Yorkshire-based medical instrument manufacturer Surgical Innovations has reported a 10% growth in pre-tax profits, after a jump in revenues of 8% to £7.6m.
Based in Leeds, the company specialises in medical equipment for keyhole surgery. As well as manufacturing instruments under its own brand name, Surgical Innovations (SI) supplies much larger companies and forms a part of an advanced and complex global supply chain.
A large part of the new profits came from an increase in income from the company’s own-branded products of 22.7% to £4.73m – demonstrating that the firm is able to compete on its own terms according to chairman Doug Liversidge. SI hit pre-tax profits of £1.7m for 2011 while the company generated net cash of £1.78m.
Mr Liversidge said that he was confident that his company could continue to gain international clinical recognition through its “expanding and varied routes to market,” and commented: “We expect to see further growth from new products that are launched throughout the year, as well as through the development of existing and new relationships with OEM customers.”
SI’s senior level staff are now considering acquisition opportunities after its strong growth, and are aiming to exploit areas where “strong synergies exist” with other companies.
Liversidge said that in particular the company wanted to find out where its “R&D expertise and in-house manufacturing capabilities can enhance functionality and profitability to the products acquired,” while saving costs for its customers.