Surgical Innovations returns to FY pre-tax profit

Shares in Surgical Innovations rose more than 8% after it returned to full-year pre-tax profit.

"Management have now demonstrated a track record of financial success, and built a robust platform for future development of the business," said executive chairman Nigel Rogers.

Pre-tax profit for the 12-month period was £0.28m, from a loss of £2.13m a year previous. Revenue was led up by healthy export growth to £6.09m, from £5.47m.

"Recent regulatory changes have increased barriers for new market entrants, and strengthened the market position of those with the skills and experience to meet more stringent requirements," said Rogers in a statement.

He added that the company's core market of laparoscopic surgery was not completely immune from the effects of economic uncertainty, but health spending in this area in the UK and other developed markets was forecast to continue to grow ahead of inflation.

Surgical Innovations said it aimed to outperform the sector as a whole by increasing market penetration through opening new territories and introducing additional products and ranges, both organically and through additional partnerships and carefully selected acquisitions.

At 13:15 GMT, shares in AIM-listed Surgical Innovations were up 8.11% to 4p each.