13 September 2017

Interim Results for the six months ended 30 June 2017

 

Winsford, UK, 13 September 2017: Advanced Medical Solutions Group plc (AIM: AMS), the surgical and advanced woundcare specialist company, today announces its unaudited interim results for the six months ended 30 June 2017.

 

Financial Highlights:

 

 

 

H1 2017

H1 2016

Reported growth

Growth at  constant currency¹

Group revenue (£ million)

45.9

39.2

17%

8%

Adjusted² profit before tax (£ million)

11.5

9.5

21%

-

Profit before tax (£ million)

11.4

9.0

27%

-

Adjusted² diluted earnings per share (pence)

4.31p

3.68p

17%

-

Diluted earnings per share (pence)

4.26p

3.46p

23%

-

Net operating cash flow before exceptional items3 (£ million)

9.1

9.8

(7%)

-

Net cash (£ million)4

55.2

41.1

34%

-

Interim dividend per share (pence)

  0.35p

0.30p

17%

 

 

 

Business Highlights:

 

  • Group revenues up 17% to £45.9 million and by 8% at constant currency
  • Group streamlined into two Business Units; Branded and OEM, to support strategic initiatives
    • Branded revenues up 26% to £27.3 million (2016 H1: £21.6 million) and by 15% at constant currency
    • OEM revenues up 6% to £18.6 million (2016 H1: £17.5 million) and unchanged at constant currency
  • Continued strong performance with LiquiBand® topical tissue adhesives, sales up 40% to £13.0 million (2016 H1: £9.3 million) and by 26% at constant currency
    • US revenues up 52% to £9.1 million (2016 H1: £6.0 million), and by 32% at constant currency. US market share by volume increased to 24% (June 2016: 19%)
  • RESORBA® branded products, up 20% to £10.3 million (2016 H1: £8.6 million) and by 6% at constant currency
  • Antimicrobial dressings up 19% to £9.7 million (2016 H1: £8.1 million) and by 13% at constant currency

 

 

Commenting on the interim results, Chris Meredith, CEO of AMS, said:

 

“The Group has delivered another good set of results and we are confident of meeting Board expectations for the full year.

 

“Sales of LiquiBand® are strong in all main markets. All of our brands have made good progress and have shown improved performance as a result of our marketing initiatives.

 

“We remain optimistic about our organic growth prospects and our innovative R&D pipeline and continue to closely monitor and evaluate acquisition opportunities to capitalise on our strong financial and strategic position.”

 

 

- End –

 

1    Constant currency adjusts for the effect of currency movements by re-translating the current period’s performance at the previous period’s exchange rates

2    All items are shown before exceptional items which, in 2017 H1 were £nil (2016 H1: £0.4 million) and before amortisation of acquired intangible assets which, in 2017 H1, were £0.1 million (2016 H1: £0.1 million) as defined in the financial review

3    Operating cash flow is arrived at by taking the operating profit for the period before exceptional items of £nil (2016 H1: £0.4 million) and adjusting it for depreciation, amortisation, working capital movements and other non-cash items

4    Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans

 

 

For further information, please contact:

 

Advanced Medical Solutions Group plc

Tel: +44 (0) 1606 545508

Chris Meredith, Chief Executive Officer

Mary Tavener, Chief Financial Officer

 

 

 

Consilium Strategic Communications

Tel: +44 (0) 20 3709 5700

Mary-Jane Elliott / Matthew Neal / Philippa Gardner / Rosie Phillips

 

 

Investec Bank plc (NOMAD) & Broker

Tel: +44 (0) 20 7597 5970

Daniel Adams / Patrick Robb

 

 

 

About Advanced Medical Solutions Group plc

 

AMS is a world-leading independent developer and manufacturer of innovative and technologically advanced products for the global surgical, woundcare and wound closure markets, focused on quality outcomes for patients and value for payers. AMS has a wide range of products which it markets under its brands ActivHeal®, LiquiBand® and RESORBA® as well as supplying under white label.

 

AMS's products, manufactured out of two sites in the UK, one in the Netherlands, two in Germany and one in the Czech Republic, are sold in 75 countries via a network of multinational or regional partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, the Czech Republic and Russia. Established in 1991, the Group has approximately 600 employees. For more information please see www.admedsol.com.

 

 

***Read the full release here***


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