FY24 Trading Update & & Directorship Change

In brief · summary, not quotable

CFO Chris Martin leaving; Brent Greetham appointed CFO from 24 February. H2 24 profitable.

vs expectations: slightly ahead on Adjusted EBITDA, revenues in line

Full-year revenues broadly in line with market expectations
Adjusted EBITDA slightly ahead of market expectations
Net debt £0.3m (prior £0.5m at 30 June 2024)
Gross cash headroom £1.2m (prior £1.2m at 30 June 2024)

Full announcement

Select text to share a quote on X · sign in to keep highlights & notes in your SUN notes

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 EBITDA1 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 debt2 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: