Shares rose in SDI Group PLC on Friday after guiding for an annual performance ‘materially ahead’ of current market expectations.

Shares in the Cambridge-based medical technology firm were 15% higher at 172.95 pence each on Friday morning in London.

For the year ended April 30, SDI expects revenue to rise 40% to £49 million from £35.1 million the year before, aided by contributions from acquired businesses, including Monmouth Scientific, Uniform Engineering and Safelab Systems.

As a result, adjusted pretax profit is set to increase 42% to £10.5 million from £7.4 million.

Average consensus for SDI’s revenue and adjusted pretax profit is set at £46.7 million and £9.7 million respectively.

Looking ahead, SDI said it expects its 2023 financial year to be its ‘best year yet’, also ahead of current market expectations.

‘We have executed again on all facets of our buy and build strategy, delivering record performance in FY2022 and setting up what looks like another record year in FY2023,’ said Chair Ken Ford.

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