StockMarketWire.com - Minimally invasive surgery technology group Surgical Innovations posted a first-half loss after the Covid-19 crisis hurt demand for elective surgery.

Pre-tax losses for the six months through June amounted to £2.6m, compared to losses of £0.3m on-year. Revenue slumped 49% to £2.59m.

Surgical Innovations said a recovery in the market was ahead of management expectations set at the time of bank refinancing in March.

Current quarter revenues to date, it added, had improved to more than 70% of the prior year comparative.

'The demand for elective surgery in all of our key markets continues to build; indeed, there is a growing backlog of urgent cases and an increasing recognition that safe working practices to segregate Covid-19 treatment from regular caseloads is essential,' chairman Nigel Rogers said.

'This pent-up demand, coupled with the sustainable credentials of our resposable product offering, lead us to be confident of the prospects for continuing recovery and a return to profitable growth in coming months.'


At 9:45am: [LON:SUN] Surgical Innovations Group PLC share price was -0.05p at 1.8p



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