TIDMAMS
RNS Number : 4607G
Advanced Medical Solutions Grp PLC
04 March 2015
4 March 2015
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Unaudited preliminary results for the year ended 31 December
2014
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS),
the surgical and advanced woundcare specialist company, today
announces its unaudited preliminary results for the year ended 31
December 2014.
Financial Highlights
2014 2013 Reported Growth
growth at constant
currency
(1)
--------------------------------- ----- ----- --------- -------------
Group revenue (GBP million) 63.0 59.5 6% 9%
--------------------------------- ----- ----- --------- -------------
Adjusted(2) operating margin
(%) 24.1 23.1 100bps -
--------------------------------- ----- ----- --------- -------------
Adjusted(2) profit before tax
(GBP million) 15.6 13.5 15% -
--------------------------------- ----- ----- --------- -------------
Profit before tax (GBP million) 15.2 13.1 16% -
--------------------------------- ----- ----- --------- -------------
Adjusted(2) diluted earnings
per share (p) 6.26 5.64 11% -
--------------------------------- ----- ----- --------- -------------
Diluted earnings per share
(p) 6.08 5.45 12% -
--------------------------------- ----- ----- --------- -------------
Net cash (GBP million) 17.3 5.3 226% -
--------------------------------- ----- ----- --------- -------------
-- New five year GBP30 million multi-currency revolving credit facility agreed
-- Proposed final dividend of 0.48p per share, making a total
dividend for the year of 0.70p (2013: 0.60p), up 16.7%
Business Highlights:
-- Good revenue growth across the major Business Units
o Branded Direct up 3% to GBP23.6 million (2013: GBP22.9
million), and up 6% at constant currency
o Branded Distributed up 17% to GBP10.2 million (2013: GBP8.8
million), and up 24% at constant currency
o OEM up 7% to GBP25.3 million (2013: GBP23.6 million), and up
9% at constant currency
o Bulk Materials down 7% to GBP3.9 million (2013: GBP4.2
million), and down 4% at constant currency
-- Strong performance in the US with LiquiBand(R) tissue adhesive range
o Revenues up 43% at constant currency to GBP4.1 million
o As at 31 December 2014, market share by volume increased to
19% (July 2014: 18%) in the non-hospital market and to 7% (July
2014: 6%) in the hospital segment
-- ActivHeal(R) continued to make good progress in the NHS, with
an 8% increase in revenues and increase in market share to 7%
(2013: 5%)
-- Steady progress with RESORBA(R) brands in Germany, resulting
in 4% growth at constant currency
-- Silver alginate revenues increased by 10% at constant
currency to GBP13.1 million (2013: GBP12.1 million)
-- Hernia mesh fixation device LiquiBand(R) Fix8(TM) successfully launched.
Commenting on the results, Chris Meredith, Chief Executive
Officer of AMS, said:
"2014 has been another year of good growth for AMS, with our
three largest business units all delivering solid performances
despite challenging currency conditions. We were particularly
enouraged by strong growth in the US, where the performance, range
and pricing of our LiquiBand(R) tissue adhesives is helping to
drive gains in market share, and in the UK, where the ActivHeal(R)
range continues to provide high performance, cost effective
solutions for the NHS. The successful launch of the LiquiBand(R)
Fix8(TM) hernia mesh fixation device, marking the first use of our
medical adhesives in internal applications, demonstrates our
continued commitment to investing in innovation.
"With the continuing growth in our larger business units, the
strong performance of our products and our ambitions for the Group,
we are confident that AMS is well placed to drive growth as well as
continued improvements in operational efficiencies and we remain
excited by the prospects for our future."
- End -
(1) Constant currency removes the effect of currency movements
by translating the current period's performance at the previous
period's exchange rates
(2) All items are shown before amortisation of acquired
intangible assets which, in 2014, were GBP0.4 million (2013: GBP0.4
million) as defined in the financial review
For further information, please visit www.admedsol.com or
contact:
Advanced Medical Solutions Group plc Tel: +44 (0) 1606
545508
Chris Meredith, Chief Executive Officer
Mary Tavener, Group Finance Director
Consilium Strategic Communications Tel: +44 (0) 20 3709
5700
Mary-Jane Elliott / Jonathan Birt / Matthew
Neal / Ivar Milligan
Investec Bank PLC (NOMAD & Broker) Tel: +44 (0) 20 7597
5970
Gary Clarence / Daniel Adams / Patrick
Robb
About Advanced Medical Solutions Group plc
AMS is a world-leading independent developer and manufacturer of
innovative and technologically advanced products for the global
surgical, wound care and wound closure markets, focused on quality
outcomes for patients and value for payors. AMS has a wide range of
products that include silver alginates, alginates, foams, tissue
adhesives, sutures and haemostats, which it markets under its
brands ActivHeal(R) , LiquiBand(R) and RESORBA(R) as well as
supplying under white label.
AMS's products, manufactured out of two sites in the UK, one in
the Netherlands, two in Germany and one in the Czech Republic, are
sold in more than 70 countries via a network of multinational or
regional partners and distributors, as well as via AMS's own direct
sales forces in the UK, Germany, the Czech Republic and Russia.
Established in 1991, the Company has 472 employees. For more
information please see www.admedsol.com.
Chairman's Statement
2014 was another year of good growth across the business - both
operationally and financially. AMS continues to progress as a
leading, international provider of high quality, high value
innovative and technologically advanced products for the wound care
and wound closure markets.
Operationally, the performance of LiquiBand in the US was
particularly strong and we made considerable progress towards our
goal of building a 20% market share. We also launched our
LiquiBand(R) Fix8(TM) hernia mesh fixation device for use as a
medical adhesive inside the body. This was an important development
for the Group, opening up potential new markets as we seek to
extend the application of our tissue adhesives to other internal
procedures.
Financially, we are pleased to report a 6% increase in revenue
to GBP63.0 million (2013: GBP59.5 million), representing growth of
9% on a constant currency basis and an increase in adjusted(2)
profit before tax of 15% to GBP15.6 million (2013: GBP13.5
million).
The Group continues to work on a number of significant
opportunities to drive growth resulting from existing products and
geographic markets as well as from new products in development.
The Group ended the year with net cash of GBP17.3 million (2013:
GBP5.3 million), and has taken advantage of the favourable terms
available for borrowing to put in place a five-year, unsecured, new
multi-currency, credit facility for GBP30 million. This facility is
as yet unused. AMS continues to be in robust financial health and
is well positioned to invest in internal development projects as
well as potential licensing opportunities and acquisitions in line
with the Group's strategy.
Dividend
The Board is proposing a final dividend of 0.48p per share,
making a total dividend for the year of 0.70p per share, a 16.7%
increase on 2014. If approved at the Annual General Meeting on 21
May 2015, this will be paid on 29 May 2015 to shareholders on the
register at the close of business on 7 May 2015.
People
Finally, on behalf of the Board, I would like to thank all our
employees, customers, suppliers, business partners and shareholders
for their continued support over the past year.
Peter Allen
Chairman
(2) All items are show before amortisation of acquired
intangible assets which, in 2014, were GBP0.4 million (2013: GBP0.4
million) as defined in the financial review
Chief Executive's Statement
I am pleased to report good growth across our major business
units despite foreign exchange headwinds. With more than 75 percent
of our sales outside the UK, our business is truly international
and therefore affected by currency fluctuations.
Branded Direct
The Branded Direct Business Unit reports sales of our branded
products through our own sales forces in the UK, Germany and Czech
Republic. Its revenue grew 3% to GBP23.6 million (2013: GBP22.9
million) and by 6% at constant currency.
ActivHeal(R)
ActivHeal(R) , which delivers a range of woundcare dressings
that offer significant cost savings without compromising on
clinical outcomes or patient care, continues to be a compelling
proposition for the NHS. Sales of our ActivHeal(R) range increased
by 8% to GBP6.0 million (2013: GBP5.5 million). We are encouraged
by the most recent data confirming that AMS had further increased
its market share to 7.1% (2013: 5.5%) at the end of 2014.
Encouragingly, ActivHeal(R) has had a strong start to 2015 with a
number of tender and formulary wins from new NHS Hospital Trusts
and we expect increased growth throughout the year.
LiquiBand(R)
We continue to make good progress in the UK with LiquiBand(R) .
In the Accident and Emergency Room ('A&E') sales grew 8% to
GBP2.6 million (2013: GBP2.5 million) and sales into the Operating
Room ('OR') increased 34% to GBP0.6 million (2013: GBP0.45
million).
AMS' products have been used in A&E for a number of years
and the good growth we have seen reflects the progress made by our
focused sales team in this sector. The UK surgical sales team, now
in their second year, is accessing the OR with a growing range of
products that now includes sutures and haemostats. This team will
also start selling LiquiBand(R) Fix8(TM), our hernia mesh fixation
device.
Sales of LiquiBand(R) in Germany were flat at GBP1.4 million at
a reported level, but increased by 5% at constant currency. Steady
progress is expected to continue in Germany.
RESORBA(R)
Sales of RESORBA(R) branded products in Germany and the Czech
Republic were slightly lower at GBP13.0 million (2013: GBP13.1
million) at a reported level and increased by 4% at constant
currency. Sales of haemostats increased by 12% at constant currency
to GBP3.6 million (2013: GBP3.4 million) and sales of sutures and
collagens into the dental market were unchanged at GBP3.8 million,
whilst sales of sutures into hospitals grew 2%, reversing the
decline reported in 2013.
Although the German suture market continues to be challenging
and is expected to remain so over the next year, we believe we are
well placed to benefit from the competitive pressures in the market
with our extensive range of competitively priced products. Our
German commercial operations were strengthened by the appointment
of a national sales manager in February 2015. The introduction of
the LiquiBand(R) Fix8(TM) device is also expected to support
progress in 2015, and we are reviewing the optimal way to service
the dental market in Germany, which involves mulitple call
points.
In the UK, we are actively working on a number of hospital
tenders and evaluations with the goal of becoming the main suture
supplier to those hospitals. We believe our ability to supply a
comprehensive range of top quality sutures that provide cost
savings to hospitals is compelling. Winning any one of these
current evaluations would significantly increase the presence of
our brand in the UK.
In R&D, our focus is on extending the attributes of our
collagens to meet the needs of dental practitioners and oral
surgeons. We expect to obtain approval for an enhanced collagen
cone in 2015, as well as making good progress in including new
antibiotics in our haemostats.
Branded Distributed
The Branded Distributed Business Unit reports the sales of our
brands through distributors in territories where we do not have a
national sales team.
Branded Distributed revenue was 17% higher at GBP10.2 million
(2013: GBP8.8 million) and 24% higher at constant currency. The
main contributor to this growth was LiquiBand(R) sales in the US,
which totaled GBP4.1 million and accounted for 40% of total
sales.
LiquiBand(R) in the US
Sales of LiquiBand(R) in the US increased by 36% to GBP4.1
million (2013: GBP3.0 million) and by 43% at constant currency. The
new distribution partner added at the end of 2013 performed well
throughout the year and contributed to the growth in sales
alongside existing partners. Given the high level of sales in the
second half of 2013, which included some pipeline filling at the
end of the year, our sales growth performance in 2014 was
particularly strong. The latest data for December 2014 shows our
volume market share increasing to 7%, up from 6% at July 2014, in
the US hospital sector, while our volume market share in the US
non-hospital, or alternate site, market is now estimated at 19%, up
from 18% at July 2014.
We launched our 2-octyl cyanoacrylate formulation with one of
our existing distribution partners in the second half of 2014 and
have already added additional partners since the start of 2015. A
strength of the business is the range of formulations of
cyanoacrylate on offer, including very fast setting formulations
with applicators allowing for quick, precision closure, and
film-forming formulations that provide a barrier layer over wounds
as well as closing the wound itself. With formulations that have
properties in between, we have products that can accommodate the
full spectrum of wound closing needs.
LiquiBand(R) in the EU and Rest Of the World
Elsewhere, within the EU and ROW, LiquiBand(R) sales through our
distributors continued to show good growth, with our distributors
in France and Italy continuing to perform well. Overall sales
increased by 15% to GBP1.5 million (2013: GBP1.3 million) at
reported currency and constant currency.
The regulatory approval process for LiquiBand(R) in China is
progressing, however owing to changes in the regulatory pathway, we
now expect approval later in 2015.
Hernia Mesh Fixation device - LiquiBand(R) Fix8(TM)
We received approval to market this product in Europe on 29 May
2014 and it has now been launched in the UK and Germany with our
own sales teams as well as through some European distributors who
are able to support the product.The initial response has been very
positive, with a number of surgeons keen to endorse the product. We
are also receiving valuable feedback about other possible
applications suitable for this type of device which we are
currently working on.
We do not anticipate significant sales in the first half of the
yearas surgeons are individually trained on how to use the device
and we wait to see the outcome of their surgery. Following positive
feedback, we are confident that the product will contribute to
growth in the second half of 2015 and thereafter.
RESORBA(R)
Sales of RESORBA(R) products to all export markets other than
Russia grew by 6% at reported currency to GBP2.9 million (2013:
GBP2.8 million), and by 10% at constant currency. Growth was seen
across several territories, with our French, Italian and Chinese
distributors performing strongly. Sales in Russia increased by 4%
at constant currency, but decreased 18% to GBP1.3 million (2013:
GBP1.6 million) at reported currency, reflecting the weakening
Rouble. The Russian market is unlikely to grow in the forseeable
future.
Work continues to gain approval to supply RESORBA(R) sutures and
haemostats into the US. We have received our first approval for the
sale of one type of suture for the US market and are still on
target for the remainder of the suture range to be approved in the
first half of 2015, with the expectation that we can launch the
products in the second half of 2015.
In R&D our focus is on continuing to improve the
formulations of the base monomers that are used in our adhesives as
well as extending the applications of tissue adhesives for internal
use.
OEM
The OEM Business Unit reports the sales of products that are
sold under third parties' brands.
OEM revenue increased by 7% at reported currency to GBP25.3
million (2013: GBP23.6 million) and by 9% at constant currency.
Our silver alginate ranges of dressings continued to perform
well, with sales increasing by 8% at reported currency and by 10%
at constant currency to GBP13.1 million (2013: GBP12.1 million).
Our partners continued to do well with the range of silver fibre
dressings we provide, gaining market share as well as accessing new
geographical markets. We continue to support them with regulatory
approvals and marketing data.
Sales of our foam-based dressings were flat at GBP1.8 million.
This was due to one of our partners launching a new product range
last year with sales following the typical second year post launch
sales pattern reduction. Adjusting for this, sales elsewhere were
encouraging and up 20% on a proforma basis. Our other woundcare and
skin protectant products delivered good growth and grew 9% to
GBP9.7 million (2013: GBP8.9 million), while the collagen OEM
business acquired with RESORBA(R) was flat year-on-year at GBP0.8
million, with little change expected in 2015.
In R&D, the focus is on further developing our foam range to
include both an antimicrobial and an atraumatic foam. These
products are well advanced and we expect approvals in the first
half of 2015, with a launch later this year.
Bulk Materials
The Bulk Business Unit reports sales of bulk materials to third
party convertors.
Bulk Materials revenue decreased by 7% at reported currency to
GBP3.9 million (2013: GBP4.2 million) and by 4% at constant
currency.
Rollstock foam contributed around 85% of Bulk revenue and good
growth was seen by one signficant customer that had destocked in
2013. However, sales by some newer and smaller partners were
disappointing. Until sufficient scale of revenue is achieved with
the customer base, the Bulk Materials Unit will remain vulnerable
to the ordering patterns of its partners and customers.
In R&D, the focus is on developing new foam formulations
with antimicrobials, working in conjunction with the OEM business
unit. These products are expected to be launched in 2015.
Operations
Efficiency and gross margins
We continue to strive for operational improvements by reducing
set up times, eliminating non-value added activities and increasing
outputs. These incremental efficiencies are helping to improve
gross margins acoss the Group and have helped to generate an
improvement of approximately 100 basis points in 2014, offsetting
some of the negative impact resulting from movements in currency.
We have invested in improving our converting capability in
Winsford. This equipment is still being commissioned, but we expect
to increase our operational flexibility and improve efficiency in
2015 as a result.
Capacity and resource
We have also identified the need to increase the capacity of our
collagen plant in Germany. We anticipate that GBP1.0 million of
investment is required in the plant in the second half of 2015. We
continue to invest in improving our ERP (Enterprise Resource
Planning) management and reporting systems. Following the
successful launch of our new ERP system at our Plymouth site, the
system was subsequently launched in Winsford in February 2014 and
in Etten Leur in the Netherlands in September 2014. We constantly
monitor our systems across the Group and will invest in further
improvements to systems in Germany.
Regulatory and quality assurance
With the regulatory framework gaining in complexity, we have
continued to invest in both Regulatory and Quality functions and
systems to ensure that we are able to support our partners with
winning approvals in new markets as well as obtaining approval for
our own products. We anticipate that we will continue to invest in
these areas in 2015.
R&D
The Group continues to develop new products through its R&D
teams. We are well advanced in the approval process for our
antimicrobial and atraumatic foams and, whilst external regulatory
pathways are out of our control resulting in unclear timings, we
expect to obtain several product approvals in 2015, enabling these
products to be launched thereafter.
Summary and Outlook
We delivered revenue growth of 6% (at constant currency this
would have been 9%) and significantly improved profitability and
cash generation during the year.
Our three largest business units all delivered solid performance
despite challenging currency conditions. We were particularly
encouraged by strong growth in the US, where the competitive
quality, range and pricing helped to drive gains in our market
share. The successful launch of the LiquiBand(R) Fix8(TM) hernia
mesh fixation device demonstrates our continued commitment to
investing in innovation and during the year ahead we expect further
product launches and advancements in our R&D activities.
With continuing growth across our major business units, due to
the strong performance of our products, new products progressing
well and our anticipated broadening into new geographies, we are
confident that the Group is well placed to drive growth as well as
continued improvements in efficiencies and we remain excited by the
prospects for our future.
Financial Review
Summary
Group revenue increased by 6% to GBP63.0 million (2013: GBP59.5
million). At constant currency, revenue growth would have been
9%.
Comparisons with 2013 are made on a pre-amortisation of acquired
intangible asset cost basis, as we believe that this provides a
more relevant representation of the Group's trading performance.
Amortisation of acquired intangible assets was GBP0.4 million in
the period (2013: GBP0.4 million).
To aid comparison, the Group's adjusted income statement is
summarised in Table 1 below.
Table 1 Year ended Year ended
31 Dec 2014 31 Dec 2013
Adjusted Income Statement GBP'000 GBP'000 Change
--------------------------------- --------------- -------------- -------
Revenue 63,010 59,499 6%
--------------------------------- --------------- -------------- -------
Gross profit 35,843 34,268 5%
Distribution costs (853) (744)
Administration expenses(3) (19,681) (19,679)
Other income 250 281
--------------------------------- --------------- -------------- -------
Adjusted operating profit 15,559 14,126 10%
Net finance income/(costs) 48 (582)
--------------------------------- --------------- -------------- -------
Adjusted profit before
tax 15,607 13,544 15%
Amortisation of acquired
intangibles (389) (400)
--------------------------------- --------------- -------------- -------
Profit before tax 15,218 13,144 16%
Tax (2,354) (1,778)
--------------------------------- --------------- -------------- -------
Profit for the period 12,864 11,366 13%
--------------------------------- --------------- -------------- -------
Adjusted earnings per share
- basic(4) 6.39p 5.72p 12%
Earnings per share - basic(4) 6.20p 5.52p 12%
--------------------------------- --------------- -------------- -------
Adjusted earnings per share
- diluted(3) 6.26p 5.64p 11%
Earnings per share - diluted(3) 6.08p 5.45p 12%
--------------------------------- --------------- -------------- -------
3 Administration expenses exclude amortisation of acquired intangible assets
4 See Note 7 Earnings per share for details of calculation
Revenues were negatively impacted by approximately GBP1.8
million due to the effects of currency movements in the year. This
also had an impact on Group gross margins which were reduced by 50
bps as a result. Gross margins were also negatively impacted by
sales mix effect by 120bps, however, this was partially offset by
the 100bps improvement made from operational eficiences.
Adjusted operating profit increased by 10% to GBP15.6 million
(2013: GBP14.1 million) and the adjusted operating margin increased
by 100 bps to 24.7% (2013: 23.7%). At a reported level,
administration costs were flat year on year, helped by currency
effects. Adjusting for currency, administration costs would have
increased by 5%. Within this, the Group expensed to the income
statement GBP2.1 million on R&D (2013: GBP2.2 million). Spend
as a percentage of sales reduced to 3.3% (2014: 3.7%), mainly as a
result of timing of projects.
Profit before tax for the year was 16% higher at GBP15.2 million
(2013: GBP13.1 million).
The Group's effective rate of tax for the year was 15.5% (2013:
13.5%). This is reflective of the utilisation of previously
unrecognised brought-forward tax losses in the UK, together with
patent box and R&D relief. It also reflects the impact of
blending profits and losses from different countries and the
different tax rates associated with these countries. The effective
tax rate of the Group is expected to increase as a result of the
tax losses being used up.
A reconciliation between the standard rate of taxation in the UK
and the Group's effective rate is summarised in Table 2 below.
Table 2
Taxation %
Standard taxation rate 21.50
Loss utilisation and recognition (3.61)
Impact of differential between UK and overseas tax
rate 1.70
Patent box relief (3.58)
R&D relief (1.89)
Expenses not deductible, prior year adjustments,
depreciation & share based payments 1.38
---------------------------------------------------- -------
Effective taxation rate 15.50
---------------------------------------------------- -------
Earnings (excluding amortisation of acquired intangible assets)
increased by 13% to GBP13.3 million (2013: GBP11.8 million),
resulting in a 12% increase in adjusted basic earnings per share to
6.39p (2013: 5.72p) and a 11% increase in diluted adjusted earnings
per share to 6.26p (2013: 5.64p).
Profit after tax increased by 13% to GBP12.9 million (2013:
GBP11.4 million), resulting in a 12% increase in basic earnings per
share to 6.20p (2013: 5.52p) and a 12% increase in diluted earnings
per share to 6.08p (2013: 5.45p).
The Board is proposing a final dividend of 0.48p per share, to
be paid on 29 May 2015 to shareholders on the register at the close
of business on 7 May 2015. This follows the interim dividend of
0.22p per share that was paid on 31 October 2014 and would make a
total dividend for the year of 0.70p per share (2013: 0.60p), a 17%
increase on 2013.
The operational performance of the Business Units is shown in
Table 3 below. The adjusted profit from operations and the adjusted
margin are shown after excluding amortisation of acquired
intangibles. In determining, and to aid comparison of the
operational margins of the individual Business Units, the revenue
of the Bulk Materials Business Unit sales made to other Business
Units, GBP0.7 million (2013: GBP0.8 milllion) are included.
Table 3
Operating Result by Business Unit
----------------------------------------------------------------------------------------
Year ended 31 December Branded Branded OEM Bulk Materials
2014 Direct Distributed
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ -------- ------------- -------- ---------------
Revenue 23,610 10,247 25,275 4,580
Profit from operations 6,241 2,770 6,225 485
Amortisation of acquired
intangibles 227 135 27 -
Adjusted profit from operations(5) 6,468 2,905 6,252 485
Adjusted operating margin(5) 27.4% 28.3% 24.7% 10.6%
------------------------------------ -------- ------------- -------- ---------------
Year ended 31 December
2013
Revenue 22,918 8,785 23,629 4,933
Profit from operations 6,023 1,654 5,790 668
Amortisation of acquired
intangibles 235 130 35 -
Adjusted profit from operations(1) 6,258 1,784 5,825 668
Adjusted operating margin(1) 27.3% 20.3% 24.7% 13.5%
------------------------------------ -------- ------------- -------- ---------------
(5) excludes amortisation of intangible assets
Branded Direct
The adjusted operating margin of this Business Unit remained at
a similar level to the prior year at 27.4% (2013: 27.3%) and lower
than the position at H1 2014 (29.6%). As indicated at the half year
we are investing in sales and marketing in our increasing direct
sales teams.
Branded Distributed
The adjusted operating margin of this Business Unit increased to
28.3% (2013: 20.3%), reflecting the improved profitability from the
increase in sales in this Business Unit and in particular from
sales to the US. The growth in sales to the US mitigated the impact
in margin from sales made into Russia and continued the improvement
in margin seen at H1 2014 (18.7%).
OEM
The adjusted operating margin of this Business Unit was at a the
same level to the prior year at 24.7% (2013: 24.7%), and lower than
the margin reported at H1 2014 (27.1%). Margins are dependent on
the mix of business, which at the half year had a greater
percentage of silver alginate sales than at the full year.
Bulk Materials
The adjusted operating margin of this Business Unit decreased to
10.6% (2013: 13.5%), but improved from the position in H1 2014
(9.8%). Margins were affected by the lower volumes of production as
well as the different sales mix.
Geographic breakdown of revenues
The geographic breakdown of Group revenues in 2014 is shown in
Table 4 below:
Table 4
Geographic Breakdown of Group Revenues
----------------------------------------------------------------
GBP millions 2014 % of total 2013 % of total
------------------------ ----- ----------- ----- -----------
Europe (excluding UK &
Germany) 18.7 29.7 17.3 29.1
Germany 14.0 22.3 15.7 26.4
UK 15.3 24.3 13.2 22.2
USA 13.8 21.9 11.8 19.9
Rest of World 1.1 1.8 1.4 2.4
------------------------ ----- ----------- ----- -----------
Although nearly 52% of the Group's sales are in Europe
(excluding the UK), only around 34% of sales are denominated in
Euros. Approximately 80% of all sales to the US are denominated in
US Dollars. The Group hedges significant transaction exposure by
using forward contracts and options and aims to have 70% of its
estimated transactional exposure for the next twelve months hedged.
The foreign currency hedges put in place in 2013 mitigated the
effect of the adverse effects of currency in 2014 by around
GBP1million.
Cash Flow
Table 5 summarises the Group cash flows.
Table 5
Group Cash Flows
Year ended 31 December 2014 2013
GBP'000 GBP'000
-------------------------------------- -------- ---------
Adjusted operating profit (Table 1) 15,559 14,126
Non-cash items 2,993 2,815
-------------------------------------- -------- ---------
EBITDA 18,552 16,941
Working capital movement (104) (2,788)
-------------------------------------- -------- ---------
Net cash from operating activities 18,448 14,153
Capital expenditure and capitalised
R&D (2,406) (2,002)
Net interest received 45 (587)
Tax paid (1,876) (83)
-------------------------------------- -------- ---------
Free cash flow 14,211 11,481
Repayment of loan - (14,385)
Dividends paid (1,307) (1,111)
Proceeds from share issues 65 328
Net increase/ (decrease) in cash and
cash equivalents 12,969 (3,687)
-------------------------------------- -------- ---------
Note: EBITDA is earnings before interest, tax, depreciation,
intangible asset amortisation and share based payments
EBITDA increased by 10% to GBP18.6 million (2013: GBP16.9
million).
Working capital reduced slightly in the year but this was mainly
due to the effects of translating overseas working capital balances
held in euros into sterling. 4.2 months of supply of inventory was
held across the Group, slightly increased compared with the prior
year (2013: 4.0 months of supply). Trade debtor days remained at
the same level to the prior year at 43 (2013: 43) while trade
payable days decreased to 36 (2013: 42).
The Group generated net cash from operating activities of
GBP18.4 million (2013: GBP14.2 million) (see Table 5) and had net
cash of GBP17.3 million (2013: GBP5.3 million) at the end of the
year.
We invested GBP2.4 million in capital equipment, software and
capitalised R&D in the year (2013: GBP2.0 million). We have
invested in equipment around the Group that improves converting and
packaging as well as in business systems.
The Group generated a free cash flow of GBP14.2 million in the
year (2013: GBP11.5 million). The conversion of adjusted operating
profit into free cash flow was 91% (2013: 81%).
The Group paid its final dividend for the year ended 31 December
2013 of GBP0.85 million (2013:for the year ending 2012, GBP0.71
million) on 28 May 2014, and its interim dividend for the six
months ended 30 June 2014 of GBP0.46 million (2013: GBP0.40
million) on 31 October 2014.
In December 2014 the Group entered into a new, five-year, GBP30
million, multi-currency revolving credit facility with an accordion
option under which AMS can request up to an additional GBP20
million on the same terms. The previous facility for GBP4 million
was due to expire in 2015. The Group chose to take advantage of
favourable credit conditions to put in place a more suitable
facility to support the Group's growth ambitions. The new facility
is provided jointly by the Group's existing bankers, HSBC, as well
as The Royal Bank of Scotland PLC. It is unsecured on the assets of
the Group and has not been drawn down. This facility carries an
annual interest rate of LIBOR or EURIBOR plus a margin that varies
between 0.65% and 1.75% depending on the Group's net debt to EBITDA
ratio.
At the end of the period, the Group had net cash of GBP17.3
million (2013: GBP5.3 million). The movement in net cash from the
start of the year to net cash at the end of the year is reconciled
in Table 6 below:
Table 6
Movement in net cash GBP'000
--------------------------------- --------
Net cash as at 1 January 2014 5,257
Exchange rate impacts (946)
Free cash flow 14,211
Dividends paid (1,307)
Proceeds from share issues 65
Net cash as at 31 December 2014 17,280
--------------------------------- --------
The Group's going concern position is fully described in note
2.
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Audited)
Year ended 31 December 2014 2013
Total Total
Note GBP'000 GBP'000
------------------------- ----- ------------ ----------
Revenue from continuing
operations 4 63,010 59,499
Cost of sales (27,167) (25,231)
-------------------------- ----- ------------ ----------
Gross profit 35,843 34,268
Distribution costs (853) (744)
Administration costs (20,070) (20,079)
Other income 250 281
-------------------------- ----- ------------ ----------
Profit from operations 4,5 15,170 13,726
Finance income 49 1
Finance costs (1) (583)
-------------------------- ----- ------------ ----------
Profit before taxation 15,218 13,144
Income tax 6 (2,354) (1,778)
-------------------------- ----- ------------ ----------
Profit attributable
to equity holders
of the parent 12,864 11,366
--------------------------
Earnings per share
Basic 7 6.20p 5.52p
Diluted 7 6.08p 5.45p
Adjusted diluted 7 6.26p 5.64p
-------------------------- ----- ------------ ----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Audited)
Year ended 31 December 2014 2013
GBP'000 GBP'000
------------------------------------------------ ------------ ----------
Profit for the year 12,864 11,366
Items that may be reclassified subsequently
to profit and loss:
Exchange differences on translation of foreign
operations (4,200) 732
(Loss) / gain arising on cash flow hedges (1,173) 698
------------------------------------------------ ------------ ----------
Other comprehensive (expense)/income for
the year (5,373) 1,430
------------------------------------------------ ------------ ----------
Total comprehensive income for the year
attributable to equity holders of the parent 7,491 12,796
------------------------------------------------ ------------ ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Audited)
At 31 December 2014 2013
GBP'000 GBP'000
---------------------------------- ------------ ----------
Assets
Non-current assets
Acquired intellectual property
rights 9,238 10,256
Software intangibles 1,835 1,662
Development costs 1,850 1,702
Goodwill 36,696 39,278
Property, plant and equipment 16,003 16,707
Deferred tax assets 1,108 1,728
Trade and other receivables 22 14
---------------------------------- ------------ ----------
66,752 71,347
Current assets
Inventories 7,532 8,042
Trade and other receivables 12,969 12,158
Current tax assets - 343
Cash and cash equivalents 17,280 5,257
---------------------------------- ------------ ----------
37,781 25,800
---------------------------------- ------------ ----------
Total assets 104,533 97,147
---------------------------------- ------------ ----------
Liabilities
Current liabilities
Trade and other payables 7,649 6,298
Current tax liabilities 584 1,220
Other taxes payable 259 260
Obligations under finance leases 2 4
------------
8,494 7,782
Non-current liabilities
Trade and other payables 472 520
Deferred tax liabilities 2,513 2,754
Obligations under finance leases 1 3
2,986 3,277
---------------------------------- ------------ ----------
Total liabilities 11,480 11,059
---------------------------------- ------------ ----------
Net assets 93,053 86,088
---------------------------------- ------------ ----------
Equity
Share capital 10,393 10,343
Share premium 32,742 32,364
Share-based payments reserve 1,563 1,326
Investment in own shares (148) (144)
Share-based payments deferred
tax reserve 278 158
Other reserve 1,531 1,531
Hedging reserve (522) 651
Translation reserve (4,867) (667)
Retained earnings 52,083 40,526
---------------------------------- ------------ ----------
Equity attributable to equity
holders of the parent 93,053 86,088
---------------------------------- ------------ ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of the Group
Share Investment Share
based
Share Share based in own payments Other Hedging Translation Retained
capital premium payments shares deferred reserve reserve reserve earnings Total
tax
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------
At 1 January
2013
(audited) 10,230 31,887 1,122 (77) 180 1,531 (47) (1,399) 30,271 73,698
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
Consolidated
profit for
the
year to 31
Dec 2013 - - - - - - - - 11,366 11,366
Other
comprehensive
income - - - - - - 698 732 - 1,430
---------------
Total
comprehensive
income - - - - - - 698 732 11,366 12,796
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
Share based
payments - - 400 - (22) - - - - 378
Share options
exercised 113 477 (196) - - - - - - 394
Shares
purchased by
EBT - - - (277) - - - - - (277)
Shares sold by
EBT - - - 210 - - - - - 210
Dividends paid - - - - - - - - (1,111) (1,111)
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
At 31 December
2013
(audited) 10,343 32,364 1,326 (144) 158 1,531 651 (667) 40,526 86,088
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
Consolidated
profit for
the
year to 31
Dec 2014 - - - - - - - - 12,864 12,864
Other
comprehensive
income - - - - - - (1,173) (4,200) - (5,373)
---------------
Total
comprehensive
income
(unaudited) - - - - - - (1,173) (4,200) 12,864 7,491
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
Share based
payments - - 592 - 120 - - - - 712
Share options
exercised 50 378 (355) - - - - - - 73
Shares
purchased by
EBT - - - (190) - - - - - (190)
Shares sold by
EBT - - - 186 - - - - - 186
Dividends paid - - - - - - - - (1,307) (1,307)
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
At 31 December
2014
(unaudited) 10,393 32,742 1,563 (148) 278 1,531 (522) (4,867) 52,083 93,053
--------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Audited)
Year ended 31 December 2014 2013
GBP'000 GBP'000
------------------------------------------------ ------------ ----------
Cash flows from operating activities
Profit from operations 15,170 13,726
Adjustments for:
Depreciation 1,750 1,783
Amortisation - intellectual property
rights 389 400
- development costs 331 204
- software intangibles 228 91
Impairment of development costs 92 337
Decrease / (increase) in inventories 221 (1,510)
Increase in trade and other receivables (1,623) (1,931)
Increase in trade and other payables 1,298 653
Share based payments expense 592 400
Taxation (1,876) (83)
Net cash inflow from operating activities 16,572 14,070
------------------------------------------------ ------------ ----------
Cash flows from investing activities
Purchase of software (408) (618)
Capitalised research and development (581) (612)
Purchases of property, plant and
equipment (1,478) (836)
Disposal of PPE 61 64
Interest received 50 1
Net cash used in investing activities (2,356) (2,001)
------------------------------------------------ ------------ ----------
Cash flows from financing activities
Dividends paid (1,307) (1,111)
Finance lease (4) (5)
Repayment of secured loan - (14,385)
Issue of equity shares 69 395
Shares purchased by EBT (190) (277)
Shares sold by EBT 186 210
Interest paid (1) (583)
Net cash used in financing activities (1,247) (15,756)
------------------------------------------------ ------------ ----------
Net increase / (decrease) in cash
and cash equivalents 12,969 (3,687)
Cash and cash equivalents at the
beginning of the year 5,257 8,841
Effect of foreign exchange rate changes (946) 103
Cash and cash equivalents at the
end of the year 17,280 5,257
------------------------------------------------ ------------ ----------
Notes Forming Part of the Condensed Consolidated Financial
Statements
1. Reporting entity
Advanced Medical Solutions Group plc ("the Company") is a public
limited company incorporated and domiciled in England and Wales
(registration number 2867684). The Company's registered address is
Premier Park, 33 Road One, Winsford Industrial Estate, Cheshire,
CW7 3RT.
The Company's ordinary shares are traded on the AIM market of
the London Stock Exchange plc. The consolidated financial
statements of the Company for the twelve months ended 31 December
2014 comprise the Company and its subsidiaries (together referred
to as the "Group").
The Group is primarily involved in the design, development and
manufacture of novel high performance polymers (both natural and
synthetic) for use in advanced woundcare dressings and materials,
and medical adhesives and sutures for closing and sealing tissue,
for sale into the global medical device market and dental
market.
2. Basis of preparation
These condensed unaudited consolidated financial statements have
been prepared in accordance with the accounting policies set out in
the annual report for the year ended 31 December 2013.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting
Standards (IFRSs), as adopted for use in the EU, this announcement
does not itself contain sufficient information to comply with
IFRSs. The Group expects to publish full financial statements that
comply with IFRSs in April 2015.
The financial information set out in the announcement does not
constitute the Group's statutory accounts for the years ended 31
December 2014 or 31 December 2013. The financial information for
the year ended 31 December 2013 is derived from the statutory
accounts for that year, which have been delivered to the Registrar
of Companies. The auditor reported on those accounts; their report
was unqualified, did not draw attention to any matters by way of
emphasis without qualifying their report and did not contain a
statement under s498 (2) or (3) Companies Act 2006. The audit of
the statutory accounts for the year ended 31 December 2014 is not
yet complete. These accounts will be finalised on the basis of the
financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of
Companies following the Group's annual general meeting.
The financial statements have been prepared on the historical
cost basis of accounting except as disclosed in the accounting
policies set out in the annual report for the year ended 31
December 2013.
With regards to the Group's financial position, it had cash and
cash equivalents at the year end of GBP17.3 million. The Group also
has in place a five-year, unsecured, new multi-currency, credit
facility for GBP30 million which was undrawn in during 2014.
While the current economic environment is uncertain, the Group
operates in markets whose demographics are favourable, underpinned
by an increasing need for products to treat chronic and acute
wounds. Consequently, market growth is predicted. The Group has a
number of long-term contracts with customers across different
geographic regions and also with substantial financial resources,
ranging from government agencies through to global healthcare
companies.
Having taken the above into consideration the Directors have
reached a conclusion that the Group is well placed to manage its
business risks in the current economic environment. Accordingly,
they continue to adopt the going concern basis in preparing the
preliminary announcement.
The Group has not yet adopted IFRS 10 Consolidated Financial
Statements, IFRS 11 Joint Arrangements, IAS 28 Investments in
Associates and Joint Ventures (2011), IFRS 12 Disclosure of
Interests in Other Entities, IAS 27 Separate Financial Statements
(2011), IAS 32 Amendments to IFRS 7 and IAS 32, Amendments to IAS
36 Impairment of Assets, Amendments to IAS 39 Financial
Instruments: recognition and measurement, Amendments to IFRS 10,
IFRS12 and IAS 27. These have had no significant impact on this set
of financial information.
3. Accounting policies
The same accounting policies, presentations and methods of
computation are followed in the condensed set of financial
statements as applied in the Group's latest annual audited
financial statements. The annual financial statements of Advanced
Medical Solutions Group plc are prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union.
4. Segment information
As referred to in the Chief Executive's Report, the Group is
organised into four business units: Branded Direct, Branded
Distributed, OEM (original equipment manufacturer) and Bulk
Materials. These business units are the basis on which the Group
reports its segment information.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated items comprise mainly investments,
and related revenue, corporate assets, head office expenses and
income tax assets. These are the measures reported to the Group's
Chief Executive for the purposes of resource allocation and
assessment of segment performance.
Business segments
Segment information about these businesses is presented
below.
Year ended Branded Branded OEM Bulk Eliminations Consolidated
31 December Direct Distributed Materials
2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- -------- ------------- -------- ----------- ------------- -------------
Revenue
External sales 23,610 10,247 25,275 3,878 - 63,010
Inter segment
sales 702 (702) -
---------------- -------- ------------- -------- ----------- ------------- -------------
Total revenue 23,610 10,247 25,275 4,580 (702) 63,010
---------------- -------- ------------- -------- ----------- ------------- -------------
Result
---------------- ------ ------ ------ ---- --------
Segment result 6,241 2,770 6,225 485 - 15,721
Unallocated
expenses (551)
--------
Profit from
operations 15,170
Finance income 49
Finance costs (1)
---------------- ------ ------ ------ ---- --------
Profit before
tax 15,218
Tax (2,354)
---------------- ------ ------ ------ ---- --------
Profit for the
year 12,864
---------------- ------ ------ ------ ---- --------
At 31 December 2014 Branded Branded OEM Bulk Consolidated
Direct Distributed Materials
Other Information GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- ------------- -------- ----------- --------------------
Capital additions:
Software intangibles 88 11 272 37 408
Research & development 200 113 262 6 581
Property, plant and
equipment 586 179 617 96 1,478
Depreciation and
amortisation (903) (356) (1,188) (251) (2,698)
------------------------ -------- ------------- -------- ----------- --------------------
Balance sheet
Assets
Segment assets 55,456 17,207 27,200 4,462 104,325
Unallocated assets 208
------------------------ -------- ------------- -------- ----------- --------------------
Consolidated total
assets 104,553
------------------------ -------- ------------- -------- ----------- --------------------
Liabilities
Segment liabilities 5,257 2,159 3,531 533 11,480
Consolidated total
liabilities 11,480
------------------------ -------- ------------- -------- ----------- --------------------
Year ended Branded Branded OEM Bulk Eliminations Consolidated
31 December Direct Distributed Materials
2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------------- -------------- -------- ----------- ------------- -------------
Revenue
External sales 22,918 8,785 23,629 4,167 - 59,499
Inter-segment
sales 766 (766) -
---------------- ------------- -------------- -------- ----------- ------------- -------------
Total revenue 22,918 8,785 23,629 4,933 (766) 59,499
---------------- ------------- -------------- -------- ----------- ------------- -------------
Result
---------------- ------ -------------- --------- ---- --------
Segment result 6,023 1,654 5,790 668 - 14,135
Unallocated
expenses (409)
--------
Profit from
operations 13,726
Finance income 1
Finance costs (583)
---------------- ------ -------------- --------- ---- --------
Profit before
tax 13,144
Tax (1,778)
---------------- ------ -------------- --------- ---- --------
Profit for the
year 11,366
---------------- ------ -------------- --------- ---- --------
As at 31 December Branded Branded OEM Bulk Consolidated
2013 Direct Distributed Materials
Other Information GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- ------------- -------- ----------- -------------
Capital additions:
Software intangibles 131 15 400 72 618
Research & development 168 70 369 5 612
Property, plant and
equipment 330 117 197 192 836
Depreciation and
amortisation (872) (310) (1,037) (259) (2,478)
------------------------ -------- ------------- -------- ----------- -------------
Balance sheet
Assets
Segment assets 54,470 15,196 23,172 4,309 97,147
------------------------ -------- ------------- -------- ----------- -------------
Consolidated total
assets 97,147
------------------------ -------- ------------- -------- ----------- -------------
Liabilities
Segment liabilities 5,629 1,675 3,156 599 11,059
------------------------ -------- ------------- -------- ----------- -------------
Consolidated total
liabilities 11,059
------------------------ -------- ------------- -------- ----------- -------------
Geographic segments
The Group operates mainly in the UK, the Netherlands, Germany,
the Czech Republic and Russia, with a sales office located in the
USA. In presenting information on the basis of geographical
segments, segment revenue is based on the geographical location of
customers. Segment assets are based on the geographical location of
the assets.
The following table provides an analysis of the Group's sales by
geographical market, irrespective of the origin of the
goods/services, based upon location of the Group's customers:
Year ended 31 December 2014 2013
GBP'000 GBP'000
------------------------------------- -------- --------
United Kingdom 15,308 13,225
Germany 14,042 15,687
Europe excluding United Kingdom and
Germany 18,747 17,331
United States of America 13,786 11,819
Rest of World 1,127 1,437
------------------------------------- -------- --------
63,010 59,499
------------------------------------- -------- --------
The following table provides an analysis of the Group's total
assets by geographical location.
As at 31 December 2014 2013
GBP'000 GBP'000
------------------------------------- -------- --------
United Kingdom 46,049 34,271
Germany 52,887 56,522
Europe excluding United Kingdom and
Germany 5,506 6,315
United States of America 91 39
------------------------------------- -------- --------
104,533 97,147
------------------------------------- -------- --------
5. Profit from operations
Year ended 31 December 2014 2013
GBP'000 GBP'000
----------------------------------------------------------- -------- --------
Profit from operations is arrived
at after charging / (crediting):
Depreciation of property, plant and
equipment 1,750 1,783
Amortisation of:
- acquired intellectual property rights 389 400
- software intangibles 228 91
- development costs 331 204
Operating lease rentals - plant and
machinery 228 235
- land and buildings 912 835
Research and development costs expensed
to the income statement 2,120 2,196
Cost of inventories recognised as
expense 26,286 24,601
Staff costs 19,342 18,241
Net foreign exchange (gain) / loss (1,029) 164
----------------------------------------------------------- -------- --------
6. Taxation
Year ended 31 December 2014 2013
GBP'000 GBP'000
--------------------------------------- -------- --------
a) Analysis of charge for the year
Current tax:
Tax on ordinary activities - current
year 1,482 1,010
Tax on ordinary activities - prior
year 194 (134)
--------------------------------------- -------- --------
1,676 876
Deferred tax:
Tax on ordinary activities - current
year 678 494
Tax on ordinary activities - prior
year - 72
Effect of reduction in UK corporation
tax rates - 336
--------------------------------------- -------- --------
678 902
--------------------------------------- -------- --------
Tax charge for the year 2,354 1,778
--------------------------------------- -------- --------
The tax assessed for the year is lower (2013: lower) than the
standard rate of corporation tax in the UK (21.5%) as explained
below:
Year ended 31 December 2014 2013
GBP'000 GBP'000
----------------------------------------- -------- --------
b) Factors affecting tax charge for
the year
Profit before taxation 15,218 13,144
Profit multiplied by the standard
rate of corporation tax in the UK
of 21.5% (2013: 23.25%) 3,272 3,056
Effects of:
Overseas tax rate versus UK corporate
tax rate 259 140
Net (income) / expenses not (taxable)
/ deductible for tax purposes and
other timing differences (26) 346
Depreciation for year less than capital
allowances (9) (72)
Patent box relief (545) (510)
Utilisation and recognition of trading
losses (550) (577)
Research and development relief (287) (439)
Share-based payments 46 (104)
Adjustments in respect of prior year
- current tax 194 (134)
Adjustments in respect of prior year
- deferred tax - 72
Taxation 2,354 1,778
----------------------------------------- -------- --------
Legislation to reduce the main rate of UK corporation tax to 21%
and 20% was passed by parliament on 2 July 2013 to take effect from
1 April 2014 and 1 April 2015 respectively. The reduction in the
main rate to 20% had been substantively enacted at the balance
sheet date and, therefore, the deferred tax assets and liabilities
are calculated in these financial statements at this rate.
In addition to the amount charged to the income statement the
Group has recognised directly in equity:
-- excess tax deductions related to share-based payments on exercised options, together with
-- changes in excess deferred tax deductions related to
share-based payments, totalling GBP120,000 deficit (2013: surplus
GBP22,000).
7. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Year ended 31 December 2014 2013
GBP'000 GBP'000
--------------------------------------- -------- --------
Earnings for the purposes of basic
and diluted earnings per share being
net profit attributable to equity
holders of the parent 12,864 11,366
Number of shares '000 '000
-------------------------------------------- -------- --------
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 207,528 205,795
-------------------------------------------- -------- --------
Effect of dilutive potential ordinary
shares:
- share options, deferred share bonus,
LTIPs 3,991 2,869
-------------------------------------------- -------- --------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 211,520 208,664
-------------------------------------------- -------- --------
GBP'000 GBP'000
------------------------------------------- -------- --------
Profit for the year attributable to
equity holders of the parent 12,864 11,366
Amortisation of acquired intangible
assets 389 400
Adjusted profit for the year attributable
to equity holders of the parent 13,253 11,766
------------------------------------------- -------- --------
Earnings per share pence pence
-------------------- ------ ------
Basic 6.20p 5.52p
Diluted 6.08p 5.45p
Adjusted basic 6.39p 5.72p
Adjusted diluted 6.26p 5.64p
-------------------- ------ ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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