11 September 2019

Interim Results for the six months ended 30 June 2019

 

Winsford, UK, 11 September 2019: 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 2019.

Financial Highlights:

 

 

£ million

 

H1 2019

H1 2018

Reported change

Growth at  constant currency¹

Group revenue

48.7

47.6

+2%

+1%

Adjusted

 

 

 

 

Adjusted2 profit before tax

12.8

13.6

-6%

 

Adjusted2 diluted earnings per share (pence)

4.80

4.97

-3%

 

Adjusted3 net cash inflow from operating activities

11.2

12.7

-12%

 

Reported

 

 

 

 

Profit before tax

11.2

13.6

-17%

 

Diluted earnings per share (pence)

4.06

4.95

-18%

 

Net cash inflow from operating activities

10.3

12.7

-19%

 

Net cash4

63.9

71.1

-10%

 

Interim dividend per share (pence)

0.50

  0.42

+19%

 

 

 

Business Highlights (including post period end):

 

  • Group revenues up 2% to £48.7 million (1% at constant currency):
    • Product ranges and geographies excluding US LiquiBand® delivered 10% revenue growth at reported and constant currency
    • 27% reduction in US LiquiBand® sales, as previously referenced in our trading update, due to destocking, competitor activity and delayed product launches
  • Acquisition of Sealantis in January for US$25 million:
    • Integration and commercialisation plans progressing well
    • In line with expectations, planned investment in R&D impacted Group profit and positions the Group for future growth
  • Realigned business unit structure in place since January 2019:
    • Surgical: revenues down 3% to £26.5 million (2018 H1: £27.3 million) and by 4% at constant currency
      • LiquiBand® delivered strong growth in all territories, with the exception of the US:
        • US revenues down by 27% to £7.7 million (2018 H1: £10.5 million), and by 31% at constant currency
        • UK and Germany revenues up 25% at reported and constant currency to £3.4 million (2018 H1: £2.7 million)
        • Rest of World revenues up 46% to £2.1 million (2018 H1: £1.4 million) and by 45% at constant currency
      • LiquiBand® Fix8™ revenues up 20% at reported and constant currency to £1.2 million (2018 H1: £1.0 million)
      • RESORBA® sutures up 6% to £7.2 million (2018 H1: £6.8 million) and by 7% at constant currency
      • RESORBA® biosurgicals up 5% to £4.5 million (2018 H1: £4.3 million) and by 6% at constant currency
    • Woundcare: revenues up 9% to £22.2 million (2018 H1: £20.3 million) and by 8% at constant currency
      • Infection Management up 14% to £9.4 million (2018 H1: £8.3 million) and by 12% at constant currency
  • Eddie Johnson appointed as CFO and Board member on 1 January 2019, following the planned retirement of Mary Tavener
  • The Board intends to pay an interim dividend of 0.50p per share (2018 H1: 0.42p), an increase of 19%, on 25 October 2019 to shareholders on the register at the close of business on 27 September 2019.

“The Group continues to perform well and I am pleased to report another period of growth. Despite disappointing trading in the US for LiquiBand, which we expect to recover next year, we are excited by the upcoming product approvals and pleased with the progress made across multiple products and markets. The Board continues to be optimistic about our long-term prospects and the potential for further organic and acquisitive growth.”

Chris Meredith

CEO of AMS

- End -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

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 2019 H1 were £0.9 million (2018 H1: nil) and before amortisation of acquired intangible assets which, in 2019 H1, were £0.7 million (2018 H1: £0.04 million) as defined in the financial review

3    Adjusted net cash inflow from operating activities is calculated as net cash inflow from operating activities plus exceptional items of £0.9 million (2018 H1: £nil)

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

Eddie Johnson, Chief Financial Officer

 

 

 

Consilium Strategic Communications

Tel: +44 (0) 20 3709 5700

Mary-Jane Elliott / Matthew Neal / Nicholas Brown / Olivia Manser

 

 

Investec Bank plc (NOMAD) & Broker

Tel: +44 (0) 20 7597 5970

Daniel Adams / Gary Clarence / 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 and woundcare markets, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, and internal fixation devices, which it markets under its brands LiquiBand®, RESORBA®, and LiquiBandFix8®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. In 2019, the Group acquired Sealantis, an Israeli-based medical device company with a patent-protected internal sealant technology platform.

 

AMS's products, manufactured in the UK, the Netherlands, Germany, and the Czech Republic, are sold globally 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. The Group has R&D innovation hubs in the UK and Germany, as well as the recently acquired R&D facility in Israel. Established in 1991, the Group has approximately 650 employees. For more information please see www.admedsol.com.

 

***Please click here for the full report***


Back to previous page