Financial Highlights


Reported changeChange at constant currency¹
Revenue (£ million)50.239.328%31%
Adjusted Measures
Adjusted² profit before tax (£ million)12.45.3133%
Adjusted² profit before tax %24.6%13.5%11.1pp
Adjusted² diluted earnings per share (p)4.642.16115%
Reported Measures
Profit before tax (£ million)11.24.3163%
Profit before tax %22.3%10.8%11.5pp
Diluted earnings per share (p)4.101.68144%
Net operating cash flow13.78.855%
Net cash (£ million)61.167.9-10%
Proposed full year dividend per share (p)0.58p0.50p+16%

Business Highlights

AMS is pleased to report interim results slightly ahead of the trading update of 7 July 2021 with strong revenue growth, profitability and cash generation despite the residual impacts of COVID-19. The Group made significant regulatory and clinical progress in the Period and continued to invest in developing next-generation products.

  • Revenue increased to £50.2 million (2020 H1: £39.3 million) as the impact of COVID-19 continues to reduce and many key markets rebuild towards more routine levels of elective surgery. This represents an increase of 28% on a reported basis and 31% on a constant currency1 basis
  • The Group reports a 133% increase in adjusted profit before tax to £12.4 million (2020 H1: £5.3 million) with a significant improvement in operational leverage resulting from the increased sales volumes
  • Net cash increased to £61.1 million from a year-end position of £53.8 million (2020 H1: £67.9 million) driven by improved trading and good operational cash flow
  • Investment in R&D increased to £4.4 million (2020 H1: £3.8 million), representing 8.7% of revenue, as progress was made on key projects across the Group
  • The US clinical trial to support the Premarket Approval (PMA) for LiquiBandFix8® continues to progress well with patient procedure volumes now sufficient to prepare and submit the PMA clinical module. FDA filing for the device is on track for 2022
  • The LiquiBand® XL 510(k) application was submitted in the Period with approval expected by the end of 2021
  • As previously announced, Seal-G® and Seal-G® MIST were awarded CE marks and the first human clinical trials commenced for both products in the Period. Interim study results are expected in early 2022 to support the full commercial European launch planned for 2022
  • Good progress was made in integrating Raleigh, acquired in November 2020. Revenues continue to perform in line with initial expectations and it is expected to be earnings enhancing in 2021
  • Given the Group’s strong net cash position and reflecting the Board’s continued confidence in the future, the interim dividend is increased to 0.58p per share (2020 H1: 0.50p)
  • Post period end – Chris Locke was appointed as Chief Technology



  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. Adjusted profit before tax is shown before exceptional items which, in 2021 H1 were £nil (2020 H1: £nil), before amortisation of acquired intangible assets which, in 2021 H1, were £1.6 million (2020 H1: £1.1 million) and change in long-term liabilities credit of £0.4 million (2020 H1: credit of £0.03 million) as defined in the financial review. Adjusted operating margin is shown before exceptional items and amortisation of acquired intangible assets
  3. Net cash in 2021 H1 was £61.1 million (2020 H1: £67.9 million) defined as cash and cash equivalents of £61.1 million (2020 H1: £68.4 million) plus short-term investments less financial liabilities and bank loans in 2021 H1 of £nil (2020 H1: £0.5 million)