AMS at a Glance
Advanced Medical Solutions Group plc is a leading developer and manufacturer of innovative and technologically advanced products for the global surgical and advanced woundcare markets.
Our primary focus is to create quality outcomes for our:
Full Year Period End31 December 2020
Interim Dividend Payment23 October 2020
Interim Results Announcement16 September 2020
Half Year Period End30 June 2020
Final Dividend Payment19 June 2020
Annual General Meeting10 June 2020 (Closed Meeting)
Preliminary Results Announcement11 March 2020
The Group has faced an unprecedented first half of 2020 as a result of the severe impact on our core markets arising from the COVID-19 pandemic. As a business, we have responded well to the challenge, prioritising our employees’ safety and continuing critical supply to customers. Whilst the short-term impact has been stark, we are proud that the Group remains profitable and cash generative during this time whilst maintaining the dividend and a robust balance sheet.
Trading was in line with the trading update of 9 July 2020, with the majority of the business impacted by government-led restrictions to control COVID-19 and a slowdown in demand across all regions and product categories. All manufacturing sites have remained in operation throughout the COVID-19 pandemic, servicing customers and order demand, and having implemented strict controls to ensure employee safety at all times.
First half revenue was £39.3 million, down by 19% on a reported and constant currency basis. Despite the significant challenges, the Group reported an adjusted operating profit of £5.5 million and a 6% increase in net cash to £67.9 million. The US LiquiBand® recovery plan remains on track with sales initiatives recovering 2% share of end market volumes. LiquiBand® Rapid launched with a key partner as planned and regained product listings on the two previously lost Group Purchasing Organisation (GPO) contracts.
Investment has been maintained in R&D to progress key projects and we are well positioned for growth as our markets continue to recover. Whilst we expect COVID-19 to continue to impact sales and profitability in the short-term, the Board remains positive about our medium to long-term prospects.
Product approvals for new geographies have continued with our first approvals in India for both LiquiBand® and LiquiBandFix8®. Patents have been granted for LiquiBand® Exceed in the UK and US, providing protection and tax benefits until 2034.