Surgical Innovations (LON:SUN) told investors that trading in 2015 was in line with expectations, thanks to an improved performance in the second half of the year.
Revenues amounted to around £5.5mln for the year, it said, and that is a 36% improvement on the preceding year. The company’s borrowings, meanwhile, were reduced to £1mln compared to £2.3mln at the end of 2014.
Surgical Innovations shares rallied around 20% following the statement to trade at 1.53p each.
The medical technology company’s financial results for the twelve months to December 31 are due for released in mid-March.
It was also announced this morning that former chairman Doug Liversidge has resigned with immediate effect as he focuses on other business interests. Liversidge has been non-executive director since October when he stepped down as chairman.
At the same time Surgical Innovations has now appointed two new directors, Alistair Taylor and Paul Hardy. The new directors will be paid in shares, on a quarterly basis.
"Firstly, the board places on record our appreciation for the many years of leadership which Doug has provided to the company, and thanks him for his dedication and commitment,” said executive chairman Nigel Rogers.
"Looking to the future, we are delighted that Alistair and Paul are joining the Board.
“They bring both breadth and depth of experience and an excellent network of established contacts in our sector. They can offer extensive support in the continued improvement of our core activity, in business development and achieving operational excellence."