Advanced Medical Solutions ticks all the right boxes on interim report card

Iain Gilbert Sharecast | 13 Sep, 2017 17:50 | | |

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17:25 22/09/17

UK based Advanced Medical Solutions Group (AMS) said on Wednesday that it anticipated its full-year results would be in line with guidance, before upping its interim dividend and announcing increased profits.

AMS said group revenues had gone up by 17%, or 8% at constant currency, to £45.9m mostly thanks to a 40% boost in sales of its LiquiBand topical tissue adhesives across all of its major markets, with a particularly good outing in the US where revenue from the product rose 52% to £9.1m in the sixth months leading to 30 June.

The AIM-listed firm said the decision to split its business units in two - a branded business unit and an OEM business unit - allowed for streamlined production with the former delivering a 26% growth in revenue and the latter posting a 6% bump in the half.

Chris Meredith, chief executive of AMS, said, "We remain optimistic about our organic growth prospects and our innovative R&D pipeline and continue to closely monitor and evaluate acquisition opportunities to capitalise on our strong financial and strategic position."

The board announced that it was intending to pay an interim dividend of 0.35p per share on 27 October, a 17% increase on the previous year.

Total profit before tax jumped 27% to £11.4m and basic earnings per share followed, moving up 23.3% to 4.32p.

As of 1625 BST, shares had dropped 5.68% to 294.50p.

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