Surgical Innovations : AGM Statement

Surgical Innovations Group plc

(the "Group" or the "Company")

AGM Statement

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical technology for minimally invasive surgery, will hold its Annual General Meeting today at 2.00 p.m. at the offices of the Company, Clayton Wood Bank, Leeds LS16 6QZ.

At the meeting Nigel Rogers, Executive Chairman, will make the following statement:

"Trading performance of the Group for the current financial year to date is in line with the Board's expectations. Revenues show strong growth compared with the corresponding period in the prior year, with gross margins delivered within the target range.

"Product innovation continues to be a priority, with focus on the further development of the YelloPort Elite range, our next generation Resposable port access system and the launch of further products to enhance our ranges of retraction and ligation solutions. The overall level of expenditure on product development has been maintained at a similar proportion of revenue as last year, demonstrating our ongoing commitment to innovation.

"The Group continues to be cash generative, with net cash resources building whilst maintaining investment in development, and a modest increase in working capital due to the increased activity level. Overall, the Board is satisfied with progress."

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