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Medical technology distributor for minimally invasive surgery Surgical Innovations swung to a full-year loss after it wrote down the value of its assets.
Pre-tax losses for the year through December amounted to £2.6m, compared to a profit of £0.5m on-year.
Revenue fell slightly to £10.7m, back from £11.0m, though the company said revenue in the second half had grown 10% compared with the first.
Surgical Innovations said it expected significant short-term reductions in revenues as a result of the Covid-19 pandemic, as elective surgery in the UK and several other territories was suspended.
'The group has diverse geographical dispersion of markets, and has been assured of support from a number of key customers to maintain activity during this downturn,' it said.
'Our bankers have moved extremely quickly in providing short-term relief from capital repayments and covenant compliance, and stand willing to support our immediate liquidity.'
'In addition, we have received expressions of support from selected institutional shareholders.'
'Accordingly, the directors have concluded that it continues to be appropriate to prepare the annual report and accounts on a going concern basis, whilst acknowledging the material uncertainty that now exists and has been explained in this announcement and the annual report and accounts.'
At 9:30am: (LON:SUN) Surgical Innovations Group PLC share price was 0p at 1.3p