Surgical Innovations results are less than healthy

14th Sep 2011 12:32

Holders of shares in Surgical Innovations lost an arm and a leg on Wednesday morning as the medical device manufacturer announced a drop in its first half operating profit and revenues.A lack of repeat orders led to a £0.37m drop in revenue to £3.20m, which resulted in a decrease in pre-tax profits to £0.47m on a like-for-like basis (2010 H1: £0.76m). Investors showed their dissatisfaction with the results as the share price fell 17.48% to 10.62p. Despite the poor results, chairman Doug Liversidge claimed he was pleased and encouraged by the "good progress" of the business. The chairman said: "With the extensive work being carried out in the US, anticipated product launches, existing sales commitments from customers and increased penetration of our products, we remain very confident about our expected growth into 2012 and 2013." Basic earnings per share fell to 0.12p, losing 0.6p from the same period last year. The company was keen to emphasise that it had invested £1.36m in manufacturing, research and development during the six month period. NR