Business
Trading Update and Board Changes
Trading Update and Board Changes.
About this update from Surgical Innovations Group Plc
[{"type":"text","content":"\n \nRNS Number : 5104M Surgical Innovations Group PLC 21 January 2016 \n\nSurgical Innovations Group plc\n(\"the Company\")\n \nTrading Update and Board Changes\n \n \nSurgical Innovations Group Plc (AIM: SUN), the designer and manufacturer of innovative medical technology for minimally invasive surgery, provides an update on trading for the year ended 31 December 2015 and announces changes to the composition of the Board.\n \nTrading Update\n \nTrading for the year ended 31 December 2015 was in line with board expectations, with an improved performance in the second half of the year. Revenues for the year were approximately £5.5m, an increase of 36% compared with the prior year. Net bank borrowings at the end of the financial year were approximately £1.0m (2014: £2.3m). Audited results for the year ended 31 December 2015 will be released in mid-March 2016.\n \nBoard Changes\n \nDoug Liversidge CBE has served as a Non-Executive Director of the Company since 1998, and was Chairman until October 2015. He has now decided to step down from the Board to focus on his other business activities. The Board has accepted his resignation as a director with immediate effect. Professor Mike McMahon will continue to lead the clinical activities of the Company as a Non-Executive Director.\n \nThe Board is pleased to announce the immediate appointment of two independent Non-Executive Directors, Alistair Taylor and Paul Hardy.\n \nAlistair is a vastly experienced director in life science companies with exposure to both pharmaceutical and med-tech sectors. After forging a successful career with Beecham Group Limited and Pfizer Inc., he has gone on to lead a number of public and private businesses in the medical field in the UK and internationally, initially as CEO of Biocompatibles plc, and later as Chairman of Lombard Medical Technology plc, and Phytopharm plc amongst others.\n \nPaul also joins with a wealth of relevant skills and experience. After qualifying as a Chartered Accountant in 1984, he moved into the engineering industry which culminated in leading the private equity-backed management buyout of BI Engineering Limited, a £60m turnover group of aerospace and med-tech businesses in the UK and US. The medical division was subsequ...