16th Jan 2007 07:00
Gyrus Group PLC16 January 2007 16th January 2007 Gyrus Group PLC Pre-Close Period Statement Reading, UK - Gyrus Group (GYG.L) a leading supplier of medical devices whichreduce trauma and complications in surgery, today provides a pre-close periodupdate ahead of its preliminary results announcement on 16th March 2007. The Group's reported revenues for the year to 31st December 2006 are anticipatedto be approximately £213 million representing growth of over 40% on the previousyear (2005: £150million). Proforma underlying revenue growth (assuming a fullcomparative contribution from American Cystoscope Makers Inc ("ACMI"), on aconstant exchange rate basis and excluding discontinued business lines) isexpected to be approximately 7%, an improvement on the 6% growth shown in thefirst half of the financial year. This was driven by a strong sales performancein the last quarter of the year. The integration of ACMI continued during the year in line with management'sexpectations. The Group's new North American customer service and distributioncentre is up and running in Minnesota and the Racine, Wisconsin plant closure isnearing completion. Additionally, the transfer of part of the Group's productionto the new Mexican plant has now commenced. Subject to completion of the audit it is anticipated that Earnings per Share forthe year to 31st December 2006 will be in line with market expectations. A large number of new products have been introduced to market in 2006; the mostsignificant being the PlasmaCision range in support of the Group's entry intothe large general surgery market. Total revenues from this range in 2006 wereapproximately $7.6m ($4.6m disposable instruments and $3.0m G400 Generators)compared with $2.8m ($1.9m disposable instruments and $0.9m G400 Generators) inthe first half of the year. Market feedback on this novel simultaneous "cut andseal" technology has been very positive and the Surgical Division has installedapproximately 400 G400 generators into the US market, which comprises bothgynaecologists and general surgeons. The post market optimisation of thePlasmaSeal instrument for open surgical procedures and improvements to thePlasmaTrissector for laparoscopic procedures have progressed well. Thecombination of the level of generator installations and the improvements to theGroup's two leading general surgery instruments represents a good platform for2007. Brian Steer, Executive Chairman of Gyrus said: "In the crucial first full year of the combined Gyrus ACMI business we havesuccessfully made savings in the combined US organisation at the same time asintroducing a significant number of new products to market. Despite thesubstantial fall in the value of the US dollar, our principal operatingcurrency, we have made good progress in the year and we look to continue theGroup's strong performance in 2007." Enquiries: Gyrus Group PLCBrian Steer, Executive Chairman 01189 219 750Simon Shaw, Chief Financial Officer 01189 219 750 Financial DynamicsBen Atwell 0207 831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GYG.L