Advanced Medical Solutions Grp PLC Trading Update (8290Z)
December 16 2014 - 2:00AM
UK Regulatory
TIDMAMS
RNS Number : 8290Z
Advanced Medical Solutions Grp PLC
16 December 2014
16 December 2014
Advanced Medical Solutions Group plc
("AMS", the "Company" or the "Group")
Pre-Close Trading Update
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS.L),
the surgical and advanced woundcare specialist company, today
announces an update on trading prior to its close period for the
year ending 31 December 2014.
The Group continues to make good progress, as highlighted in the
2014 Interim Results announcement on 10 September 2014, and,
despite revenue being impacted by currency, the Board expects
revenue and profitability for the full year 2014 to be in line with
current market expectations.
The Group also announces it has agreed 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 was due to expire
in 2015 so the Company is taking 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, and replaces the existing GBP4 million facility. It
is unsecured on the assets of the Group and is currently undrawn.
The Company has continued to increase its net cash position which
was GBP10.2 million as at 30 June 2014.
Chris Meredith, Chief Executive Officer of AMS, said:
"The Group continues to deliver strong organic growth and, with
available cash funds and the new bank facility, is in a strong
position to deliver further growth."
The Group expects to publish its Preliminary Results for the
year to 31 December 2014 on Wednesday 4 March 2015.
- Ends -
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) 3709 5702
-------------------------
Mary-Jane Elliott / Jonathan Birt / Matthew Neal / Ivar Milligan
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Investec Bank plc (NOMAD & Broker) Tel: +44 (0) 20 7597 5970
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Gary Clarence / Daniel Adams / Patrick Robb
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About Advanced Medical Solutions Group plc
Founded in 1991, AMS is a leader in the development and
manufacture of innovative and technologically advanced products for
the US$20 billion global wound care and wound closure market. AMS
has a wide range of products based on technologies that include
alginates, silver alginates, foams, collagens, cyanoacrylate
adhesives and sutures.
AMS manufactures wound care products for an extensive list of
Original Equipment Manufacturer ("OEM") customers around the world,
but the majority of the Group's revenues now come from its own
brands - ActivHeal(R) wound care products in the UK to the NHS,
LiquiBand(R) cyanoacrylate products primarily in the UK, Europe and
the USA, and RESORBA(R) sutures and haemostat products primarily in
Europe. AMS develops innovative products from its R&D pipeline
which it commercialises globally, either directly or through
partnerships with its OEM customers.
AMS's products are sold globally via a network of regional or
multinational partners and distributors, as well as via AMS's own
direct sales forces in the UK, Germany, the Czech Republic and
Russia. With 465 employees operating under four distinct business
units (Branded Direct, Branded Distributed, OEM and Bulk Materials)
that match its multiple products and routes-to-market, AMS's
products are manufactured from two sites in the UK, one in the
Netherlands, two in Germany and one in the Czech Republic. For more
information please see www.admedsol.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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