m)
· Gross profit margin of 31.3% (FY 2024: 28.8%; H1 2024: 32.9%)
· Adjusted EBITDA(1) profit of £0.37m (H1 2024: £0.0m). There were no
adjusting items for the period (H1 2024: £0.11m)
· Adjusted operating profit(1) of £0.06m (H1 2024: £0.432m loss)
· Adjusted EPS(1) amounted to a profit (1) of 0.002p per share (H1 2024: 0.040p
loss)
· Net debt(2) at end of period of £0.8m (as at 31 Dec 2024: £0.3m)
· Gross cash headroom at the end of the period of £0.5m (as at 31 Dec 2024:
£0.9m). Headroom increased to £0.8m headroom at 31 August, due to the
mid-year trade receivables position unwinding
(1. ) (Adjusted EBITDA, adjusted operating profit/(loss) before
tax and Adjusted EPS are stated before deducting non-recurring/ exceptional
costs of £nil (2024 H1: £0.11m), impairment of intangible costs of £nil
(2024 H1: £nil) and share based payment costs of £nil (2024 H1: £nil))
( )(2. ) (Net debt equals cash less bank debt only)
Commercial and Operational Highlights
· Surgical Innovations ("SI") branded products saw good growth of 37% in the key
European markets as sustainability continues to resonate with healthcare
providers
· European growth offset a flat sales in UK sales and headwinds in USA, APAC and
ROW
· Strong UK sales performance in the newly introduced Aspen portfolio
· Enhanced sustainability training and marketing positively impacting key
markets, especially in Europe
· Achieved full MDR compliance, with final Logi range recommended for
certification representing a major milestone and enabling teams to shift focus
towards efficiency and growth
Current Trading & Outlook
· The Group continues to deliver momentum internationally, with sustained growth
in Europe and another strong performance expected in Japan
· UK trading is benefiting from recent sales team investment and new product
introductions, which are beginning to drive growth
· US performance remains constrained by tariffs and market access challenges;
however, sustainability-led initiatives and SI-branded products continue to
deliver robust sales across key markets
· Growth is being further supported by enhanced sales tools and account
conversions, expected to build momentum into 2026
· Ongoing product innovation includes the upcoming launch of LogiTube Lux and
expansion of the YelloPort Elite range
· Cost-reduction initiatives are progressing, with meaningful margin benefits
anticipated from early 2026
· The Group remains well-positioned for sustained growth and long-term margin
expansion
Jonathan Glenn, Chairman of Surgical Innovations Group Plc, said:
"It is encouraging to see the tangible benefits from the improvement and cost
reduction programme implemented in 2024 beginning to deliver benefits and we
expect further cost efficiencies to be realised in the second half of the
year, strengthening our financial position and creating a platform for
increased profitability in 2026.
"Performance of our SI-branded products remains robust in our key European
markets, reflecting the continued strength and resilience of the brand and
sustainability messaging, however we continue to see some challenges persist
in the UK and USA. While near-term challenges in the UK market persist, we
believe the actions taken, including the introduction of new product ranges
and the strengthening of our sales organisation, will support recovery and
improve our portfolio offering in this key market.
"OEM sales in the first half were, as expected, below the prior year,
reflecting a return to more normalised demand levels. Looking ahead, we
anticipate modest improvements in both revenue and margin across the remainder
of FY25, with this momentum expected to continue into the first half of FY26.
"The Board remains confident that the strategic actions underway will enable
the Group to navigate near-term headwinds effectively, while positioning the
business to deliver sustainable growth and enhanced returns over the medium to
long term."
Investor briefing
David Marsh, Chief Executive Officer, and Brent Greetham, Chief Financial
Officer, will provide a live presentation relating to the interim results via
the Investor Meet Company platform on Monday 29 September 2025 at 11.00am 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
9:00 a.m. 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://www.investormeetcompany.com/surgical-innovations-group-plc/register-investor)
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: +44 (0)113 230 7597
Brent Greetham, CFO
Walbrook PR (Financial PR & Investor Relations) Tel: +44 (0)20 7933 8780 or si@walbrookpr.com
Paul McManus / Lianne Applegarth Mob: +44 (0)7980 541 893 / +44 (0)7584 391 303
Singer Capital Markets (Nominated Adviser & Broker) +44 (0)20 7496 3000
Alex Bond / Oliver Platts
About Surgical Innovations Group plc
Strategy
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, 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 ("Elemental"), 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
Chairman's Statement
For the six-month period ended 30 June 2025
Market and Financial Overview
Revenues in the first half of 2025 were £6.15m (H1 2024: £6.18m), broadly in
line with the prior year. Growth was supported by strong demand for SI-branded
products in Europe and Japan, while performance in the USA was adversely
affected by tariffs and logistical changes with a key partner, creating
headwinds in that market. Despite delivering revenue similar to 2024, the UK
business continues to show positive like-for-like momentum. In addition,
operational initiatives introduced in 2024 are now delivering cost
efficiencies across the Group.
In Europe, our investment in training and the development of marketing tools
to promote our sustainability message has delivered strong results, driving
significant sales growth across the region. This initiative has contributed to
an impressive underlying sales increase of 42%, with revenue rising to £1.22m
in H1 2025, up from £0.89m in H1 2024. Early stocking orders from Austria and
Scandinavia boosted H1 2025 performance, and ongoing activity across Europe is
expected to continue driving sales growth throughout the remainder of the
year.
In the United States the impact of the tariffs and the relocation of a
distributor's warehouse has seen a decline in sales to £0.4m in H1 2025 H1
(H1 2024: £0.5m). Whilst sales have normalised it is not anticipated that the
H1 2025 shortfall will be recovered, and tariffs are expected to continue to
impact opportunities for growth in H2 2025. Additional routes to market
continue to be explored but these benefits are not expected to impact 2025.
The APAC region has faced a specific distributor challenge resulting in a drop
in sales to £0.5m in H1 2025 (H1 2024: £0.54m) which masks an impressive 9%
growth from our Japanese partner who consistently produces year-on-year
growth. The key challenge has been with the significant structural upheaval
with the distributor in India who has experienced a significant reduction in
sales personnel. Whilst this is being resolved the impact will continue into
H2.
H1 2025 sales in the UK were £2.74m, broadly in line with H1 2024 of £2.75m,
reflecting the impact of portfolio realignment as certain third-party products
were discontinued. Excluding the impact from these products, like-for-like
sales increased by 10%, highlighting the underlying strength of demand across
our core offering. Continued investment in sales capability is expected to
support revenue growth in the second half of 2025 and into 2026, while the
planned launch of new products in Q4 will further expand our portfolio and
enhance our presence in the UK market.
Rest of World (ROW) sales were £0.23m in H1 2025 (H1 2024: £0.81m), a
disappointing result following a strong 2024 performance. The decline was
largely driven by the loss of business in the Middle East, while the ongoing
challenges in Israel also prevented the region from delivering the planned
growth.
OEM revenues were £0.95m in H1 2025 (H1 2024: £1.1m), reflecting the
expected reduction as the impact of clearing the backorder position in H1 2024
drops away. Importantly, sales of OEM versions of SI products more than
doubled to £0.18m in H1 2025 (H1 2024: £0.09m), highlighting the progress of
our strategy to establish strong partnerships with global instrument companies
with forecasted sales in H2 expected to be strong.
Commercial or underlying margins of 34.1% have increased in H1 by 3.5%
compared to 2024 FY margins (H1 2024: 34.4%, FY 2024: 30.6%). The reported
gross margin of 31.3%, which includes the net cost of manufacturing, is below
that of H1 2024 but has improved by 2.5% on the FY 2024 margins (H1 2024:
32.9%; FY 2024: 28.8%). Sales mix within the international business is
creating some margin headwinds, albeit is mostly offset by ongoing operational
efficiencies.
The business has seen limited price increases year over year, albeit several
planned increases will come into effect in H2 2025.
Other operating expenses decreased to £1.86m (H1 2024: £2.50m), as the
business continues to benefit from restructuring activities undertaken
throughout 2024, and lower headcount. Other operating expenses in H2 2025 are
expected to increase from H1 2025 levels as the business invests in its Sales
and Marketing footprint, but overall expenditure will remain below H2 2024
levels.
The Group generated an adjusted EBITDA profit for the period of £0.37m (H1
2024: £0.00m). The full effect of the savings from the restructuring in 2024,
actions on price and further operational efficiencies will deliver improved
profitability in H2.
Adjusted operating profit before tax for the period (before non-recurring
items and share based payment charges) was £0.06m (H1 2024: £0.43m loss).
The reported net profit before taxation amounted to £0.02m against a net loss
of £0.49m in H1 2024.
There was no reported tax charge/credit in the period (H1 2024: nil). In terms
of deferred tax, the Group continues to hold substantial corporation tax
losses on which management takes a cautious view, and consequently, the Group
does not recognise a corresponding deferred tax asset.
Adjusted net earnings per share amounted to a profit of 0.0020p (H1 2024:
0.040p loss). The net total comprehensive income for the period amounted to a
profit of £0.021m (H1 2024: loss of £0.49m).
For the first half of 2025, cash used in operations was £0.20m (FY 2024:
£0.10m,H1 2024: £0.5m). After continued investment into R&D of £0.1m
(FY 2024: £0.24m, H1 2024: £0.16m), capital expenditure of £0.03m (FY 2024:
£0.1m,H1 2024: £0.04m) and the financing costs of the existing bank loan and
lease liabilities, the Group had available cash balances of £0.5m (31 Dec
2024: £1.2m).
The Directors have considered the available cash resources of the Group and
the current internal anticipated forecasts and have a reasonable expectation
that the Group have adequate resources. Covenant test for the period ending 30
June 2025 has been passed.
Market Outlook
In the United States, performance is expected to remain constrained as tariffs
persist and challenges in developing new routes to market continue. In
contrast, the UK is well positioned to capitalise on emerging opportunities,
with increased investment in strengthening the sales team and the introduction
of new third-party products already beginning to drive growth. Strong growth
in Europe during 2025 H1 is expected to continue, albeit at a more moderate
pace, while Japan remains on track to deliver a record year, reflecting the
continued strength of the business across key international markets.
Sustainability focused initiatives continue to drive sales across key markets,
supported by ongoing investment in sales support, marketing, training, and the
further development of the financial and environmental calculator. These tools
remain highly effective in driving account conversion. The rise in SI-branded
product sales is primarily underpinned by the strong emphasis on
sustainability, which will remain a priority in H2. Ongoing account
conversions in key markets are expected to deliver continued momentum into
2026.
A cost-reduction project will also be implemented in Q4, with meaningful
margin benefits anticipated from early 2026. Additional cost-down initiatives
are scheduled throughout 2026, positioning the Company to deliver sustained
margin expansion and stronger long-term growth. Building on the successful
international rollout of LogiTube, the Company is preparing for the mid-Q4
2025 launch of the illuminated LogiTube Lux, which is expected to open new
market opportunities and broaden the product portfolio. With the redesign and
launch of the cutting shielded trocar for YelloPort Elite 5mm completing the
range focus is now moving to the next generation device aimed at improving
ergonomics and functionality whilst driving cost out of the device.
Operational and Regulatory Activities
The transition to the Medical Device Regulation ("MDR") has remained the
Company's key priority, requiring significant investment and presenting
considerable challenges as the compliance pathway has been navigated. The
Company's Quality Management System, technical files, and microbiology data
have previously been brought into full MDR compliance, successfully audited by
BSI, and fully approved. The final technical file relating to the Logi range,
which had been pending for some time, has now been recommended for
certification. This represents a major milestone for the business and has
absorbed substantial capacity from the Compliance, R&D, and Production
Engineering teams, who are now able to redirect their focus towards efficiency
and growth opportunities. In addition, the Company has successfully completed
key audits for the UKCA mark and the Medical Device Single Audit Program
("MDSAP").
The operational improvements introduced during 2024 to enhance manufacturing
efficiency, reduce costs, and strengthen margins are beginning to deliver
benefits, with further gains expected to flow through in the second half of
the year.
In September 2025, a new Production Director will join the business with a
mandate to drive greater operational efficiency across the facility. A key
priority will be the rapid introduction of cost-reduction projects aimed at
delivering further manufacturing savings.
Current Trading and Outlook
The operational improvement and cost reduction programme initiated in 2024 has
had a positive impact on the groups profitability and we expect to see the
benefits to continue through the rest of this year and into 2026.
First half sales as a consequence of headwinds remained flat. We expect to see
the revenue headwinds experienced in the first half continue for the rest of
the year, however the introduction of new 3(rd) party products and enhanced
sales tools and account conversations give the board confidence that we have
positioned the business for longer term sustainable growth.
Jonathan Glenn
Chairman
29 September 2025
Unaudited consolidated income statement for the six months ended 30 June 2025
Unaudited Unaudited Audited
six months six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Notes £'000 £'000 £'000
Revenue 3 6,145 6,175 11,945
Cost of sales (4,224) (4,141) (8,509)
Gross profit 2 1,921 2,034 3,436
Other operating expenses (1,860) (2,466) (4,227)
Other income - - -
Adjusted EBITDA profit * 373 (2) 50
Amortisation of intangible assets (107) (84) (211)
Depreciation of tangible assets (205) (233) (477)
Exceptional items - (113) (153)
Share based payments -
Operating profit / (loss) 61 (432) (791)
Finance costs 4 (40) (55) (99)
Impairment Costs - - (1,160)
Profit / (loss) before taxation 21 (487) (2,050)
Taxation credit/(charge) 5 - - 107
Profit / (loss) and total comprehensive income 21 (487) (1,943)
Earnings per share
Basic 6 0.002p (0.052p) (0.21p)
Diluted 6 0.002p (0.052p) (0.21p)
* Adjusted EBITDA is earnings before interest, depreciation, amortisation
(including impairment) and exceptional items.
Unaudited consolidated statement of changes in equity for the six months ended 30 June 2025
Notes Share capital Share premium Capital Merger Retained Total
reserve reserve earnings
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 January 2025 9,328 6,587 329 1,250 (8,953) 8,541
Employee share-based payment charge - - - -
Total - Transaction with owners 9,328 6,587 329 1,250 (8,953) 8,541
Loss and total comprehensive income for the period - - - - 21 21
Unaudited balance as at 30 June 2025 9,328 6,587 329 1,250 (8,932) 8,562
Unaudited consolidated balance sheet as at 30 June 2025
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
Notes £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 613 806 701
Right of Use Assets 674 700 794
Intangible assets 5,472 6,605 5,423
6,759 8,111 6,918
Current assets
Inventories 2,600 3,300 2,969
Trade and other receivables 9 2,602 2,443 2,156
Cash at bank and in hand (461) 232 195
4,741 5,975 5,320
Total assets 11,500 14,086 12,238
Equity and liabilities
Equity attributable to equity holders of the parent company
Share capital 9,328 9,328 9,328
Share premium account 6,587 6,587 6,587
Capital reserve 329 329 329
Merger reserve 1,250 1,250 1,250
Retained earnings (8,932) (7,497) (8,953)
Total equity 8,562 9,997 8,541
Non-current liabilities
Dilapidation provision 225 165 165
Lease liability 465 485 547
Borrowings 8 - 356 150
690 1,006 862
Current liabilities
Trade and other payables 9 1,420 1,977 1,603
Accruals 355 551 689
Lease liability 147 203 191
Borrowings 8 326 352 352
2,248 3,083 2,835
Total liabilities 2,938 4,089 3,697
Total equity and liabilities 11,500 14,086 12,238
Unaudited consolidated cash flow statement for the six months ended 30 June
2025
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
Notes £'000 £'000 £'000
Cash flows from operating activities
Loss after tax for the period 21 (487) (1,943)
Adjustments for:
Taxation - - (107)
Finance Income - - -
Finance Costs 4 40 55 99
Other Income-CBILS interest grant - - -
Depreciation of property, plant and equipment 113 129 265
Amortisation and impairment of intangible assets 23 84 1,374
Depreciation of right of use assets 132 104 213
Share-based payment charge -
Foreign Exchange (loss)/gain (13) (29) (18)
Decrease / (Increase) in inventories 370 (446) (115)
Decrease / (Increase) in current receivables (462) (421) (133)
(Decrease) / Increase in trade and other payables (423) 518 283
Cash (used in)/ generated from operations (199) (493) (82)
Taxation received 5 - - 107
Interest received - - -
Interest paid (40) (34) (99)
Net cash (used in)/generated from operating activities (239) (527) (74)
Payments to acquire property, plant and equipment (25) (37) (67)
Acquisition of intangible assets (96) (159) (268)
Net cash used in investment activities (120) (196) (335)
Repayment of CBILS 8 (176) (147) (353)
Repayment of lease liabilities 7 (134) (139) (273)
Net cash used in financing activities (310) (286) (626)
Net decrease in cash and cash equivalents (669) (1,009) (1,035)
Cash and cash equivalents at beginning of period 195 1,212 1,212
Effective exchange rate fluctuations on cash held 13 29 18
Net cash and cash equivalents at end of period (461) 232 195
Notes to the Interim Financial Information
1. Basis of preparation of interim financial information
The interim financial information was approved by the Board of Directors on 26
September 2025. The financial information set out in the interim report is
unaudited.
The interim financial information has been prepared in accordance with the AIM
Rules for Companies and on a basis consistent with the accounting policies and
methods of computation as published by the Group in its annual report for the
year ended 31 December 2024, which is available on the Group's website.
The Group has chosen not to adopt IAS 34 Interim Financial Statements in
preparing these interim financial statements and therefore the interim
financial information is not in full compliance with International Financial
Reporting Standards as adopted for use in the European Union.
The financial information set out in this interim report does not constitute
statutory financial statements as defined in section 434 of the Companies Act
2006. The figures for the year ended 31 December 2024 have been extracted from
the statutory financial statements which have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unqualified
and did not contain a statement under sections 498(2) and 498(3) of the
Companies Act 2006.
Going concern and funding
The Directors have considered the available cash resources of the Group and
the current internal anticipated forecasts and have a reasonable expectation
that the Group have adequate resources. The Group is expected to continue to
generate cash from operations over the next 12 months as the Group benefits
from a lower cost base following restructuring, continues to improve
operational efficiencies and reduce inventory. This will therefore provide
ample support to continue in operational existence for the foreseeable future,
considered to be at least 12 months from the date of approval of the financial
statements.
2. Disaggregation of gross margin
The Group has disaggregated margins in the following table: Six months Six months 12 months
ending 30 ending 30 June 2024 ending 31
June 2025 (unaudited) (unaudited) Dec 2024
(audited)
£'000 £'000 £'000
Revenue 6,145 6,175 11,945
Cost of Sales (4,047) (4,053) (8,284)
Underlying Gross Margin 2,098 2,122 3,661
Underlying Gross Margin % 34.14% 34.36% 30.60%
Net Cost of Manufacturing (177) (88) (225)
Contribution Margin 1,921 2,034 3.436
Contribution Margin % 31.26% 32.94% 28.80%
Underlying gross margin (excluding net costs of manufacturing) is an adjusted
KPI measure. Nets costs of Manufacturing are overheads that have not been
effectively absorbed due to reduced productivity.
Adjusted KPIs are used by the Board to understand underlying performance and
exclude items which distort comparability. The method of adjustments is
consistently applied but are 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.
3. Disaggregation of revenue
The Group has disaggregated revenues in the following table: SI Brand Distribution OEM Total
Six months ended 30 June 2025 (unaudited) £'000 £'000 £'000 £'000
United Kingdom 1,058 1,745 772 3,575
Europe 1,264 - - 1,264
US 411 - 181 592
APAC 481 - - 481
Rest of World 233 - - 233
3,447 1,745 953 6,145
SI Brand Distribution OEM Total
Six months ended 30 June 2024 (unaudited) £'000 £'000 £'000 £'000
United Kingdom 1,074 1,734 1,021 3,829
Europe 888 - - 888
US 535 - 92 627
APAC 549 - - 549
Rest of World 282 - - 282
3,328 1,734 1,113 6,175
SI Brand Distribution OEM Total
Year ended 31 December 2024 (audited) £'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 1,158 - - 1,158
Rest of World 534 - - 534
6,373 3,625 1,947 11,945
Revenues are allocated geographically on the basis of where revenues were
received from and not from the ultimate final destination of use.
4. Finance Costs
Finance costs: Six month ended 30 June 2025 Six month ended 30 June 12 months
2024 ended 31 Dec
2024
£'000 £'000 £'000
On bank borrowings 15 34 59
On right-of-use assets lease liabilities 25 21 40
40 55 99
5. Tax
Current taxation
There was no reported tax charge/credit in the period.
Deferred taxation
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 fully.
6. Earnings per share
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
Earnings per share
Basic 0.002p (0.05p) (0.21p)
Diluted 0.002p (0.05p) (0.21p)
Adjusted 0.002p (0.04p) (0.07p)
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of shares in issue.
Diluted earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the diluted weighted average number of shares in
issue. Adjusted Earnings per share is calculated by dividing the adjusted
earnings attributable to ordinary shareholders (profit before non-recurring
costs, amortisation, impairment costs and share based payments) by the
weighted average number of shares in issue.
The anti-dilutive effect of unexercised shares options has not been taken into
account and therefore the diluted earnings per share is equal to the basic
earnings per share.
The Group has one category of dilutive potential ordinary shares being share
options issued to Directors and employees. The impact of dilutive potential
ordinary shares on the calculation of weighted average number of shares is set
out below.
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
'000s '000s '000s
Number of shares in issue 932,816 932,816 932,816
Dilutive effect of unexercised share options 1,219 1,211 1,215
Diluted number of shares 934,035 934,027 934,031
7. Leases
Impact on the statement of financial position
30 June 2025 30 June
2024 31 December 2024
Assets Liabilities Assets Liabilities Assets Liabilities
£'000 £'000 £'000 £'000 £'000 £'000
Right of use assets and lease liabilities 674 611 700 688 794 737
Of which are:
Current lease liabilities 236 203 191
Non-Current lease liabilities 375 485 547
Impact on Equity - 12 (1)
Total impact on statement of financial position 674 611 700 700 794 737
8. Net borrowings
At amortised cost Six months ended Six months ended 12 months ended 31 December 2024
30 June 2025 30 June 2024
£'000 £'000 £'000
Cash & cash equivalents (461) 232 195
Current bank borrowings (352) (352) (352)
Non-current bank borrowings 26 (356) (150)
Adjusted Net Cash (787) (476) (307)
Current lease liabilities (236) (203) (191)
Non-current lease liabilities (375) (485) (547)
Net Cash (1,398) (1,164) (1,045)
· Group borrowings consist of a CBILS loan (initially £1.5m) with Virgin Money
repayable by May 2026. Interest 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
minimum 1.25x on a 12month rolling basis.
· The covenant test for the period ending 30 June 2025 was passed.
· The Group has an Invoice Discounting facility of £1.0m with Virgin Money,
with a 2.5% margin and a minimum administration fee of £0.018m.
9. Financial Instruments
The financial assets of the Group are categorised as follows:
At amortised cost Six months ended 30 Six months ended 30 June 12 months
June 2025 2024 ended 31 Dec
2024
£'000 £'000 £'000
Trade receivables 2,228 1,874 1,748
Cash and cash equivalents (461) 232 195
1,767 2,106 1,943
The financial liabilities of the Group are categorised as follows:
At amortised cost Six months ended 30 June Six months ended 30 June 12 months
2025 2024 ended 31 Dec
2024
£'000 £'000 £'000
Trade payables 1,151 1,458 1,137
Other payables 236 312 238
Current lease liabilities 147 203 191
Non-current lease liabilities * 375 485 374
Current bank borrowings 352 352 352
Non-current bank borrowings * (26) 356 150
2,235 3,166 2,442
*Amortised costs are considered to the equivalent amount of fair value
Trade and other payables Six months ended 30 Six months ended 30 June 12 months
June 2025 2024 ended 31 Dec
2024
£'000 £'000 £'000
Trade payables 1,151 1,458 1,137
Other tax and social security 33 207 193
Corporation tax - - -
Other payables 236 312 238
1,420 1,977 1,568
10. Interim Report
This interim report is available at www.sigroupplc.com
(http://www.sigroupplc.com/) . (http://www.sigroupplc.com/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BRGDCDXDDGULRecent news on Surgical Innovations
See all newsREG - Surgical Innovations - Board Changes
AnnouncementREG - Surgical Innovations - Half-year Report
AnnouncementREG - Surgical Innovations - Notice of Results
AnnouncementREG - Surgical Innovations - Result of AGM
AnnouncementREG - Surgical Innovations - Withdrawal of AGM Resolutions 9 and 10
Announcement