Advanced Medical Solutions Group plc
(“AMS” or the “Group”)
Interim results for the six months ended 30 June 2025
~ H1 delivering high quality growth alongside transformative Peters Surgical acquisition in 2024 ~
~ FY 2025 expectations reiterated ~
Winsford, UK, 17 September 2025: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, today announces its unaudited interim results for the six months ended 30 June 2025 (the “Period”).
| H1 2025 | H1 2024 | Reported change¹ | Change at constant currency² | |
| Surgical Business Unit | 87.9 | 48.4 | +81% | +86% |
| Advanced Woundcare Business Unit | 22.9 | 19.5 | +17% | +18% |
| Total group revenue (£ million) | 110.8 | 68.0 | +63% | +66% |
| Adjusted Measures | ||||
| Adjusted3 EBITDA (£ million) | 24.4 | 17.2 | +42% | |
| Adjusted3 EBITDA margin % | 22.0% | 25.3% | -3.3pp | |
| Adjusted3 profit before tax (£ million) | 16.4 | 14.8 | +11% | |
| Adjusted3 profit before tax margin % | 14.8% | 21.8% | -7.0pp | |
| Adjusted4 diluted earnings per share (p) | 5.67 | 5.21 | + 9% | |
| Reported Measures | ||||
| Profit before tax (£ million) | 8.5 | 5.7 | +49% | |
| Profit before tax margin % | 7.6% | 8.4% | -0.8pp | |
| Diluted earnings per share (p) | 2.84 | 1.92 | 48% | |
| Net cash inflow from operating activities (£ million) | 15.1 | 7.0 | +117% | |
| Net (debt)/cash5 (£ million) | (50.1) | 55.6 | -190% | |
| Interim dividend per share (p) | 0.85 | 0.77 | +10% |
Operational Highlights:
- Group revenue increased by 63% to £110.8 million and by 66% at constant currency (2024 H1: £68.0 million) with organic growth supplemented by the impact of the Peters Surgical acquisition that completed 1st July 2024. Overall performance was in line with management expectations including a strong showing from the existing AMS business (excluding Peters) growing revenues by 13% and by 14% at constant currency. Revenues from Peters Surgical products have now been allocated to relevant Group product sales categories in the Surgical business unit and will be reported as such on an ongoing basis, reflecting continued integration progress.
- Surgical revenues increased by 81% to £87.9 million (2024 H1: £48.4 million) with £34.3 million contributed by Peters Surgical during the Period. Good progress has been made on the integration of Peters Surgical and Syntacoll with positive contributions from both businesses.
- US LiquiBand® grew by 14% at reported currency and by 18% at constant currency, reflecting continued strong momentum from the 2023 renegotiation of distribution agreements with key partners. ROW LiquiBand® grew 10% at reported currency and by 11% at constant currency supported by commercial synergies following the Peters Surgical acquisition, including the targeting of AMS products into specialist cardiovascular markets where Peters Surgical has a strong presence.
- Biosurgical products grew by 37% at reported currency and by 40% at constant currency, driven by enhanced manufacturing efficiencies and significant improvement in yields of collagen products, following the integration of Syntacoll which has also significantly boosted the performance of antibiotic eluting collagens.
- Advanced Woundcare revenues increased by 17% at reported currency, and 18% at constant currency, to £22.9 million (2024 H1: £19.5 million) recovering from prior period declines, driven by strong ordering from OEM partners that more than offset the previously reported declining Organogenesis royalty.
- The restructuring of the Woundcare business was successfully completed at the end of Q1 2025. The Board remains confident in achieving its targeted double-digit operating margin from the start of Q2 onwards as the newly refocussed operations have made a strong start, reporting strong revenue growth during the Period.
- Good progress in starting to implement the commercial and operational synergies within the enlarged Group and the Board can confirm the anticipated achievable benefits remain in line with previous expectations. For example, the strong reputation and presence of the Peters Surgical products and sales teams in specialist cardio-vascular markets is already starting to provide direct revenue synergies for AMS products that are well suited to that space, such as LiquiBand XL and GENTA-Coll.
Advancement of the US regulatory programme for Biosurgical and Suture products remains a strategic priority, and the Group has made good progress towards planned US launches anticipated next year.
Financial Highlights:
- Gross margins reduced to 53.5% (2024 H1: 54.3%) due to the previously reported reduction in Organogenesis royalty income stream, the impact of Peters Surgical which has a slightly lower gross margin and improved performance of Woundcare which has a lower gross margin than Surgical.
- Adjusted EBITDA increased by 42% to £24.4 million (2024 H1: £17.2 million) with adjusted EBITDA margin at 22.0% (2024 H1: 25.3%) for the reasons set out above. Reported profit before tax increased to £8.5 million (2024 H1: £5.7 million) as a result of the Peters Surgical acquisition and against a prior period which included significant acquisition-related exceptional items.
- Net Debt decreased to £50.1 million from 2024 year-end net debt position of £55.8 million (2024 H1: net cash of £55.6 million prior to the acquisition of Peters Surgical), driven by continued good cash generation, which will drive further deleveraging.
- Given strong business performance and the Board’s continued confidence in the outlook, the interim dividend is increased by 10% to 0.85p per share (2024 H1: 0.77p).
Outlook:
- We expect to sustain good growth across our enlarged Surgical portfolio, supported by strong end-user demand, product innovation and geographic expansion. Woundcare, having completed its restructuring, is now a cash-generative business with stable margins.
- Our US regulatory programmes for Biosurgical and Suture products are progressing and will underpin medium-term growth. The strength of our cash generation and disciplined capital allocation mean we are on track to reduce leverage to approximately 1x EBITDA by year-end 2025, with further rapid deleveraging thereafter.
- The Board remains confident of delivering full year 2025 revenue and EBITDA in line with expectations and believes that AMS is well positioned to drive sustained growth, margin expansion and long-term value creation.
Commenting on the interim results, Chris Meredith, CEO of AMS, said: “We are pleased to report another period of strong revenue growth, driven by continued momentum across key products. These results also highlight the strength and resilience of our increasingly diversified portfolio and global footprint, which help to mitigate the impact of order phasing and market specific fluctuations. Integration of last year’s acquisitions remain on track, with improvements to systems and manufacturing being made to reduce backorders, emerging commercial synergies in geographies, such as France and India, and in specialty areas, such as cardiovascular, set to strengthen H2 2025 and beyond. We are also making solid progress toward upcoming US product launches. We believe these initiatives will significantly enhance our earnings growth potential over the medium to long-term.”
Notes
1 Reported change is calculated using amounts rounded to the nearest £’000.
2 Constant currency adjusts for the effect of currency movements by re-translating the current period’s performance at the previous period’s exchange rates
3 Reconciled in the Financial Review. Adjusted profit before tax excludes the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities. Adjusted EBITDA excludes the impact of exceptional items, depreciation, amortisation, interest and taxation.
4 Reconciled in note 4 of the financial information. Adjusted diluted earnings per share exclude the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities.
5 Reconciled in note 10 of the financial information. Net debt is calculated as cash and cash equivalents less borrowings.