|2020||2019||Reported change||Change at constant currency¹|
|Revenue (£ million)||86.8||102.4||-15%||-15%|
|Adjusted² profit before tax (£ million)||13.4||26.6||-50%|
|Adjusted² profit before tax %||15.4%||26.0%||-10.6pp|
|Adjusted² diluted earnings per share (p)||5.44||9.83||-45%|
|Profit before tax (£ million)||10.1||24.3||-58%|
|Profit before tax %||11.6%||23.7%||-12.1pp|
|Diluted earnings per share (p)||3.94||8.72||-55%|
|Net operating cash flow||21.5||21.7||-1%|
|Net cash (£ million)||53.8||64.8||-17%|
|Proposed full year dividend per share (p)||1.70p||1.55p||+10%|
- 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.
- Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s exchange rates
- 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
- Net cash is defined as cash and cash equivalents plus short term investments less bank loans and financial liabilities excluding those relating to IFRS16