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Surgical Innovations (SUN) – Out of intensive care?
On the 28th October the Executive Chairman bought a million shares at 1.3p. and now only 6 weeks later they stand at 1.88p – a 45% gain in 6 weeks. Today they have surged by 15% following a positive trading update showing that the company may well be on the road to recovery.
Surgical Innovations is a leader in innovative medical technology for minimally invasive surgery and It is very successful in the USA.
On the 5th August Melanie Ross was appointed Finance Director only to resign two months later with an indicated departure date of April 2016. Today it is announced that not only has she withdrawn her resignation but she has also been appointed Managing Director. If there has been trouble at t’ mill it looks as if it could be over
Yorkshire Bank has agreed to extend the company’s loan facility for a further 6 months to 31st October 2017, after the Board expressed itself as being satisfied with trading progress and confirming that the improvement shown in the interim results, namely a rise in revenue of nearly 50%, had continued.
The company said that it was moving into the second phase of its recovery program but that the full benefits would not be seen until 2017.
Results for 2013 showed that all appeared to be well with a 12% rise in revenue and an increase in basic earnings per share from 0.17p to 0.20p. In September 2014 a warning came that profits would be significantly below market expectations and following a revenue collapse of well over 50%, they were. In a year the share price had collapsed from 8p to 1.38p
The company’s recovery seems to be well under way. The Chairmans share purchase is a vote of confidence in the future. New Board members are being sought. Revenue is rising. All signs that the present share price, may soon become history.
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