Advanced Medical Solutions Grp PLC – Interim Results

Advanced Medical Solutions Grp PLC – Interim Results

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:

o 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.

 

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

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