Advanced Medical Solutions Group

AMS · AIM · Health Care · mcap £614m · 282.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 16 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £622.7m
Owner’s net cash: −£60.3m
Net cash / market cap: -10%
EV ex leases: £684.2m
Revenue: £233.6m
Operating profit: £14.6m
Free cash flow after leases: £3.7m
EV / EBIT: 46.8×
FCF yield: 0.6%
Price / tangible book: 10.79×
ROCE: 4%
Net income (owners): £3.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 16 Sep 26 · read the results ↗

Source ↗

	Before Exceptional (unaudited) Six months ended 30 June 2026 Items £'000	Exceptional Items (unaudited) Six months ended 30 June 2026 Note 8 £'000	Before Exceptional (unaudited) Six months ended 30 June 2026 Total £'000	Exceptional Items (unaudited) Six months ended 30 June 2025 Items £'000	Before Exceptional (unaudited) Six months ended 30 June 2025 Note 8 £'000	Exceptional Items (unaudited) Six months ended 30 June 2025 Total £'000	(audited) Year ended 31 December 2025 Items £'000	(audited) Year ended 31 December 2025 Note 8 £'000	(audited) Year ended 31 December 2025 Total £'000
Revenue from continuing operations	115,458	-	115,458	110,769	-	110,769	228,936	-	228,936
Cost of sales	(52,491)	-	(52,491)	(51,515)	-	(51,515)	(106,798)	-	(106,798)
Gross profit	62,967	-	62,967	59,254	-	59,254	122,138	-	122,138
Distribution costs	(2,095)	-	(2,095)	(1,586)	-	(1,586)	(3,847)	-	(3,847)
Administration costs	(46,084)	(12,374)	(58,458)	(44,278)	(2,988)	(47,266)	(90,495)	(5,805)	(96,300)
Other income	270	-	270	325	-	325	671	-	671
Operating profit	15,058	(12,374)	2,684	13,715	(2,988)	10,727	28,467	(5,805)	22,662
Finance income	28	-	28	358	-	358	211	-	211
Finance costs	(2,377)	-	(2,377)	(2,622)	-	(2,622)	(5,090)	-	(5,090)
Profit before taxation	12,709	(12,374)	335	11,451	(2,988)	8,463	23,588	(5,805)	17,783
Income tax	(3,672)	3,188	(484)	(2,990)	685	(2,305)	(8,892)	1,204	(7,688)
Profit/(Loss) for the Period	9,037	(9,186)	(149)	8,461	(2,303)	6,158	14,696	(4,601)	10,095
Profit/(Loss) for the Period attributable to equity holders of the parent	9,121	(9,186)	(65)	8,508	(2,303)	6,205	14,555	(4,601)	9,954
Non-controlling interest	(84)	-	(84)	(47)	-	(47)	141	-	141
Earnings per share
Basic	4.21p	(4.24p)	(0.03p)	3.96p	(1.07p)	2.89p	6.75p	(2.13p)	4.62p
Diluted	4.12p	(4.14p)	(0.03p)	3.89p	(1.05p)	2.84p	6.62p	(2.09p)	4.52p

Source ↗

	(unaudited) 30 June 2026 £'000	(unaudited) 30 June 2025 £'000	(audited) 31 December 2025 £'000
Assets
Non-current assets
Intangible assets	86,190	94,329	92,731
Goodwill	111,404	118,953	112,693
Property, plant and equipment	49,050	46,573	48,750
Trade and other receivables	1,184	1,080	1,219
Derivative financial assets	-	910	12
Deferred tax assets	203	1,268	-
Total non-current assets	248,031	263,113	255,405
Current assets
Inventories	75,357	62,019	70,047
Trade and other receivables	52,873	50,093	47,654
Derivative financial assets	577	2,045	1,213
Current tax assets	1,764	827	2,436
Cash and cash equivalents	13,558	19,339	18,015
Total current assets	144,129	134,323	139,365
Total assets	392,160	397,436	394,770
Liabilities
Current liabilities
Trade and other payables	30,624	32,752	30,951
Derivative financial liabilities	175	-	-
Provisions	3,844	-	-
Borrowings	10,846	9,470	11,370
Current tax liabilities	600	1,290	4,293
Lease liabilities	2,953	3,208	3,332
Total current liabilities	49,042	46,720	49,946
Non-current liabilities
Other non-current liabilities	5,143	4,264	4,814
Derivative financial liabilities	152	-	-
Borrowings	63,060	59,956	57,101
Deferred tax liabilities	10,956	19,821	13,085
Lease liabilities	8,507	9,741	9,720
Total non-current liabilities	87,818	93,782	84,720
Total liabilities	136,860	140,502	134,666
Net assets	255,300	256,934	260,104
Equity
Share capital	11,037	10,961	10,977
Share premium	39,232	37,691	37,844
Other reserves	23,743	18,795	20,686
Hedging reserve	106	2,957	918
Translation reserve	(225)	(794)	3,729
Retained earnings	180,206	186,632	184,637
Equity attributable to equity holders of the parent	254,099	256,242	258,791
Non-controlling interests	1,201	692	1,313
Total equity	255,300	256,934	260,104

Source ↗

	(unaudited) Six months ended 30 June 2026 £'000	(unaudited) Six months ended 30 June 2025 £'000	(audited) Year ended 31 December 2025 £'000
Cash flows from/(used in) operating activities
Operating profit	2,684	10,727	22,662
Adjustments for
Depreciation	3,956	3,912	8,036
Amortisation - acquired intangible assets	5,223	5,164	10,313
- software intangibles	358	300	655
- development costs	1,661	1,297	2,393
Impairment of fixed assets	2,961	-	-
Impairment of intangible assets	698	-	-
Increase in inventories	(6,074)	(7,068)	(13,267)
(Decrease)/Increase in trade and other receivables	(5,483)	1,017	5,036
Increase/(decrease) in trade and other payables	3,924	208	(2,048)
Share-based payments expense	2,225	1,900	4,140
Taxation paid	(4,726)	(2,319)	(5,333)
Net cash inflow from operating activities	7,407	15,138	32,587
Cash flows from investing activities
Purchase of software	(64)	(160)	(1,111)
Capitalised development costs	(2,023)	(1,614)	(4,131)
Purchases of property, plant and equipment	(7,424)	(2,351)	(7,358)
Proceeds from disposal of property, plant and equipment	67	-	54
Interest received	26	135	207
Acquisitions (net of cash acquired)	-	-	72
Payment of contingent consideration	-	(1,064)	(1,064)
Net cash used in investing activities	(9,418)	(5,054)	(13,331)
Cash flows from financing activities
Dividends paid	(4,366)	-	(5,791)
Repayment of principal under lease liabilities	(1,915)	(1,659)	(3,885)
Repayment of borrowings	-	-	(5,000)
Net movement in short-term borrowings	6,327	(3,687)	(576)
Issue of equity shares	1,419	172	329
Interest paid	(3,018)	(2,490)	(4,045)
Net cash used in financing activities	(1,553)	(7,664)	(18,968)
Net (decrease)/increase in cash and cash equivalents	(3,564)	2,420	288
Cash and cash equivalents at the beginning of the period	18,015	17,039	17,039
Effect of foreign exchange rate changes	(893)	(120)	688
Cash and cash equivalents at the end of the period	13,558	19,339	18,015

Source ↗

	(Unaudited) Year ended 31 December Before Exceptional items £'000	(Unaudited) Year ended 31 December Exceptional items 8 £'000	(Unaudited) 2025 Total £'000	(Audited) 2025 Before Exceptional items £'000	(Audited) 2024 Exceptional items 8 £'000	(Audited) 2024 Total £'000
Revenue from continuing operations	228,936	-	228,936	177,521	-	177,521
Cost of sales	(106,798)	-	(106,798)	(84,903)	-	(84,903)
Gross profit	122,138	-	122,138	92,618	-	92,618
Distribution costs	(3,847)	-	(3,847)	(2,348)	-	(2,348)
Administration costs	(90,495)	(5,805)	(96,300)	(69,033)	(10,924)	(79,957)
Other income	671	-	671	906	-	906
Operating profit	28,467	(5,805)	22,662	22,143	(10,924)	11,219
Finance income	211	-	211	2,161	-	2,161
Finance costs	(5,090)	-	(5,090)	(3,557)	-	(3,557)
Profit before taxation	23,588	(5,805)	17,783	20,747	(10,924)	9,823
Income tax	(8,892)	1,204	(7,688)	(4,662)	1,981	(2,681)
Profit for the year	14,696	(4,601)	10,095	16,085	(8,943)	7,142
Profit for the year attributable to equity holders of the parent	14,555	(4,601)	9,954	16,037	(8,943)	7,094
Non-controlling interest	141	-	141	48	-	48
Earnings per share
Basic	6.75p	(2.13p)	4.62p	7.48p	(4.17p)	3.31p
Diluted	6.62p	(2.09p)	4.52p	7.35p	(4.10p)	3.25p

Source ↗

	(Unaudited) 31 December 2025 £'000	(Audited) 31 December 2024 £'000
Assets
Non-current assets
Intangible assets	92,731	97,412
Goodwill	112,693	116,884
Property, plant and equipment	48,750	45,871
Deferred tax assets	-	1,022
Other receivables	1,219	1,029
Derivative financial assets	12	-
Total non-current assets	255,405	262,218
Current assets
Inventories	70,047	55,259
Trade and other receivables	47,654	52,451
Current tax assets	2,436	1,233
Derivative financial assets	1,213	296
Cash and cash equivalents	18,015	17,039
Total current assets	139,365	126,278
Total assets	394,770	388,496
Liabilities
Current liabilities
Trade and other payables	30,951	33,782
Derivative financial liabilities	-	261
Borrowings	11,370	5,421
Current tax liabilities	4,293	1,780
Lease liabilities	3,332	3,087
Total current liabilities	49,946	44,331
Non-current liabilities
Trade and other payables	1,177	3,873
Derivative financial liabilities	-	474
Borrowings	57,101	67,428
Provisions	3,637	-
Deferred tax liabilities	13,085	20,246
Lease liabilities	9,720	10,628
Total non-current liabilities	84,720	102,649
Total liabilities	134,666	146,980
Net assets	260,104	241,516
Equity
Share capital	10,977	10,892
Share premium	37,844	37,525
Other reserve	20,686	16,625
Hedging reserve	918	(440)
Translation reserve	3,729	(4,299)
Retained earnings	184,637	180,474
Equity attributable to equity holders of the parent	258,791	240,777
Non-controlling interest	1,313	739
Total equity	260,104	241,516

Source ↗

	(Unaudited) Year ended 31 December 2025 £'000	(Audited) Year ended 31 December 2024 £'000
Cash flows from operating activities
Operating profit	22,662	11,219
Adjustments for
Depreciation	8,036	6,453
Amortisation - acquired intangible assets	10,313	7,804
- software intangibles	655	537
- development costs	2,393	1,508
Increase in inventories	(13,267)	(2)
Decrease/(increase) in trade and other receivables	5,036	(10,384)
(Decrease)/increase in trade and other payables	(2,048)	4,318
Share-based payments expense	4,140	3,086
Taxation paid	(5,333)	(5,050)
Net cash inflow from operating activities	32,587	19,489
Cash flows from investing activities
Purchase of software	(1,111)	(572)
Capitalised research and development	(4,131)	(4,115)
Purchases of property, plant and equipment	(7,358)	(4,057)
Disposal of property, plant and equipment	54	27
Interest received	207	1,229
Acquisition of subsidiaries net of cash	72	(54,132)
Payment of contingent consideration	(1,064)	(5,529)
Net cash used in investing activities	(13,331)	(67,149)
Cash flows from financing activities
Dividends paid	(5,791)	(5,201)
Repayment of principal under lease liabilities	(3,885)	(2,605)
Repayment of loan	(11,452)	(62,192)
Borrowings received	5,876	79,453
Issue of equity shares	329	12
Interest paid	(4,045)	(3,989)
Net cash used in financing activities	(18,968)	5,478
Net increase/(decrease) in cash and cash equivalents	288	(42,182)
Cash and cash equivalents at the beginning of the year	17,039	60,160
Effect of foreign exchange rate changes	688	(939)
Cash and cash equivalents at the end of the year	18,015	17,039

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	233.6	228.9	177.5
Gross profit	125.9	122.1	92.6
Adjusted EBITDA	51.7	49.9	40.2
Adjusted operating profit	29.8	28.5^r	30.3
Exceptional / adjusting items	(15.2)	(5.8)	(10.9)
Operating profit	14.6	22.7	11.2
Depreciation (owned assets)	8.1	8.0	6.5
Amortisation	–	10.3	7.8
Share-based payments	4.5	4.1	3.1
Operating profit to net income
Finance costs	(4.8)	(5.1)	(3.6)
Profit before tax	9.7	17.8	9.8
Tax	(5.9)	(7.7)	(2.7)
Net income (owners)	3.7	10.0	7.1
Per share
EPS basic	1.7p	4.6p	3.3p
EPS diluted	1.6p	4.5p	3.2p
Dividend per share	–	2.9p	2.6p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	115.5	+4%	118.2	110.8
Gross profit	63.0	+6%	62.9	59.3
Adjusted EBITDA	26.3	+8%	25.5	24.4
Adjusted operating profit	15.1	+10%	14.8	13.7
Exceptional / adjusting items	(12.4)	+314%	(2.8)	(3.0)
Operating profit	2.7	−75%	11.9	10.7
Depreciation (owned assets)	4.0	+1%	4.1	3.9
Share-based payments	2.2	+17%	2.2	1.9
Operating profit to net income
Finance costs	(2.4)	−9%	(2.5)	(2.6)
Profit before tax	0.3	−96%	9.3	8.5
Tax	(0.5)	−79%	(5.4)	(2.3)
Net income (owners)	(0.1)	n/m	3.7	6.2
Per share
EPS basic	(0.0p)	–	1.7p	2.9p
EPS diluted	(0.0p)	–	1.7p	2.8p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	24.9	32.6	19.5
Interest paid	(4.6)	(4.0)	(4.0)
Tax paid	(7.7)	(5.3)	(5.0)
Investing activities
Capex (PP&E)	(12.4)	(7.4)	(4.1)
Capex (intangibles)	(4.5)	(4.1)	(4.1)
Financing activities
Lease principal paid	(4.1)	(3.9)	(2.6)
Dividends paid	(10.2)	(5.8)	(5.2)
Shares issued	1.6	0.3	0.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	7.4	−51%	17.4	15.1
Interest paid	(3.0)	+21%	(1.6)	(2.5)
Tax paid	(4.7)	+104%	(3.0)	(2.3)
Investing activities
Capex (PP&E)	(7.4)	+216%	(5.0)	(2.4)
Capex (intangibles)	(2.0)	+25%	(2.5)	(1.6)
Financing activities
Lease principal paid	(1.9)	+15%	(2.2)	(1.7)
Dividends paid	(4.4)	n/m	(5.8)	0.0
Shares issued	1.4	n/m	0.2	0.2

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	111.4	112.7	116.9
Other intangibles	86.2	92.7	97.4
Property, plant & equipment	49.0	48.8	45.9
Non-current assets	248.0	255.4	262.2
Current assets
Inventories	75.4	70.0	55.3
Trade receivables	52.9	47.7	52.5
Cash	13.6	18.0	17.0
Current assets	144.1	139.4	126.3
Total assets	392.2	394.8	388.5
Current liabilities
Trade payables	30.6	31.0	33.8
Borrowings, current	10.8	11.4	5.4
Lease liabilities, current	3.0	3.3	3.1
Current liabilities	49.0	49.9	44.3
Non-current liabilities
Borrowings, non-current	63.1	57.1	67.4
Lease liabilities, non-current	8.5	9.7	10.6
Non-current liabilities	87.8	84.7	102.6
Total liabilities	136.9	134.7	147.0
Equity
Non-controlling interests	1.2	1.3	0.7
Total equity	255.3	260.1	241.5
Net cash and other figures
Net cash / (debt) ex leases	(60.3)	(50.5)	(55.8)
Undrawn facilities	–	24.0	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	111.4	112.7	119.0	116.9
Other intangibles	86.2	92.7	94.3	97.4
Property, plant & equipment	49.0	48.8	46.6	45.9
Non-current assets	248.0	255.4	263.1	262.2
Current assets
Inventories	75.4	70.0	62.0	55.3
Trade receivables	52.9	47.7	50.1	52.5
Cash	13.6	18.0	19.3	17.0
Current assets	144.1	139.4	134.3	126.3
Total assets	392.2	394.8	397.4	388.5
Current liabilities
Trade payables	30.6	31.0	32.8	33.8
Borrowings, current	10.8	11.4	9.5	5.4
Lease liabilities, current	3.0	3.3	3.2	3.1
Current liabilities	49.0	49.9	46.7	44.3
Non-current liabilities
Borrowings, non-current	63.1	57.1	60.0	67.4
Lease liabilities, non-current	8.5	9.7	9.7	10.6
Non-current liabilities	87.8	84.7	93.8	102.6
Total liabilities	136.9	134.7	140.5	147.0
Equity
Non-controlling interests	1.2	1.3	0.7	0.7
Total equity	255.3	260.1	256.9	241.5
Net cash and other figures
Net cash / (debt) ex leases	(60.3)	(50.5)	(50.1)	(55.8)
Undrawn facilities	–	24.0	–	–

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