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 2021
Half Year Period End30 June 2021
Final Dividend Payment18 June 2021
Annual General MeetingJune 2021
Preliminary Results Announcement17 March 2021
Having created a designated COVID-19 working group, prioritised safe working practices and complied with government measures on social distancing, all AMS sites have remained in operation throughout the pandemic and the Group has been able to service the demand of its healthcare partners throughout 2020 while maintaining its robust balance sheet.
COVID-19 restrictions disrupted our global markets in 2020, with a resulting slowdown in surgical and wound treatment volumes. In addition, reduced access to hospitals has significantly restricted business development activities during the year. In line with consensus market forecasts, Group sales and profitability were heavily impacted. Group revenue declined to £86.8 million (2019: £102.4 million) and the resulting adverse operating leverage led to adjusted profit before tax reducing to £13.4 million (2019: £26.6 million) and adjusted diluted earnings per share reducing to 5.4p (2019: 9.8p).
Investment in R&D increased to £7.9 million (2019: £6.5 million) as progress continued on all key projects across the Group. We received approval and launched LiquiBand® Rapid™ and successfully completed LiquiBand® XL clinical trials, which keeps us on track for approval and launch towards the end of 2021. Progress on the US clinical trial for LiquiBandFix8® progressed well with a filing expected in 2022. Patient enrolment for the first human clinical study of Seal-G® and Seal-G® MIST began in February and CE mark extensions for the product are expected imminently giving AMS access to a new $1 billion addressable market with a differentiated product to fulfil a significant unmet need.
The acquisition of Raleigh Adhesive Coatings Limited in November 2020 for £22 million provides a strong strategic fit with commercial synergies and new commercial opportunities.
Given the Group’s strong net cash position and reflecting the Board’s confidence in the future, an increased full year dividend is proposed. In line with best practice, AMS repaid the £0.4 million of UK Government furlough support received during the year.
As COVID-19 vaccine programmes roll out in key markets, we await the reduction in infection rates and a gradual return to normalised levels of elective surgery across all of our markets.