Latest Financial Highlights



£ millionH1 2019H1 2018Reported
Growth at
Group revenue 48.747.6+2%+1%
Adjusted2 profit before tax12.813.6-6% –
Adjusted2 diluted earnings per share (pence)4.804.97-3% –
Adjusted3 net cash inflow from operating activities11.212.7-12% –
Profit before tax11.213.6-17% –
Diluted earnings per share (pence)4.064.95-18% –
Net cash inflow from operating activities10.312.7-19% –
Net cash463.971.1-10% –
Interim dividend per share (pence)0.500.42+19% –

Proposed final dividend of 0.90p per share, making a total dividend for the year of 1.32p per share (2017: 1.10p), up 20%.


  • Group revenues up 2% to £48.7 million (1% at constant currency):
    • Product ranges and geographies excluding US LiquiBand® delivered 10% revenue growth at reported and constant currency
    • 27% reduction in US LiquiBand® sales, as previously referenced in our trading update, due to destocking, competitor activity and delayed product launches
  • Acquisition of Sealantis in January for US$25 million:
    • Integration and commercialisation plans progressing well
    • In line with expectations, planned investment in R&D impacted Group profit and positions the Group for future growth
  • Realigned business unit structure in place since January 2019:
    • Surgical: revenues down 3% to £26.5 million (2018 H1: £27.3 million) and by 4% at constant currency
      • LiquiBand® delivered strong growth in all territories, with the exception of the US:
        • US revenues down by 27% to £7.7 million (2018 H1: £10.5 million), and by 31% at constant currency
        • UK and Germany revenues up 25% at reported and constant currency to £3.4 million (2018 H1: £2.7 million)
        • Rest of World revenues up 46% to £2.1 million (2018 H1: £1.4 million) and by 45% at constant currency
      • LiquiBand® Fix8™ revenues up 20% at reported and constant currency to £1.2 million (2018 H1: £1.0 million)
      • RESORBA® sutures up 6% to £7.2 million (2018 H1: £6.8 million) and by 7% at constant currency
      • RESORBA® biosurgicals up 5% to £4.5 million (2018 H1: £4.3 million) and by 6% at constant currency
    • Woundcare: revenues up 9% to £22.2 million (2018 H1: £20.3 million) and by 8% at constant currency
      • Infection Management up 14% to £9.4 million (2018 H1: £8.3 million) and by 12% at constant currency
  • Eddie Johnson appointed as CFO and Board member on 1 January 2019, following the planned retirement of Mary Tavener
  • The Board intends to pay an interim dividend of 0.50p per share (2018 H1: 0.42p), an increase of 19%, on 25 October 2019 to shareholders on the register at the close of business on 27 September 2019.

  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. All items are shown before exceptional items which, in 2019 H1 were £0.9 million (2018 H1: nil) and before amortisation of acquired intangible assets which, in 2019 H1, were £0.7 million (2018 H1: £0.04 million) as defined in the financial review
  3. Adjusted net cash inflow from operating activities is calculated as net cash inflow from operating activities plus exceptional items of £0.9 million (2018 H1: £nil)
  4. Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans