SURGICAL INNOVATIONS GROUP PLC

Company number

02298163

Status

Active

Incorporation

1988-09-20

Last accounts made up

2024-12-31

Account category

GROUP

Primary SIC

32500

Hubs

UK Healthcare

Accounting basis

IFRS

Reporting scope

Consolidated (group)

Auditor

Saffery LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors continue to adopt the going concern basis in the preparation of the financial statements. The Directors have considered the period of at least 12 months from the date of approval of the financial statements in making this assessment. The Directors have prepared forecasts for the period to December 2026 based on a full evaluation of the Group's trading activities and costs base, sensitised to reflect a rational judgement of the level of inherent risk. Financial headroom as of 31 December 2024 was £0.9m with the invoice discounting facility remaining largely undrawn. The Board is satisfied that there is headroom including testing any sensitivities under reasonably possible scenarios, and the Directors conclude that it continues to be appropriate to prepare the Annual Report and Accounts on a going concern basis.”

Subsidiaries

• Surgical Innovations Limited · 1% held · Great Britain · Design and manufacture of minimally invasive devices
• Haemocell Limited · 1% held · Great Britain · Design and manufacture of Autologous blood products
• Elemental Healthcare Ltd · 1% held · Great Britain · Distribution of innovative Medical products

Significant events

• “The Company concluded the year with stable revenues, a strengthened operational position, and a range of significant new opportunities. These include the introduction of SI-branded products and the expansion of distribution agreements within the UK.”
• “A project focused on reducing operational overheads was completed in early Q3, with the benefits beginning to be realised in H2 and expected to continue into 2025.”
• “Elemental has secured a new five-year exclusive UK distribution agreement with Microline Surgical Inc.”
• “The Company has also signed new agreements with Cipher Surgical Ltd., Aspen Surgical Inc., and Veol Medical Technologies, broadening its portfolio with an exciting range of medical devices for the UK healthcare market.”
• “A significant restructuring of the business was carried out and finalised by September 2024, which included a reduction in headcount from 105 to 85.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers