Half Year Trading update

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces a trading update for the six months ended 30 June 2024 ("the Period"). The Group expects to announce its interim results in September 2024.

First Half 2024

Group revenue for the Period is expected to be about 10% higher than last year on a constant currency basis (+8% at reported exchange rates) at approximately £68 million (H1 2023: £63.1 million). US LiquiBand® sales showed very strong year on year growth as the new US marketing strategy for LiquiBand® initiated in Q3 2023 takes effect, with partners showing increased commitment to the category & products and LiquiBand® XL now also being promoted through all three hospital distribution channels.

Adjusted profit before tax is expected to be in the range of £14.4m to £14.8m (H1 2023: £13.8 million).

Full Year 2024 and Outlook

With momentum building across all the key surgical product areas, despite continued Woundcare headwinds, the Board remains confident that the Group (excluding Peters Surgical) will generate underlying double-digit top line growth in the full year 2024, with consolidated revenues and adjusted profit before tax expected to be in line with management forecasts.

The Board is excited about the combination with Peters Surgical that completed on 1st July and the benefits it will bring across the business as cross-selling opportunities and operational synergies are expected to significantly enhance AMS' strong underlying performance over the next three years. Further details on the potential synergies will be announced in due course.

Chris Meredith, Chief Executive Officer of AMS, said: "We are very pleased to be able to report such a strong H1 performance and to confirm that FY 2024 remains on track. We look forward to building on this strong start to the year. As we consolidate Peters Surgical in the second half, this nearly doubles our surgical sales, significantly expands our distribution capabilities and establishes the Group as a global powerhouse in tissue-healing, solidifying our strategy for significant and sustainable growth in the long-term."

Sam McLennan / Joe Weaving / Stephanie Cornish