Financial Highlights

20202019Reported changeChange at constant currency¹
Revenue (£ million)86.8102.4-15%-15%
Adjusted Measures
Adjusted² profit before tax (£ million)13.426.6-50%
Adjusted² profit before tax %15.4%26.0%-10.6pp
Adjusted² diluted earnings per share (p)5.449.83-45%
Reported Measures
Profit before tax (£ million)10.124.3-58%
Profit before tax %11.6%23.7%-12.1pp
Diluted earnings per share (p)3.948.72-55%
Net operating cash flow21.521.7-1%
Net cash (£ million)53.864.8-17%
Proposed full year dividend per share (p)1.70p1.55p+10%

Business Highlights

  • Having prioritised employee safety, all manufacturing sites have remained in operation throughout the COVID-19 pandemic servicing customers and meeting order demand. Nonetheless, as previously announced, and in line with consensus market forecasts, on a Group level, sales and profitability were heavily impacted by COVID-19, as shown in the above table.
  • 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 that had been received during the year.
  • Approval and launch of LiquiBand®Rapid™, albeit at a restricted level due to current lack of access to surgeons. Successful completion of LiquiBand® XL clinical trials keeps us on track for approval and launch towards the end of 2021.
  • Investment in R&D increased to £7.9 million (2019: £6.5 million) as progress continued on all key projects across the Group.
  • US clinical trial to support the Premarket Approval (PMA) for LiquiBandFix8®progressed well with more than 65% of the total required patient procedures now complete. Filing for the device is expected in 2022, following the 12 month follow-up stipulated by the FDA.
  • 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.
  • Acquisition of Raleigh Adhesive Coatings Limited (“Raleigh”) in November 2020 for £22 million provides a strong strategic fit with commercial synergies and new commercial opportunities.



  1. Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s exchange rates
  2. Adjusted profit before tax is shown before exceptional items which were £0.8 million (2019: £1.1 million), amortisation of acquired intangible assets which was £2.3 million (2019: £1.7 million) and change in fair value of long-term liability expense of £0.2 million (2019: credit of £0.3 million) as defined in the Financial Review. Adjusted operating margin is shown before exceptional items and amortisation of acquired intangible assets
  3. Net cash is defined as cash and cash equivalents plus short term investments less bank loans and financial liabilities excluding those relating to IFRS16