Unaudited Preliminary Results

AdMedSol — Wed, 18 Mar 2026 07:00:11 +0000

RNS Number : 1189X

Advanced Medical Solutions Grp PLC

18 March 2026

Advanced Medical Solutions Group plc

(“AMS” or the “Group” or the “Company”)

Unaudited preliminary results for the year ended 31 December 2025

~ Record full year sales and adjusted EBITDA with strong organic growth ~

~ Successful integration of recent acquisitions ~

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces its unaudited preliminary results for the year ended 31 December 2025.

Financial Summary:

	2025	2024	Reported change¹	Change at constant currency²
Surgical Business Unit (£ million) Advanced Woundcare Business Unit (£ million) Total Group revenue (£ million)	183.5 45.4 228.9	135.8 41.7 177.5	35% 9% +29%	36% 9% +29%
Adjusted Measures
Adjusted³ EBITDA (£ million)	49.9	40.2	+24%
Adjusted³ EBITDA margin	21.8%	22.6%	-0.8pp
Adjusted³ profit before tax (£ million)	33.9	29.4	+15%
Adjusted³ profit before tax margin	14.8%	16.6%	-1.8pp
Adjusted⁴ diluted earnings per share (p)	11.74	10.45	+12%

Reported Measures
Profit before tax (£ million)	17.8	9.8	+81%
Profit before tax margin	7.8%	5.5%	+2.3pp
Diluted earnings per share (p)	4.52	3.25	+39%
Net operating cash flow (£ million)	32.6	19.5	+67%
Net (debt)/cash⁵ (£ million)	(50.5)	(55.8)	-10%

Proposed full year dividend per share (p)	2.86	2.60	+10%

Commenting on the results, Chris Meredith, Chief Executive Officer of AMS, said: “I am proud to report that we have delivered on our key strategic objectives for 2025. The strength of our expanded portfolio, our growing global presence, and the commercial synergies across the Group, have all contributed to another year of robust growth. This strong performance has enabled us to increase our dividend for the year by 10%.

“Our robust and advancing R&D pipeline reinforces our confidence in carrying this momentum forward. The integration of operations continues to progress well, and we remain firmly on track to fully consolidate the business and improve operational efficiency next year. As we look ahead, we are strongly positioned to continue building on this foundation and accelerate our long term growth.”

Operational and Financial Highlights

· Group revenue increased by 29% to £228.9 million (2024: £177.5 million), driven by the full year impact of the July 2024 acquisition of Peters Surgical and continued growth across key product categories. Overall performance was in line with management expectations and included a strong performance from the existing AMS business (excluding Peters) that delivered 10% constant currency growth, with a good performance from Adhesives and Biosurgical categories and a good recovery in the Woundcare business.⁶

o Surgical Business Unit revenues increased to £183.5 million (2024: £135.8 million), an increase of 36% at constant currency.

– Global LiquiBand^® revenues increased by 10% to £47.8 million (2024: £43.4 million) and 12% at constant currency, with good performances in the US and the Rest of the World, where commercial synergies continue to support growth in areas such as specialist cardiovascular markets.

– Biosurgical devices grew by 23% to £27.8 million (2024: £22.6 million) and 22% at constant currency, driven by increased demand for antibiotic-loaded collagen and growth in dental devices.

– Suture, Clips and VTO (Vascular Temporary Occlusion) revenues grew by 64% at constant and reported currency to £82.7 million (2024: £50.4 million).

o Advanced Woundcare Business Unit revenues increased by 9% to £45.5 million (2024: £41.8 million), driven by strong growth in Customer-branded and Bulk materials and the increasing traction of partners’ products in the market.

· Following the acquisitions of Peters Surgical and Syntacoll, operational synergies are on track and commercial synergies are already contributing to growth. LiquiBand XL^® started to gain traction among specialist cardiovascular surgeons for sternotomy closure, IFABOND^® transitioned to direct sales in the UK and LiquiBandFix8^® transitioned to direct sales in France. Other AMS legacy products started to access new direct sales territories in Austria, Poland, Czech and India.

· Adjusted EBITDA increased by 24% to £49.9 million (2024: £40.2 million) and reported profit before tax increased by 81% to £17.8 million (2024: £9.8 million) as a result of organic growth from the existing AMS business and the inclusion of the first full year of Peters’ results.

· Net debt on 31 December 2025 was reduced to £50.5 million (2024: £55.8 million). Significant investment in the Group’s transformation project, including a number of exceptional items largely relating to the restructuring of our manufacturing function, together with capital expenditure and inventory increases, partly offset the pace of deleveraging in the year.

· Reflecting management’s ongoing confidence in the Group’s outlook, the Board proposes an increased final dividend of 2.01p per share (2024: 1.83p), bringing the total proposed dividend to 2.86p per share (2024: 2.60p), up 10%.

Summary & Outlook

· AMS delivered record 2025 results and enters 2026 with strong commercial momentum, a clearer operating platform and a robust pipeline that supports multi‑year growth.

· AMS reported record Group revenue of £228.9m, up 29%, with strong organic growth across core categories and the first full-year contribution from Peters Surgical. Surgical remained the key driver of performance, growing 36% at constant currency, while Woundcare returned to growth following its restructuring. Adjusted EBITDA increased 24% to £49.9m, and net debt reduced to £50.5m.

· Integration of Peters Surgical continues to progress well, with commercial synergies already contributing and operational synergies on track for delivery from 2027. The Group’s innovation pipeline remains a major strategic strength, with multiple product approvals expected from 2026 onwards across adhesives, sutures, collagen technologies and bone substitutes.

· The Board expects continued strong growth in Surgical and modest growth in Woundcare as long‑term supply agreements take effect. Strong cash generation and disciplined capital allocation are expected to support further deleveraging while maintaining investment in innovation and manufacturing optimisation.

· In respect to the current Middle East conflict, AMS has a limited footprint in the region and minimal exposure. Sales and margin in the region is not significant, and currently seems stable.

· The Board is confident of delivering full year 2026 revenue and EBITDA in line with current market expectations⁷ and believes that AMS is well positioned to drive sustained growth and long-term value creation.

Notes

1. Reported change is calculated using amounts rounded to the nearest £’000

2. Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s exchange rates

3. Reconciled in the Financial Review / note 18. Adjusted EBITDA excludes the impact of exceptional items, depreciation, amortisation, finance costs and taxation. Adjusted profit before tax excludes the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities. Exceptional items are detailed in the Financial Review.

4. Reconciled in note 4 of the financial information. Adjusted diluted earnings per share exclude the impact of exceptional items, amortisation of acquired intangibles, movement in long-term acquisition liabilities and the tax impact of adjusted items.

5. Reconciled in note 9 of the financial information. Net debt is calculated as cash and cash equivalents less borrowings

6. Organic AMS Group revenues excluding Peters Surgical are reconciled in note 18.

7. AMS believes that current consensus market expectations for the year ended 31 December 2026 is revenue of £245.3m and Adjusted EBITDA of £55.2 m

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

Optimum Strategic Communications	Tel: +44 (0) 20 4566 8543
Mary Clark / Nick Bastin / Isabelle Abdou	AMS@optimumcomms.com

Investec Bank PLC (NOMAD & Joint Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is an innovative tissue healing medical device company delivering high-performing solutions that match or surpass market leaders, clinically, technically, and commercially. From adhesives and sealants, to biosurgical devices and sutures, AMS’s products offer superior usability, quality and design. AMS’s strength lies in combining advanced material science with applicator device design and development, in collaboration with surgeons and Key Opinion Leaders, creating differentiated devices that improve patient outcomes without compromising quality or affordability.

AMS’s scalable, resilient business model is built on disciplined execution, portfolio focus, and capital efficiency. Its diversified product and geographic mix mitigates volatility, ensuring consistent performance even when individual segments fluctuate. Following its acquisition of Peters Surgical, AMS is unlocking operational and commercial synergies, accelerating its US and international expansion, and increasing the percentage of sales made through its direct sales teams. With surgical products driving the lion’s share of group revenues and a clear top-line trajectory, AMS is positioned for scalable growth, and long-term value creation.

Chief Executive’s Review

Surgical Business Unit

Revenue increased to £183.5 million (2024: £135.8 million) during the year, an increase of 36% on a constant currency and 35% on a reported basis.

Surgical Business Unit	2025 £ million	2024 £ million	Reported Growth	Change at constant currency
Advanced Closure	47.8	43.4	10%	12%
Internal Fixation and Sealants	8.3	8.0	4%	3%
Sutures, Clips and VTO	82.7	50.4	64%	64%
Biosurgical Devices	27.8	22.6	23%	22%
Other Distributed	16.9	11.4	48%	48%
Total	183.5	135.8	35%	36%

Advanced Closure

Advanced Closure	2025 £ million	2024 £ million	Reported Growth	Change at constant currency
Americas	29.4	26.9	10%	13%
Rest of World	18.4	16.5	11%	11%
Total	47.8	43.4	10%	12%

LiquiBand^® revenues increased by 12% in the year to £47.8 million (2024: £43.4 million) on a constant currency basis and 10% on a reported currency basis, driven by continued global growth.

LiquiBand^® continued to perform strongly in the United States, growing by 10% to £29.4 million (2024: £26.9 million) and with constant currency growth of 13%. This reflects the ongoing successful commercial execution by our channel partners and their ongoing focus on these key strategic products. LiquiBand XL^®, the long‑wound closure device, further enhances AMS’s competitive position in the US, and our increasing pipeline of new evaluations and market wins gives us confidence that we will continue to take share in this large wound closure market segment. As previously guided, the first half of 2025 benefited from additional partner orders linked to changes in their distribution footprint and hence represents a strong comparator for H1 2026.

Outside the US, revenues were up 11% at reported and constant currency to £18.4 million (2024: £16.5 million). In the APAC region, market share gains were achieved as LiquiBand^® continued to displace the market leader across the region and was launched into India via the local sales force that came with the Peters Surgical acquisition. We also launched LiquiBand^® XL into Australia and South Korea. In Europe, commercial synergies supported overall LiquiBand^® growth, including notable success in Peters’ legacy network of cardiac surgeons helping to build LiquiBand XL^® momentum in sternotomy closures.

Internal Fixation and Sealants

As previously reported, partner sell-down of the launch inventory of US LiquiFix™ impacted recorded revenue for the year. However, shipments did significantly increase in Q4 2025 with multiple months of record end-user sales revenue. The establishment of AMS’s dedicated Hernia Clinical team, with partner TelaBio, has already contributed to stronger end sales performance. Activity in Q4, supported by approvals from three of the largest Group Purchasing Organisations, demonstrated accelerating adoption, new user onboarding and deeper market penetration. IFABOND^® line extensions remain on track for an initial European launch in 2027.

Clinical adoption of the SEAL‑G^® device continues to progress, with early users gaining confidence and experience in this innovative intestinal sealant technology. Initial revenues, while starting from a modest base, are beginning to show very positive momentum.

Encouraging clinical evidence continues to emerge from multiple sources, including:

· A retrospective follow-up of the 2021, 167 patient, initial clinical study demonstrated improved efficacy with the SEAL-G^® treatment group (n=79) with a leakage rate of 1.3% compared with 5.7% in the control group (n=88).

· Certain KOLs are no longer routinely resorting to stoma formation in bowel surgery, given their increasing confidence in the patient and economic benefit arising from their use of SEAL-G^®.

· Encouraging early results arising from the ongoing pancreatic clinical study, currently at 45 patients.

Building on this positive clinical momentum, AMS is in the late stages of a grant approval process for a large, pivotal, randomised controlled trial to evaluate the efficacy of SEAL-G^® in preventing or reducing anastomotic leaks in patients undergoing colorectal surgery. Such a study would be critical in establishing the technology as a future standard of care in gastrointestinal surgical resection.

Good progress has been made in the development of the second-generation SEAL-G^® device, which has reached an important milestone with engineering efforts successfully delivering a simplified design that no longer requires an external gas supply or regulator. As this optimisation phase nears completion, AMS remains confident that this new version is on track for a European filing in 2027. As at 31 December 2025, the amortised carrying value of the capitalised development costs was £5.0 million.

Sutures, Clips and VTO

Revenues grew strongly during the year, increasing by 64% at constant and reported currency to £82.7 million (2024: £50.4 million). Proforma revenues, which consider performance on the basis of a full-year of revenue from Peters Surgical in the prior year, were flat during the year, as continued end-user sales growth was offset by the normalisation of distributor inventory levels following the acquisition of Peters Surgical, which is not expected to fully unwind until mid-2026.

Significant advances were made in the project to harmonise RESORBA and Peters’ suture operations during the year through supply chain simplification and product portfolio optimisation. This will improve the efficiency of the business and strengthen the foundation for long‑term growth. Regulatory, Quality, and R&D teams have been successfully merged into unified functional structures across all manufacturing sites, further enhancing synergy and alignment.

End-user sales growth was supported by successful cross‑portfolio launches, with cross-selling between marketing teams. B2B performance during the year was impacted by some partners reducing their inventory from the unusually high levels held at the time of the Peters acquisition. Inventory levels are expected to have normalised by the middle of 2026.

In the US, the majority of our suture product ranges have now secured regulatory clearance, and commercial momentum is beginning to build. However, the approval process for a specialised portfolio of cardiovascular sutures is still ongoing, with authorisation now expected in 2027. AMS’s sutures positioning is anchored in our specialist cardiovascular range and our ability to offer a high-quality alternative at competitive price points. Early US commercial momentum in approved product lines provides a platform for accelerated growth as the full range gains clearance.

Biosurgical Devices

Revenues increased by 23% to £27.8 million at reported currency (2024: £22.6 million) and 22% at constant currency.

This strong performance was supported by increasing demand for Resorba^® antibiotic collagens and new product approvals across APAC and LATAM. The smooth transition of Syntacoll supply contracts also contributed positively. Enhanced manufacturing efficiency further supported this momentum, with Syntacoll’s specialist expertise significantly improving operational capability and supporting the business’s ability to meet increased demand.

The Group continues to make strong progress in preparing its collagen portfolio for entry into the US market, which represents a significant long‑term growth opportunity. The Company’s first US collagen approval, for a dental cone, was secured in 2025, with a further approval expected in 2026 that will drive commercial revenues. Additional US submissions for a broader range of non‑antibiotic, surgical collagen products remain on track, with approvals anticipated from 2027 onwards.

The next generation Freeze Dried Bone Substitute (FDBS) also represents a substantial opportunity for the Biosurgical business in the US and Europe. Its highly differentiated cohesiveness, mouldability and capacity to mix with various biological fluids reinforce its position to deliver meaningful improvements in bone regeneration. Initial evaluation studies are underway, and EU and US regulatory approval of the non-drug loaded version of this technology is anticipated in 2027.

Other Distributed Products

Revenues increased to £16.9 million during the year (2024: £11.4 million), growth of 48% at reported and constant currency, driven by the annualisation of Peters Surgical during the year.

Innovation

Product innovation remains a key focus for the Group, with a number of key product approvals anticipated in 2026 and 2027 as summarised in the table below.

Product approval	Region	Category	Estimated Approval
Resorba^® dental collagen	USA	Biosurgical Devices	2026
Resorba^®, non-antibiotic surgical collagens	USA	Biosurgical	2027+
Topical Adhesives	China	Advanced Closure	2026-2027
Peters Surgical sutures range completion	USA	Sutures	2027
Freeze Dried Bone substitute (FDBS)	EU and USA	Biosurgical Devices	H1 2027
IFABOND^® line extensions	EU	Advanced Closure	2027
SEAL-G^® approval of second-generation device	EU	Advanced Closure	H1 2028
Antibiotic FDBS substitute	EU and USA	Biosurgical Devices	2030
Antibiotic collagen	USA	Biosurgical Devices	2030

Integration and Synergies

Following the successful integration of key function teams from AMS and Peters Surgical in 2024, the enlarged Group is working well under its unified structure. The acquisition of Peters Surgical on 1 July 2024 contributed revenue of £74 million to the AMS Group during the year.

The programme to deliver commercial synergies is progressing well as established direct sales teams benefit from larger product portfolios, driving the potential to deliver incremental annual revenues towards the upper end of our target range of £5 million to £10 million from mid-2029. Building on some initial successes with increased direct selling, we are evaluating opportunities for further transitions in certain key markets, which could include some one-off costs.

The integration programme to deliver £10 million of annual operational synergies from 2027 is progressing to plan. Potential site closures were announced internally in January 2026, with four sites in Germany and one site in Czechia expected to close in March 2027. The financial impact of site closures is subject to variations and is being assessed on an ongoing basis.

Woundcare Business Unit

Woundcare Business Unit	2025 £ million	2024 £ million	Reported Growth	Change at constant currency
Infection and Exudate Management	42.1	36.9	14%	15%
Other Woundcare	3.3	4.8	-31%	-30%
Total	45.4	41.7	9%	9%

Revenues increased by 9% to £45.4 million (2024: £41.7 million) on a reported and constant currency basis as OEM dressings and bulk materials projects delivered growth.

The restructuring of the Woundcare business in Q1 2025 successfully achieved the targeted cost savings, while the new focus on higher-margin business has strengthened the overall mix and profitability. The successful negotiation of a number of major, long-term supply agreements has contributed significantly to annual growth, with other discussions nearing completion.

Infection and Exudate Management revenue increased by 14% at reported currency and 15% at constant currency to £42.1 million (2024: £36.9 million), as we implemented our strategy to focus on more profitable product categories.

Other Woundcare declined to £3.3 million (2024: £4.8 million) due to the declining Organogenesis royalty.

Environmental, Social and Governance

All sustainability activities have been optimised and managed by a single team across AMS. Having rebased our carbon footprint, in 2025 we began assessing projects to accelerate our Pathway to Net Zero, which has a commitment date of 2045, and preparing to apply for the Science Based Target Initiative (SBTi) in 2026. We are also working through the Corporate Sustainability Reporting Directive (CSRD) requirements with a consultant to ensure our KPI’s and other ESG metrics are focused on areas that are material to the business.

Our ESG progress is further validated by EcoVadis (Bronze medal), a MSCI rating increase (AAA), successful SEDEX audits at key UK sites, and our corporate membership of the UN Global Compact. We are rolling out a new Code of Conduct for the Group, which will support strong governance across all jurisdictions in which we operate, as well as increased engagement in our local communities.

Post period event – new corporate brand

As part of the Group’s evolution following the acquisition of Peters Surgical, AMS has introduced a refreshed visual identity, including an updated logo and design, reflecting the scale and ambition of the enlarged business. This was launched on 17^th March 2026.

Stakeholders

On behalf of the Board, I would like to thank the Group’s staff, partners and other stakeholders, without whose help and commitment the achievements of this year, and the years prior, would not have been possible.

Chris Meredith

Chief Executive Officer

About our Business Units

Surgical

The Surgical Business Unit includes tissue adhesives, sutures, biosurgical devices and internal fixation devices marketed under the AMS brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX^TM, Peters Surgical, IFABOND^® and Vitalitec.

Advanced Closure

LiquiBand^® is a range of topical skin adhesives, incorporating medical grade cyanoacrylate in combination with purpose-built applicators. These products are used to close and protect a broad variety of surgical and traumatic wounds.

Internal Fixation and Sealants

AMS’s internal fixation portfolio has been strengthened with the addition of IFABOND^® to the existing LIQUIFIX^TM / LiquiBandFix8^® range.

LIQUIFIX^TM / LiquiBandFix8^® secures meshes inside the body with accurately delivered drops of fast-setting butyl cyanoacrylate adhesive, whereas IFABOND^® uses hexyl cyanoacrylate that is more flexible and resorbable and has European approvals not only for mesh fixation, but also for tissue fixation, prolapse repair and bariatric surgery.

Suture, Clips and VTO

The RESORBA^® portfolio of general, dental and ophthalmic sutures is strengthened and complemented by the sutures, clips and Vascular Temporary Occlusion (‘VTO’) devices from the Peters acquisition that also bring strong Cardio-Vascular specialisation and brand recognition.

Biosurgical devices

The Biosurgical Devices category comprises antibiotic-loaded collagen sponges, collagen membranes and cones, oxidised cellulose, synthetic bone substitutes and bio-absorbable screws.

Other Distributed Products

The Other Distributed products category comprises products distributed through AFS Medical in Austria and Peters Surgical in France, including minimally invasive access ports and laparoscopic instruments. This category excludes sales of LiquiBandFix8^® which are recorded within the Internal Fixation and Sealants category.

Woundcare

The Woundcare Business Unit is comprised of the Group’s multi-product portfolio of advanced woundcare dressings sold under our partners’ brands and the ActivHeal^® label, plus a portfolio of specialist medical bulk materials and multi-layer woundcare products.

Financial Review

Summary

IFRS reporting

To provide the clearest possible insight into our performance, the Group uses alternative performance measures. These measures are not defined in International Financial Reporting Standards (IFRS) and are, therefore, considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate. AMS uses such measures consistently at the half-year and full-year and reconciles them as appropriate. The measures used in this statement include constant currency revenue growth, adjusted operating profit, adjusted profit before tax, adjusted EBITDA and adjusted earnings per share, allowing the impact of exchange rate volatility, exceptional items, unwind of inventory fair value accounting, amortisation, and the movement in long-term acquisition liabilities to be separately identified. Net debt/cash are an additional non-GAAP measure used to provide a useful overview of the Group’s financial position.

Overview

Revenue increased by 29% at constant and reported currency to £228.9 million (2024: £177.5 million).

Adjusted gross margin was slightly higher at 53.4% against prior year adjusted gross margin of 53.1%, driven by increased volumes and operational improvements. This margin growth is despite the dilutive impact of acquisitions, which have a slightly lower gross margin than the Group’s average, as well as the reduced Organogenesis royalty. Adjusted gross margin in the prior year excludes the impact of the IFRS3 fair value accounting following the acquisition of Peters Surgical which increased inventory valuation and resulted in higher cost of goods sold in the second half of the year and was treated as an adjusted item (2024 reported gross margin: 52.2%).

Administration expenses before exceptional items increased to £90.5 million (2024: £69.0 million) due to the addition of Peters Surgical which incurred approximately £33 million of administration expenses (2024: £16 million). Included within administration expenses is £10.3 million (2024: £7.8 million) of amortisation of acquired intangible assets which grew due to the annualisation of the acquisition of Peters Surgical in July 2024.

The remaining increase in administration expenses in the year relates to increased distribution costs following the implementation of tariffs in the US, increased sales and marketing activity and expenditure in Research, Development, Regulatory and Clinical as the Group continues to invest in growth opportunities and increased amortisation of development costs which is increasing as the Group achieves additional levels of MDR certification.

Exceptional items
	(Unaudited)	Audited
	2025	2024
	£’000	£’000
Integration-related	5,145	1,927
Restructuring	660	–
Peters acquisition-related	–	5,090
Risk Management	–	2,017
Syntacoll	–	1,890
Total exceptional items	5,805	10,924

Exceptional items of £5.8 million were incurred in the year in relation to the Group’s transformation projects following the prior year acquisition of Peters Surgical and Syntacoll. These projects have been deemed exceptional in nature and have resulted in significant costs being incurred whilst the related benefits will only be yielded in future periods and as a result the Group’s performance has been summarised including and excluding these costs to give additional information to the users of the financial statements. Integration-related costs predominately relate to consultancy services to lead the integration project as well as the costs of an internal dedicated integration team and other relevant integration activities. Restructuring costs relate to costs incurred reorganising certain operations and are primarily employee related.

In the prior year, £10.9 million of exceptional costs were incurred. Syntacoll exceptional costs related to legal fees, staff termination costs, an initial idle period when no manufacturing was undertaken, and some integration related costs. Risk management exceptional costs related to foreign currency risk management costs to protect against adverse movements in the Euro rate whilst the Group awaited FDI approval to complete the acquisition of Peters Surgical. Risk and warranty insurance was also obtained. Acquisition related costs included costs for advisory services, legal, financial, tax, HR and operational due diligence services, as well as legal services relating to the share purchase agreement and related banking facility required as part of the acquisition funding.

The Group incurred £14.5 million of gross R&D spend in the year (2024: £12.9 million), representing 6.3% of Revenue (2024: 7.3%), maintaining investment in innovation and in meeting the increasing regulatory standards. As shown in the table below, part of this cost is capitalised and amortised over the following 5 to 10 years, with the amount capitalised being consistent as lower MDR capitalised spend is offset by increased capitalisation relating to the development of FDBS.

R&D, Regulatory and Clinical expenditure
	2025	2024
	£’000	£’000
Total investment in Research and Development, Regulatory and Clinical	14,480	12,922
Of which:
Charged to the profit and loss account	10,349	8,807
Capitalised, to be amortised over 5-10 years	4,131	4,115

Other operating income reduced to £0.7 million (2024: £0.9 million) and relates to R&D claims in the UK and Ireland.

In the year, finance income declined to £0.2 million (2024: £2.2 million), as the majority of funds held on deposit in the first half of 2024 were used to fund the acquisition of Peters Surgical. Finance costs increased to £5.1 million (2024: £3.6 million) as a result of the full year impact of the Group’s borrowing facility following the prior year acquisition of Peters Surgical.

A finance cost of £nil was recorded in relation to movements in long-term acquisition liabilities (2024: credit of £0.9 million recorded in finance income).

Adjusted EBITDA which consists of earnings before finance costs, tax, depreciation and amortisation as well as excluding exceptional items and the unwind of inventory fair value accounting increased by 24% to £49.9 million (2024: £40.2 million) reflecting the growing profitability and operating performance of the Group.

Reconciliation of profit before tax to adjusted EBITDA
	(Unaudited)	Audited
	2025	2024
	£’000	£’000
Profit before tax	17,783	9,823
Finance income and costs	4,879	1,396
Amortisation	13,361	9,849
Depreciation	8,036	6,453
Exceptional items	5,805	10,924
Unwind of inventory fair value accounting	–	1,726
Adjusted EBITDA	49,864	40,171

Adjusted profit before tax which excludes amortisation of acquired intangibles, exceptional items, the unwinding of inventory fair value accounting and movements in long term liabilities recognised on acquisition, increased by 15% to £33.9 million (2024: £29.4 million) whilst the adjusted PBT margin decreased by 170 bps to 14.8% (2024: 16.5%) as a result of the dilutive impact of the Peters Surgical acquisition and associated borrowing costs.

Reported profit before tax increased by 81% to £17.8 million (2024: £9.8 million) as a result of significant acquisition related exceptional items in the prior year, as well as the full-year impact of the Peters Surgical acquisition.

Reconciliation of profit before tax to adjusted profit before tax
	(Unaudited)	Audited
	2025	2024
	£’000	£’000
Profit before tax	17,783	9,823
Amortisation of acquired intangibles	10,313	7,804
Exceptional items	5,805	10,924
Movement in long-term acquisition liabilities	42	(868)
Unwind of inventory fair value accounting	–	1,726
Adjusted profit before tax	33,943	29,409

The Group’s adjusted effective income tax rate as reconciled in note 18, reflecting the blended tax rates in the countries where we operate and including UK patent box relief, increased to 24% (2024: 22%) due to the impact of certain loss-making entities within the Peters Surgical group. Reported income tax increased to 43% (2024: 27%) due to the movement in Deferred tax on acquired intangible assets.

Adjusted diluted earnings per share increased by 12% to 11.74p (2024: 10.45p) and diluted earnings per share increased by 39% to 4.52p (2024: 3.25p), reflecting the Group’s increased earnings.

Reflecting its confidence in the Group’s prospects, the Board is proposing a final dividend of 2.01p per share (2024 final dividend: 1.83p), to be paid on 26 June 2026 to shareholders on the register at the close of business on 29 May 2026. This follows the interim dividend of 0.85p per share (2024 interim dividend: 0.77p) paid on 24 October 2025 and would, if approved, make a total dividend for the year of 2.86p per share (2023: 2.60p) an increase of 10%.

Operating result by business segment
	Surgical	Woundcare
Year ended 31 December 2025	£’000	£’000
Revenue	183,451	45,485
Segment operating profit	26,530	2,912
Amortisation of acquired intangibles	9,373	940
Adjusted segment operating profit⁶	35,903	3,852
Adjusted operating margin⁶	19.6%	8.5%
Adjusted EBITDA	44,671	6,168
Adjusted EBITDA margin⁷	24.4%	13.6%
Year ended 31 December 2024
Revenue	135,638	41,753
Segment operating profit	23,268	1,664
Amortisation of acquired intangibles	6,864	940
Adjusted segment operating profit⁶	30,132	2,604
Adjusted operating margin⁶	22.2%	6.2%
Adjusted EBITDA	36,466	4,768
Adjusted EBITDA margin⁷	26.9%	11.4%

^{Note 6: Adjusted for amortisation of acquired intangible assets and excludes exceptional items and the unwind of inventory fair value accounting.}

^{Note 7 Reconciled in note 18 of the financial information. Excludes the impact of exceptional items, depreciation, amortisation, interest and taxation.}

^{The above table is reconciled to statutory information in note 5 of the financial information.}

Surgical

Surgical revenues increased by 35% to £183.5 million (2024: £135.8 million) at reported currency and by 36% at constant currency. Adjusted operating margin decreased by 260 bps to 19.6% (2024: 22.2%) due to the dilutive impact of Peters Surgical at an operating margin level. The annualisation of the low margin Syntacoll business is also impacting adjusted operating margin.

Woundcare

Woundcare revenues increased by 9% to £45.5 million (2024: £41.8 million) at reported currency and constant currency. Adjusted operating margin increased by 230 bps to 8.5% (2024: 6.2%) due to the factors noted in the Chief Executive’s review.

US Tariffs

The Group continues to monitor US tariff rates. Under current tariff conditions, the previously estimated impact of US tariffs of £1m – £2m is not expected to significantly change.

Currency

The Group hedges significant currency transaction exposure by using forward contracts and aims to hedge approximately 80% of its estimated transactional exposure for the next 18 months. In the financial year, approximately one half of sales were invoiced in Euros and approximately one quarter were invoiced in US Dollars. Following the acquisition of Peters Surgical, the Group also has an increased manufacturing presence in Thailand increasing exposure to Thai Baht.

The Group estimates that a 10% movement in the £:US$ or £:€ exchange rate will impact Sterling revenues by approximately 2.5% and 4.8% respectively and, in the absence of any hedging, this would have an impact on the Group operating margin of 1.6 and 0.2 percentage points respectively. In the absence of any hedging movements in the pound sterling to Thai Baht exchange rate, a 10% movement in the exchange rate will impact Group operating margin by 0.5 percentage points.

Cash flow

Net cash inflow from operating activities in the year was £32.6 million, an increase on the prior year (2024: £19.5 million) due to increasing operational performance and as a result of the acquisition of Peters Surgical.

Working capital increased during the year. Inventory cover increased to 7.4 months of supply (2024: 6.0 months) which is driven by supply chain planning to manage the transition plan as part of the Group’s transformation project. Receivables in the prior year were higher than typical levels and have reduced this year despite increased sales. As a result, Debtor days have decreased to 45 days (2024: 53 days). Creditor days were in line with prior year at 35 days (2024: 35 days).

Net cash used in investing activities in the year was £13.3 million (2024: £67.1 million), a significant decrease on the prior year which included the acquisition of Peters Surgical. The current year investing activity largely relates to capital investment in equipment, R&D and regulatory costs of £12.6 million (2024: £8.7 million) as a result of the full year impact of Peters Surgical and investment in the Group’s transformation project.

£1.1 million of cash outflows relating to payment of contingent consideration occurred and relates to the achievement of the final EBITDA milestone for AFS triggering a £0.4 million payment, as well as £0.7 million relating to the Peters Surgical acquisition following partial achievement of the gross margin and Inventory conditions. The US regulatory approvals or tax conditions were not achieved within the required time resulting in £nil fair value being required at 31 December 2025 (2024: £5.5 million).

Cash outflow relating to taxation remained consistent at £5.3 million (2024: £5.1 million).

Net cash outflow from financing activities in the year was £19.0 million (2024: received £5.5 million) as net repayments of borrowings were £5.6 million (2024: net inflow of £17.3 million).

The Group paid the final dividend for the year ended 31 December 2024 of £4.0 million in July 2025 (for the year ending 31 December 2023, £3.6 million in June 2024), and the interim dividend for the six months ended 30 June 2025 of £1.8 million in October 2025 (for the 6 months ended 30 June 2024: £1.6 million in October 2024).

At the end of the year, 31 December 2025, as a result of the above movements, the Group had net debt of £50.5 million (31 December 2024: net debt of £55.8 million). Further reductions in net debt were restricted by exceptional items and investment in integration activities to drive long-term synergies following our transformational acquisition which includes capital and inventory investment in the year.

CONDENSED CONSOLIDATED INCOME STATEMENT
		(Unaudited)			(Audited)
Year ended 31 December		2025			2024
		Before Exceptional items	Exceptional items⁸	Total	Before Exceptional items	Exceptional items⁸	Total
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Revenue from continuing operations	5	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	6	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	7	(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	4	6.75p	(2.13p)	4.62p	7.48p	(4.17p)	3.31p
Diluted	4	6.62p	(2.09p)	4.52p	7.35p	(4.10p)	3.25p

^{Note 8 Exceptional items are reconciled in the Financial Review.}

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	(Unaudited)	(Audited)
	2025	2024
	£’000	£’000
Profit for the year	10,095	7,142
Exchange differences on translation of foreign operations	8,028	(6,177)
Gain/(loss) arising on cash flow hedges	1,664	(3,104)
Deferred tax (charge)/credit arising on cash flow hedges	(306)	664
Total other comprehensive income/(loss) for the year	9,386	(8,617)
Total comprehensive income/(loss) for the year	19,481	(1,475)
Total comprehensive income/(loss) for the year attributable to equity holders of the parent	19,340	(1,523)
Total comprehensive income for the year attributable to Non-controlling interest	141	48

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		(Unaudited)	(Audited)
		31 December 2025	31 December 2024
	Note	£’000	£’000
Assets
Non-current assets
Intangible assets		92,731	97,412
Goodwill	11	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	10	12	–
		255,405	262,218
Current assets
Inventories	12	70,047	55,259
Trade and other receivables		47,654	52,451
Current tax assets		2,436	1,233
Derivative financial assets	10	1,213	296
Cash and cash equivalents		18,015	17,039
		139,365	126,278
Total assets		394,770	388,496
Liabilities
Current liabilities
Trade and other payables		30,951	33,782
Derivative financial liabilities	10	–	261
Borrowings	9	11,370	5,421
Current tax liabilities		4,293	1,780
Lease liabilities		3,332	3,087
		49,946	44,331
Non-current liabilities
Trade and other payables		1,177	3,873
Derivative financial liabilities	10	–	474
Borrowings	9	57,101	67,428
Provisions	13	3,637	–
Deferred tax liabilities		13,085	20,246
Lease liabilities		9,720	10,628
		84,720	102,649
Total liabilities		134,666	146,980
Net assets		260,104	241,516
Equity
Share capital	14	10,977	10,892
Share premium		37,844	37,525
Other reserve	14	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	14	1,313	739
Total equity		260,104	241,516

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



	Share capital	Share premium	Other reserve	Hedging reserve	Translation reserve	Retained earnings	Total Attributable to owners	Non-controlling interest	Total equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2024 (Audited)	10,865	37,473	13,453	2,000	1,878	178,533	244,202	–	244,202
Consolidated profit for the year to 31 December 2024	–	–	–	–	–	7,142	7,142	–	7,142
Other comprehensive (expense)/income	–	–	–	(2,440)	(6,177)	–	(8,617)	–	(8,617)
Total comprehensive (expense)/income	–	–	–	(2,440)	(6,177)	7,142	(1,475)	–	(1,475)
Share-based payments	–	–	3,086	–	–	–	3,086	–	3,086
Excess Deferred tax on share-based payments	–	–	74	–	–	–	74	–	74
Share options exercised	27	52	12	–	–	–	91	–	91
Changes in non-controlling interest	–	–	–	–	–	–	–	739	739
Dividends paid (Note 8)	–	–	–	–	–	(5,201)	(5,201)	–	(5,201)
At 31 December 2024 (Audited)	10,892	37,525	16,625	(440)	(4,299)	180,474	240,777	739	241,516
Consolidated profit for the year to 31 December 2025	–	–	–	–	–	9,954	9,954	141	10,095
Other comprehensive income/(expense)	–	–	–	1,358	8,028	–	9,386	–	9,386
Total comprehensive income/(expense)	–	–	–	1,358	8,028	9,954	19,340	141	19,481
Share-based payments	–	–	4,140	–	–	–	4,140	–	4,140
Excess Deferred tax on share-based payments	–	–	(128)	–	–	–	(128)	–	(128)
Share options exercised	85	319	49	–	–	–	453	–	453
Changes in non-controlling interest	–	–	–	–	–	–	–	433	433
Dividends paid (Note 8)	–	–	–	–	–	(5,791)	(5,791)	–	(5,791)
At 31 December 2025 (Unaudited)	10,977	37,844	20,686	918	3,729	184,637	258,791	1,313	260,104

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		(Unaudited)	(Audited)
		Year ended	Year ended
		31 December 2025	31 December 2024
	Note	£’000	£’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	14	72	(54,132)
Payment of contingent consideration	13	(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	9	(11,452)	(62,192)
Borrowings received	9	5,876	79,453
Issue of equity shares	14	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

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 in England and Wales (registration number 02867684). 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 2025 comprise the Company and its subsidiaries (together referred to as the “Group”).

The Group is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and SEAL-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

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 2024 except for new standards adopted for the year.

3. Accounting policies

In the current year the Group has applied the following amendment to IFRSs issued by the IASB.

– Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (Lack of Exchangeability)

Its adoption has not had a material impact on the disclosures or on the amounts reported in the Annual Financial Statements.

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of international accounting standards and International Financial Reporting Standards (IFRSs) as adopted by the UK, 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 2026.

The unaudited financial information set out in the announcement does not constitute the Group’s statutory accounts for the years ended 31 December 2025 or 31 December 2024. The financial information for the year ended 31 December 2024 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 2025 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 unaudited 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 2024.

Going concern

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 large number of contracts with customers across different geographic regions and also with substantial financial resources, ranging from government agencies through to global healthcare companies. The 2024 acquisition of Peters Surgical expanded AMS’s product portfolio, adding additional direct sales capability in key territories, improved manufacturing efficiency and further expanded the Group’s specialist development and commercialisation function.

With regards to the Group’s financial position, it had cash and cash equivalents at 31 December 2025 of £18.0 million (£17.0 million) and continues to be profitable with positive operational cash flow.

The Group holds a debt facility which includes £55 million remaining on a term loan facility and a £30 million revolving credit facility, together “the Facility”. As at 31 December 2025, £6 million of the revolving credit facility was drawn, with £24 million available if required providing the Group with flexible working capital. Interest on drawn funds is charged at the SONIA interest rate plus a current bank margin of 1.5%. Both the term loan and the revolving credit facility mature in April 2028.

The Group is required to comply with the following financial covenants a) Interest cover in respect of any relevant period shall not be less than 4.0:1.0 and b) Net leverage in respect of each relevant Period shall not exceed 3.0:1.0.

The EBITDA to finance charge ratio of the Group at 31 December 2025 is 11.8 and is expected to increase as the borrowing facilities are repaid. The net debt to EBITDA ratio of the Group at 31 December 2025 is 1.0 and is expected to reduce as the borrowing facilities are repaid.

In carrying out their duties in respect of going concern, the Directors have carried out a review of the Group’s financial position and cash flow forecasts for a period of 12 months from the date of issuing this preliminary announcement. These have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment. Sensitivity analysis has been prepared to stress test forecasts, and the Directors are confident the business is a going concern given the significant headroom available. The Directors also considered whether any factors exist that might reasonably impact the Group’s ability to continue as a going concern beyond the period of 12 months from the date of this preliminary announcement.

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. The directors have, therefore, deemed it appropriate to prepare the preliminary announcement on a going concern basis but note the existence of a material uncertainty relating to any impact of the lenders not extending the Facility. The preliminary announcement does not include any adjustments that would result from the basis of preparation being inappropriate.

New accounting standards not yet applied

Certain new accounting standards, amendments and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the group. These standards are not expected to have a significant impact on the Group’s net results.

4. Earnings per share

	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
Number of shares	‘000	‘000
Weighted average number of ordinary shares	218,766	217,561
Basic weighted average number of shares held by Employee Benefit Trust	(3,222)	(3,222)
Weighted average number of ordinary shares for the purposes of basic earnings per share	215,544	214,339
Effect of dilutive potential ordinary shares: share options, deferred annual bonus, Share Incentive Plan, LTIPs	4,465	3,959
Weighted average number of ordinary shares for the purposes of diluted earnings per share	220,009	218,298

Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the year.

Diluted EPS is calculated on the same basis as basic EPS but with the further adjustment to the weighted average shares in issue to reflect the effect of all potentially dilutive share options. The number of potentially dilutive share options is derived from the number of share options and awards granted to employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year.

Adjusted earnings per share

Adjusted EPS is calculated after adding back amortisation of acquired intangible assets, exceptional items and movement in long-term acquisition liabilities and their tax effect and is based on earnings of:

	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
	£’000	£’000
Earnings
Profit for the year being attributable to equity holders of the parent	9,954	7,094
Exceptional items	5,805	10,924
Tax impact of adjusted items	(290)	(3,857)
Amortisation of acquired intangible assets	10,313	7,804
Movement in long-term acquisition liabilities	42	(868)
Unwind of inventory fair-value accounting	–	1,726
Adjusted profit for the year being attributable to equity holders of the parent	25,824	22,823

	pence	pence
Basic EPS	4.62	3.31
Diluted EPS	4.52	3.25
Adjusted basic EPS	11.98	10.65
Adjusted diluted EPS	11.74	10.45

The denominators used are the same as those detailed above for both basic and diluted earnings per share.

The adjusted diluted EPS information is considered to provide an alternative representation of the Group’s trading performance, consistent with the view of management.

5. 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, exceptional items, income tax assets and the Group’s external borrowings. These are the measures reported to the Group’s Chief Executive for the purposes of resource allocation and assessment of segment performance.

Business segments

The principal activities of the business units are as follows:

Surgical

Selling, marketing and innovation of the Group’s surgical products either sold directly by our sales teams or by distributors.

Woundcare

Selling, marketing and innovation of the Group’s advanced woundcare products supplied under partner brands, bulk materials and the ActivHeal^® brand predominantly to the UK NHS as well as bio diagnostics products following the acquisition of Raleigh.

Segment information about these Business Units is presented below:

Year ended 31 December 2025	Surgical	Woundcare	Consolidated
(Unaudited)	£’000	£’000	£’000
Revenue	183,451	45,485	228,936

Result
Adjusted segment operating profit	35,903	3,852	39,755
Amortisation of acquired intangibles	(9,373)	(940)	(10,313)
Segment operating profit	26,530	2,912	29,442
Unallocated expenses			(975)
Exceptional items			(5,805)
Operating profit			22,662
Finance income			211
Finance costs			(5,090)
Profit before tax			17,783
Tax			(7,688)
Profit for the year			10,095

At 31 December 2025 (Unaudited)	Surgical	Woundcare	Consolidated
Other information	£’000	£’000	£’000
Capital additions:
Software intangibles	995	116	1,111
Development	3,522	609	4,131
Property, plant and equipment	6,877	481	7,358
Depreciation and amortisation	(18,141)	(3,256)	(21,397)
Balance sheet
Assets
Segment assets	340,828	53,942	394,770
Liabilities
Segment liabilities	112,655	21,306	133,961
Unallocated liabilities			705
Consolidated total liabilities			134,666

Year ended
31 December 2024	Surgical	Woundcare	Consolidated
(Audited)	£’000	£’000	£’000
Revenue	135,768	41,753	177,521

Result
Adjusted segment operating profit	30,132	2,604	32,736
Amortisation of acquired intangibles	(6,864)	(940)	(7,804)
Segment operating profit	23,268	1,664	24,932
Exceptional items			(10,924)
Unallocated expenses			(2,789)
Operating profit			11,219
Finance income			2,161
Finance costs			(3,557)
Profit before tax			9,823
Tax			(2,681)
Profit for the year			7,142

At 31 December 2024
(Audited)	Surgical	Woundcare	Consolidated
Other information	£’000	£’000	£’000
Capital additions:
Software intangibles	494	78	572
Development	3,517	598	4,115
Property, plant and equipment	2,607	1,450	4,057
Depreciation and amortisation	(13,198)	(3,104)	(16,302)
Balance sheet
Assets
Segment assets	332,709	55,787	388,496
Liabilities
Segment liabilities	115,729	30,023	145,752
Unallocated liabilities			1,228
Consolidated total liabilities			146,980

Geographical segments

Segment revenue is based on the geographical location of customers. Segment assets are based on the country by which the legal entity resides.

	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
Segmental Revenue	£’000	£’000
United Kingdom	19,675	16,606
Germany	30,993	32,288
France	25,055	14,790
Rest of Europe	62,468	46,314
United States of America	53,893	43,382
Rest of World	36,852	24,141
	228,936	177,521

The following table provides an analysis of the Group’s total non-current assets by geographical location:

	(Unaudited)	(Audited)
	31 December 2025	31 December 2024
Segmental Assets	£’000	£’000
United Kingdom	46,173	46,027
France	93,468	99,539
Germany	67,903	64,538
Rest of Europe	28,089	29,686
Rest of world	19,772	22,428
	255,405	262,218

6. Operating profit

	(Unaudited)	(Audited)
Year ended 31 December	Year ended 31 December 2025	Year ended 31 December 2024
	£’000	£’000
Operating profit is arrived at after charging:
Depreciation of property, plant and equipment	8,036	6,453
Amortisation of:
– acquired intangible assets	10,313	7,804
– software intangibles	655	537
– development costs	2,393	1,508
Research and development costs expensed excluding regulatory costs	5,110	5,237
Cost of inventories recognised as expense	105,668	84,269
Write down of inventories expensed	1,130	634
Staff costs	87,679	66,496
Net foreign exchange loss	(675)	141

7. Taxation

		(Unaudited)	(Audited)
Year ended 31 December		Year ended 31 December 2025	Year ended 31 December 2024
		£’000	£’000
a) Analysis of charge for the year
Current tax:
Corporation Tax – current year		6,772	5,044
Corporation Tax – prior year		(319)	140
		6,453	5,184
Deferred tax:
Change in Deferred Tax – current year		981	(2,351)
Change in Deferred Tax – prior year		254	(152)
		1,235	(2,503)
Tax charge for the year		7,688	2,681
The Group has chosen to use a weighted average country tax rate rather than the UK tax rate for the reconciliation of the charge for the year to the profit per the income statement. The Group operates in several jurisdictions, some of which have a tax rate in excess of the UK tax rate. As such, a weighted average country tax rate is believed to provide the most meaningful information to the users of the financial statements.
	(Unaudited)			(Audited)
Year ended 31 December	2025			2024
	£’000			£’000
b) Factors affecting tax charge for the year
Profit before taxation	17,783			9,823
Profit multiplied by the weighted average Group tax rate of 24.4% (2024: 29.0%)	4,272			2,850
Effects of:
Net expenses not deductible for tax purposes	435			157
Patent Box Relief	(1,180)			(1,129)
Derecognition of deferred tax assets	3,141			–
Deferred tax asset not recognised on current year losses	1,462			1,036
Utilisation of losses on which Deferred tax asset has not been recognised	(149)			(301)
Share-based payments	(293)			68
Taxation	7,688			2,681

8. Dividends

	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
Amounts recognised as distributions to equity holders in the year:	£’000	£’000
Final dividend for the year ended 31 December 2024 of 1.83p per ordinary share (2023: 1.66p)	3,954	3,556
Interim dividend for the year ended 31 December 2025 of 0.85pp per ordinary share (2024: 0.77p)	1,837	1,645
	5,791	5,201
Proposed final dividend for the year ended 31 December 2025 of 2.01p (2025: 1.83p) per Ordinary Share	4,348	3,938

9. Net debt

The following table provides an analysis of the Group’s net debt/cash:

	(Unaudited)	(Audited)
	31 December 2025	31 December 2024
The following table provides an analysis of the Group’s net debt	£’000	£’000
Cash held at banks	18,015	17,039
Facility A borrowings	(54,757)	(59,548)
Facility B borrowings	(5,973)	(11,902)
Other Debt	(6,981)	(1,372)
Accrued interest	(759)	(27)
Net debt	(50,455)	(55,810)

The Group’s borrowings primarily relate to a credit facility from a syndicate comprising HSBC and Natwest which includes a £55 million long term loan with annual repayments of £5 million per year and a £30 million Revolving Credit Facility. At the reporting date, £6 million of the Revolving Credit Facility was utilised, leaving flexibility to draw a further £24 million to support working capital needs in the future. Interest on both is based on SONIA plus a margin of +1.50% (2024: +1.75%) based on the Group’s net leverage. Post year-end the facilities were extended from running to April 2027 to until April 2028. The facilities run until April 2028 and the Group expects to use its positive operational cash flow to repay these facilities over time.

The loan has covenants in place meaning the Group needs to comply with the following financial conditions: a) Interest cover in respect of any relevant period shall not be less than 4.0:1.0 and b) Net leverage in respect of each relevant period shall not exceed 3.0:1.0.

	(Unaudited)		(Audited)
	31 December 2025		31 December 2024
Financial covenants	Covenants	Actual	Covenants	Actual
Minimum Interest Cover*	4.00:1	11.8	4.00:1	7.8
Maximum Net Leverage**	3.00:1	1.0	3.00:1	1.2

Interest cover is calculated as a ratio of covenant-adjusted EBITDA to Net Finance Charge in respect of any relevant period.

Net leverage is calculated as a ratio of Total Net Debt on the last day of that relevant period to covenant-adjusted EBITDA in respect of that relevant period.

10. Financial derivatives

It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts.

The Group held the following financial instruments at fair value at 31 December 2025 which are categorised as a Level 2 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements. The fair value amounts presented below are the difference between the market value of equivalent instruments at the Statement of Financial Position date determined using the mid-market price and the contract value of the instruments. No profits or losses are included in operating profit in the year (31 December 2024: £nil) in respect of FVTPL contracts.

The following table details the forward foreign currency contracts to sell US dollars outstanding as at the year end:

	Ave. exchange rate			Foreign currency			Fair value

		2025	2024	2025		2024		2025	2024
		USD:£1	USD:£1	USD’000	USD’000		£’000			£’000
Less than 3 months		1.30	1.28	10,000	9,500		265			(143)
3 to 6 months		1.29	1.23	9,000	8,500		245			131
7 to 12 months		1.28	1.25	21,000	18,000		703			47
Over 12 months		1.34	1.30	16,000	18,000		12			(474)
				56,000	54,000		1,225			(439)

11. Goodwill

	(Unaudited)	(Audited)
	31 December 2025	31 December 2024
Movement in Goodwill	£’000	£’000
Balance at the beginning of the year	116,884	80,435
Acquisitions	–	39,707
Movement in Goodwill	(4,191)	(3,258)
Balance at the end of the year	112,693	116,884

Movement in Goodwill includes movements due to exchange differences

12. Inventory

	(Unaudited)	(Audited)
	31 December 2025	31 December 2024
At 31 December	£’000	£’000
Raw materials	25,674	19,688
Work in progress	11,306	9,617
Finished goods	33,067	25,954
	70,047	55,259

13. Provisions

Provisions primarily relate to contingent consideration arising on acquisition. A maximum potential earnout of €4.0 million relating to the 2023 acquisition of Connexicon has been recognised at fair value of £1.6 million (2024: £1.4 million). Contingent consideration relating to the 2019 acquisition of Sealantis is based on a percentage of sales and is recognised at fair value of £1.3 million (2024: £1.3 million). Contingent consideration arising on business combinations are categorised as a Level 3 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements.

£0.4 million was paid in the year relating to the final AFS Medical EBITDA milestone achieved in financial year 2024 following its acquisition in 2022. £0.7 million was paid in the year relating to the Peters Surgical earn-out following partial achievement of the gross margin and Inventory conditions. The US regulatory approvals or tax conditions were not achieved within the required time resulting in £nil fair value being required at 31 December 2025.

At 31 December 2024 the fair value recognised in respect of the AFS Medical milestone was £0.4 million and in respect of Peters Surgical it was £0.8 million.

The Directors are not aware of any additional contingent liabilities faced by the Group as at 31 December 2025 (31 December 2024: £nil).

14. Equity

Share capital as at 31 December 2025 amounted to £10,977,000 (31 December 2024: £10,892,000). During the year the Group issued 1,692,879 shares in respect of Share Options, LTIPS, Deferred Annual Bonus Scheme and the Share Incentive Plan.

Other reserves includes a merger reserve, share-based payments reserve, Share-based payments deferred tax reserve and Investment in own shares reserve. The merger reserve represents Advanced Medical Solutions Limited’s share premium account arising from merger accounting. The Investment in own shares relates to shares held in trust on behalf of employees in respect of the Share Incentive Plan.

In August 2025, the Group entered an agreement to acquire a controlling 49% stake in PT Peters Surgical Indonesia, an Indonesia based manufacturer of Sutures. The Group has considered the implications of IFRS10 – Consolidated Financial Statements and determined that the Group controls the Company and has therefore consolidated the assets, liabilities, revenues and expenses of the Company into the consolidated financial statements, recognising a non-controlling interest for the portion of the subsidiary’s equity not owned by the Group.

A non-controlling interest in Sutural, an Algeria based manufacturer and distributor of Sutures, arose as a result of the 2024 acquisition of Peters Surgical.

15. Principal risks and uncertainties

Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 71-77 of the Annual Report and Accounts for the year ended 31 December 2024. There have been no significant changes since the last annual report.

16. Iran Conflict

The Group has a facility in Israel. The revenues and physical assets at these facilities are not material to the Group.

17. Events after the balance sheet date

As disclosed in the Integration and synergies section of the Chief executive’s review, subsequent to 31 December 2025, potential site closures were announced internally in January 2026, with provisional closure dates for the affected sites in March 2027. There have been no other material events subsequent to 31 December 2025.

18. Alternative performance measures

Reconciliation of Operating profit to Adjusted operating profit
	(Unaudited)		(Audited)
	Year ended		Year ended
	31 December 2025		31 December 2024
	£’000		£’000
Profit before tax	17,783		9,823
Amortisation of acquired intangibles	10,313		7,804
Exceptional items	5,805		10,924
Unwind of inventory fair value accounting	–		1,726
Adjusted operating profit	33,901		30,277

Reconciliation of Adjusted segment EBITDA to Adjusted EBITDA
		(Unaudited)		(Audited)
		Year ended		Year ended
		31 December 2025		31 December 2024
		£’000		£’000
Adjusted Surgical segment EBITDA		44,671		36,466
Adjusted Woundcare segment EBITDA		6,168		4,768
Unwind of inventory fair value accounting		–		1,726
Unallocated expenses		(975)		(2,789)
Adjusted EBITDA		49,864		40,171

Adjusted EBITDA is reconciled to operating profit in the Financial review.

Reconciliation of Gross margin to Adjusted gross margin
	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
	£’000	£’000
Gross margin	122,138	92,618
Unwind of Inventory fair value accounting	–	1,726
Adjusted gross margin	122,138	94,344

Reconciliation of constant currency

Constant currency performance is measured by re-translating 2025 revenues at the previous year’s exchange rates

Surgical Business Unit	2025 Re-translated £ million	2024 Reported £ million	Change at constant currency
Advanced Closure	48.6	43.4	12%
Internal Fixation and Sealants	8.3	8.0	3%
Sutures, clips and VTO	82.7	50.4	64%
Biosurgical Devices	27.5	22.6	22%
Other Distributed	16.9	11.4	48%
Total	184.0	135.8	36%

Woundcare Business Unit	2025 Re-translated £ million	2024 Reported £ million	Change at constant currency
Infection and Exudate Management	42.3	36.9	15%
Other Woundcare	3.4	4.9	-30%
Total	45.7	41.8	9%

Reconciliation of Revenue excluding Peters Surgical

	2025 £ million	2024 £ million	Reported growth
Group revenue excluding Peters Surgical	154.8	140.3	10%
Peters Surgical	74.1	37.2	99%
Total Group revenue	228.9	177.5	29%

Reconciliation of Reported Income tax expense to adjusted Income tax
	(Unaudited)	(Audited)
	Year ended	Year ended
	31 December 2025	31 December 2024
	£’000	£’000
Income tax	7,688	2,681
Tax on exceptional items	1,204	1,981
Movement in Deferred Tax on acquired intangibles	(926)	1,564
Tax on other adjusted items	12	312
Adjusted Income tax	7,978	6,538

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Full Year 2025 Trading Update

AdMedSol — Thu, 15 Jan 2026 07:00:03 +0000

RNS Number : 9445O

Advanced Medical Solutions Grp PLC

15 January 2026

Advanced Medical Solutions Group plc

(“AMS” or the “Group”)

Full Year 2025 Trading Update

~ Strong growth in line with expectations, driven by key surgical product categories ~

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the innovative tissue-healing medical device company delivering high-performing solutions for better patient outcomes, today announces a trading update for the twelve months ended 31 December 2025.

The Group expects to report full year 2025 revenues of approximately £228.5 million (2024: £177.5 million), EBITDA of £49.5 – £50.0 million (2024: £40.2 million), and the Board is confident of meeting market expectations. Its performance was driven by continued strong growth across key surgical product categories and a good recovery in its Woundcare business, offsetting some elements of destocking in the Peters Surgical B2B business.

The integration of Peters Surgical and Syntacoll remains on track. Commercial synergies contributed positively during the year with operational synergies are on track to be realised during 2027 onwards.

Notice of Results:

The Group intends to announce its full year results for the year ended 31 December 2025 on 18 March 2026.

Chris Meredith, Chief Executive Officer of AMS, said: “Our surgical business has recorded another period of strong performance, and we have also benefited from the restructuring of our woundcare franchise. Our portfolio is now broader and stronger than at any point in the Group’s history, and our pipeline includes a number of exciting and significant opportunities for future growth. The integration of Peters Surgical has accelerated the expansion of our geographic footprint, and our plans for further penetration into the US market are well advanced. We remain confident in delivering another strong performance in 2026 and over the long-term, supported by the sustained momentum across the business.”

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

Optimum Strategic Communications	Tel: +44 (0) 20 4566 8543
Mary Clark / Nick Bastin / Isabelle Abdou	AMS@optimumcomms.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS’s scalable, resilient business model is built on disciplined execution, portfolio focus, and capital efficiency. Its diversified product and geographic mix mitigates volatility, ensuring consistent performance even when individual segments fluctuate. Following its acquisition of Peters Surgical, AMS is unlocking operational and commercial synergies, accelerating its U.S. and international expansion, and increasing the percentage of sales made through its direct sales teams. With surgical products driving the lion’s share of group revenues and a clear top-line trajectory, AMS is positioned for scalable growth, margin improvement, and long-term value creation.

END

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The post Full Year 2025 Trading Update appeared first on Advanced Medical Solutions.

Interim Results

AdMedSol — Wed, 17 Sep 2025 07:00:12 +0000

RNS Number : 6035Z

Advanced Medical Solutions Grp PLC

17 September 2025

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 Advanced Woundcare Business Unit Total group revenue (£ million)	87.9 22.9 110.8	48.4 19.5 68.0	+81% +17% +63%	+86% +18% +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 1^st 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.

o 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.

o 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.

o 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.

o 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.”

– End –

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.

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

Optimum Strategic Communications	Tel: +44 (0) 20 4566 8543
Mary Clark / Nick Bastin / Isabelle Abdou	AMS@optimumcomms.com

Investec Bank PLC (NOMAD & Joint Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS’s products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS’s own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,500 employees. For more information, please see www.admedsol.com.

Chief Executive’s Review

Summary

The interim results to the end of June 2025 reflect the significant progress made in consolidating the enlarged Surgical business and completing the restructuring of Advanced Woundcare.

Group revenue increased by 63% on a reported basis and 66% on a constant currency basis in the Period to £110.8 million (2024 H1: £68.0 million) due to Peters Surgical revenues of £34.3 million (which were not in the prior period) and growth in the rest of the Group. Excluding Peters Surgical, revenue increased by 13% and by 14% at constant currency.

Revenue from the Peters Surgical products has been allocated into the Group’s product categories: Suture, Clips and VTO; Internal Fixation and Sealants; and Other Distributed Products.

The integration of Peters Surgical remains on track to deliver the anticipated operational and commercial synergies and the new Syntacoll acquisition is already contributing positively to sales growth of collagen products. We have successfully completed the planning of operational synergies, estimated at £10 million annual benefit, and are now well into the initial months of the execution phase which is due for completion before the end of 2027. Commercial synergies are also progressing well, with new revenues already being generated and incremental revenue from commercial synergies expected to be in the region of £5 million to £10 million within five years of the acquisition. Integration costs are expected to be incurred up to 2027.

An earn-out payment of £0.7 million was made in H1 2025 relating to Peters Surgical, with no further payments expected.

Momentum from key products, especially end-market demand has continued into Q3 supported by improvements to systems and manufacturing which have relieved back order and supply issues.

Launch of new products, line extensions and cross selling is and will be a key part of our strategy to leverage new geographic market footprints and for direct sales in France, Belgium, India, Poland (Peters) and the UK, Germany, Austria and the Czech Republic (AMS). We look forward to a steady stream of launches over time, a number of which are detailed in the table below including in the USA, Asia and China. We believe the latter markets are underpenetrated and represent significant opportunity for growth in the longer term:

Product approval/launch	Region	Category	Estimated timing
LiquiBand^® and collagen launches	India	Advanced Closure/Biosurgical	2025
Resorba^® collagen dental cone approval	USA	Biosurgical Devices	2026
Topical Adhesives approval and launch	China	Advanced Closure	2026
Peters Surgical suture launches	USA	Sutures	2026-2027
Freeze Dried Bone substitute (FDBS) approvals	EU and USA	Biosurgical Devices	2026-2027
IFABOND line extension launches	EU	Advanced Closure	2027
SEAL-G^® approval of second-generation device	EU	Advanced Closure	2027
Antibiotic FDBS substitute approvals	EU and USA	Biosurgical Devices	2030
Antibiotic collagen approvals	USA	Biosurgical Devices	2030

The Board remains confident in meeting current revenue and EBITDA consensus expectations for the Full Year 2025. The Group is also making good progress in advancing FDA regulatory filings which are expected to support deeper penetration of the US market and enhance meaningful profit growth potential over the medium to long-term.

Surgical Business Unit

Revenue increased by 81% on a reported basis and 86% on a constant currency basis in the Period to £87.9 million (2024 H1: £48.4 million). Excluding Peters Surgical, surgical revenue increased by 11% and by 13% at constant currency.

Surgical Business Unit	2025 H1 £ million	2024 H1 £ million	Reported Growth¹	Growth at constant currency
Advanced Closure	24.5	21.8	12%	15%
Internal Fixation and Sealants	3.6	3.8	-6%	-4%
Suture, Clips and VTO	38.8	10.4	275%	283%
Biosurgical Devices	13.0	9.5	37%	40%
Other Distributed Products	8.0	3.0	163%	169%
TOTAL	87.9	48.4	81%	86%

Advanced Closure – Direct sales channel building momentum

Advanced Closure	2025 H1 £ million	2024 H1 £ million	Reported Growth¹	Growth at constant currency
Americas	15.7	13.8	14%	18%
Rest of World	8.8	8.0	10%	11%
TOTAL	24.5	21.8	12%	15%

Global LiquiBand^® revenues increased by 12% to £24.5 million (2024 H1: £21.8 million) and 15% at constant currency.

Following the successful implementation of the new US marketing strategy, which involved renegotiations with key US distribution partners, more differentiated product branding and increased partner engagement, US revenues for the LiquiBand^® portfolio increased to £15.7 million (2024 H1: £13.8 million), growth of 18% at constant currency and with all distribution partners performing well and an element of partner order phasing.

As already mentioned, 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.

In the Rest of World, revenues rose by 10% at reported currency and by 11% at constant currency to £8.8 million (2024 H1: £8.0 million) supported by sustained end-user demand across multiple markets. Commercial synergies with Peters Surgical are already beginning to increase sales momentum in Europe.

The regulatory process for AMS’s first topical adhesive approval in China continues to progress well. The clinical trial has been completed and the CFDA filing remains on track for submission by year-end with commercial launch anticipated in H2 2026.

Internal Fixation and Sealants – Inventory reducing, growth building

As highlighted in March of this year, H1 2024 included substantial US launch orders that were unlikely to be repeated in the current Period. As a consequence revenues decreased by 6% on a reported basis to £3.6 million (2024 H1: £3.8 million) and 4% on a constant currency basis.

LIQUIFIX^TM US commercial demand continues to build, supported by contracts now in place with three major GPOs. End market sales are progressing steadily driven by increased activity and focus from TelaBio. Initial launch inventories delivered in H1 2024 are being drawn down, with repeat orders already being received in line with expectations. Additionally, resolution of the prior quality issues is also helping to improve the market uptake.

Outside the US, our commercial teams are assessing how best to optimise and grow the enlarged portfolio with IFABOND^® providing additional indications and characteristics as well as the opportunity to deliver commercial synergies.

Clinical evidence and KOL support continues to build for SEAL-G^®, our novel, biological sealant for internal surgery. Current clinical activity following the 160 patient 2023 GI study indicates a supportive trend of patient benefits including reduced severity of leakage in pancreatic surgery and observations of potential reduced post-operative stoma in bowel surgery. Pending further data, this could be highly meaningful for both patient outcomes and health system costs. Clinical activity on multiple fronts should provide more data by end 2025 and into 2026, including the start of a potential large scale UK randomised clinical study.

SEAL-G^® sales have been muted to date but we have seen an encouraging small uptick in revenues going into H2 indicating building KOL interest. Longer term, the development of the next-generation device, together with accumulating clinical data, will help realise the full potential of this technology.

Suture, Clips and VTO – Positive effect of Peters acquisition

Revenue increased by 275% to £38.8 million (2024 H1: £10.4 million) and by 283% at constant currency following the acquisition of Peters Surgical on 1^st July 2024.

The RESORBA^® portfolio continued to deliver a strong performance during the first half.

Revenue from the ex-Peters Suture, Clips and VTO portfolio was muted after being impacted by supply issues causing increased backorders, US tariffs and by order phasing from key distribution partners that is weighted towards the second half of the year.

Good progress has been made in resolving the supply chain issues giving confidence that backorders can be reduced and accelerated growth delivered from H2 2025. End user demand remains robust across the portfolio and combining the Peters Surgical and RESORBA sales teams is expected to strengthen suture sales going forwards.

Following the Peters acquisition, the Group is aiming for deeper penetration of the US suture market and is assessing options for the timing of US launches, in consideration of the delayed approval of one of the Peters Surgical cardiovascular suture families, where additional biocompatibility testing is needed that will run into FY27.

The Group also sees significant potential in the wider commercialisation of the Peters Surgical Clips and VTO portfolio in the years ahead.

Biosurgical Devices – Strong performance by collagen products

Revenue increased by 37% to £13.0 million (2024 H1: £9.5 million) and by 40% at constant currency, including sales associated with Syntacoll acquired in April 2024.

Underlying growth was driven by a strong performance in collagen products, supported by enhanced manufacturing efficiency and the subsequent resolution of back-orders experienced in 2024. The acquisition of Syntacoll has also positively impacted sales of antibiotic-eluting collagens.

The Group sees enormous US potential for its collagen and bone substitutes, particularly the drug-eluting products that will follow initial drug-free variants. By the end of 2026, the Group expects to achieve its first ever collagen US approval as well as EU and US approvals for its innovative Freeze-Dried Bone Substitute (FDBS). US approvals and launch of drug-eluting variants of both products are planned in subsequent years.

Other Distributed Products – Positive effect of Peters acquisition

Revenue increased by 163% on a reported basis and 169% on a constant currency basis to £8.0 million (2024 H1: £3.0 million), predominantly due to the addition of Peters Surgical.

Woundcare – Strong recovery from prior period decline

Revenue for the Woundcare Business Unit increased by 17% in the Period to £22.9 million (2024 H1: £19.5 million) on a reported basis and by 18% on a constant currency basis, making a strong recovery from the prior period decline. The previously announced restructuring of the Woundcare Business Unit was successfully completed as planned by the end of Q1 2025 resulting in reduced investment in lower-margin areas and a sharper focus on higher-margin products. The Board remains confident in achieving double-digit operating margins from Q2 2025.

Woundcare Business Unit	2025 H1 £ million	2024 H1 £ million	Reported Growth¹	Growth at constant currency
Infection and Exudate Management	21.6	17.2	26%	26%
Other Woundcare	1.3	2.3	-46%	-45%
TOTAL	22.9	19.5	17%	18%

Infection and Exudate Management – Solid recovery from prior adverse order phasing

Infection and Exudate Management revenue increased by 26% to £21.6 million (2024 H1: £17.2 million) on both a reported and constant currency basis which reflects a recovery from adverse order phasing in the prior period. Several long-standing development projects have now been completed and are beginning to contribute positively to revenue. In addition, new OEM contracts secured during the Period have also further supported growth.

Other Woundcare – Lower royalties as expected

Other Woundcare comprises royalties, fees and woundcare sealants. Revenue reduced by 46% at reported currency and by 45% at constant currency to £1.3 million (2024 H1: £2.3 million) as a result of lower royalty income from the Group’s licensing arrangement with Organogenesis, as previously announced.

US Tariffs

Export order volumes were initially impacted by US tariffs, especially in the early period where tariff rates were substantially higher, although normal ordering has now resumed. Based on current tariff rates and contractual arrangements, it is estimated that the annual cost of tariffs could settle at between £1 million and £2 million p.a (approximately 2% – 4% of EBITDA). The Group continues to actively manage its exposure to US tariffs through ongoing reviews of contracts with its partners and supply chain optimisation.

Environmental, Social & Governance

The new Group Sustainability Team made good progress in the Period, publishing the first Carbon Reduction Plan for the enlarged Group, which covered all sites and reinforces our Net Zero ambition for 2045. Our next focus will be on creating a detailed action plan in order to file to be aligned with the Science Based Targets Initiative (SBTi) in 2026. Going forward, our EDI Committee (AMS Together) and ESG Rep program will continue to engage with employees and ensure our activities reflect the new Purpose, Mission and Values. We have also started a double materiality analysis, which is required for the Corporate Social Responsibility Directive (CSRD), for the enlarged Group. The outcomes will help us adjust the ESG long-term strategy.

Stakeholders

On behalf of the Board, I would like to thank the Group’s committed staff, partners and other stakeholders, without whose help and commitment the achievements during the Period would not have been possible.

About our Business Units

Surgical

Advanced Closure

Internal Fixation and Sealants

AMS’s internal fixation portfolio has been strengthened with the addition of IFABOND^® to the existing LIQUIFIX^TM / LiquiBandFix8^® range.

Suture, Clips and VTO

Biosurgical devices

The Biosurgical Devices category comprises antibiotic-loaded collagen sponges, collagen membranes and cones, oxidised cellulose, synthetic bone substitutes and bio-absorbable screws.

Other Distributed Products

Woundcare

The Woundcare Business Unit is comprised of the Group’s multi-product portfolio of advanced woundcare dressings sold under its partners’ brands and the ActivHeal^® label, plus a portfolio of specialist medical bulk materials and multi-layer woundcare products.

Financial Review

IFRS reporting

The Group uses alternative performance measures as we believe this provides both management and investors with a more effective comparison of the Group’s trading performance. These measures are not defined in International Financial Reporting Standards (IFRS) and, therefore, are considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate. AMS uses such measures consistently at the half-year and full-year and reconciles them as appropriate. Constant currency revenue growth is a non-GAAP measure used to compare revenue on a like-for-like basis. Adjusted operating margin and profit, adjusted EBITDA, adjusted profit before tax and adjusted earnings per share are non-GAAP measures that allow the impacts of exceptional items, amortisation and the movement in long-term acquisition liabilities to be separately identified and to provide a more effective comparison of the Group’s profitability. Net debt/cash is an additional non-GAAP measure used and provides a useful overview of the Group’s financial position.

Overview

Following the transformative acquisition of Peters Surgical in 2024, The Group’s revenue has increased by 63% at reported currency to £110.8 million (2024 H1: £68.0 million) and by 66% at constant currency, as summarised in the Chief Executive’s Review.

Gross profit increased to £59.3 million (2024 H1: £36.9 million) as a result of the Peters Surgical acquisition although gross margin decreased to 53.5% (2024 H1: 54.3%) as Peters delivers a lower average gross margin as well as the impact of the declining Organogenesis royalty. The strong performance of Woundcare has also diluted the average gross margin achieved by the Group.

Administration expenses, before exceptional items, were £44.3 million (2024 H1: £25.0 million) which includes approximately £13 million relating to Peters Surgical. Investment in R&D, sales and marketing has increased to support further growth, whilst overall costs have increased in a number of support functions to manage and integrate the enlarged Group.

Exceptional items totalling £3.0 million (2024 H1: £7.5 million) have been incurred in the period as a result of the Group’s transformation projects to deliver significant synergies following the acquisition of Peters Surgical and Syntacoll in 2024 as summarised in the operational highlights section.

Investment in R&D has increased to £6.9 million (2024 H1: £5.6 million) following the Peters Surgical acquisition. This represents 6.2% (2024 H1: 8.2%) of revenue which is a decline as Peters has lower R&D spend as a proportion of revenue when compared to historical AMS investment levels. Additionally the amount of R&D investment required to comply with the Medical Device Regulation (“MDR”) continues to decline as demonstrated by the lower levels of R&D capitalisation in the period.

	H1 2025	H1 2024
	£’000	£’000
Total investment in Research and Development, Regulatory and Clinical	6,910	5,593
Of which:
Charged to the profit and loss account	5,296	3,448
Capitalised, to be amortised over 5-10 years	1,614	2,145

Amortisation of acquired intangible assets increased to £5.2 million (2024 H1: £2.5 million) due to the impact of the Peters Surgical acquisition in July 2024.

Adjusted operating profit⁶, which excludes amortisation of acquired intangibles and exceptional items, increased by 35% to £18.9 million (2024 H1: £14.0 million) whilst the adjusted operating margin decreased by 350bps to 17.0% (2024 H1: 20.5%) due to the dilutive impact of Peters Surgical which currently achieves lower levels of operating margin than the legacy AMS Surgical business.

6 Reconciled in note 19 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles

Movement in long-term acquisition liabilities of Sealantis, AFS, Connexicon and Peters resulted in a net credit of £0.2 million (2024 H1: £0.9 million credit), as a result of the £0.7 million FY24 Peters earn-out being marginally lower than initially expected. The final €0.5 million contingent earn-out payment relating to the 2022 acquisition of AFS was made in the period after it successfully met the FY24 EBITDA milestone.

The Group delivered adjusted EBITDA of £24.4 million (2024: £17.2 million), a 42% increase following the Peters acquisition and change from a net interest received of £1.8 million in the prior period to a £2.3 million net interest expense position in the current period.

Reconciliation of operating profit to adjusted EBITDA
	H1 2025	H1 2024
	£’000	£’000
Operating profit	10,727	3,943
Amortisation of acquired intangibles	5,164	2,468
Amortisation of other intangibles	1,597	801
Depreciation	3,912	2,434
Exceptional items	2,988	7,544
Adjusted EBITDA	24,388	17,190

Adjusted profit before tax increased by 11% to £16.4 million (2024 H1: £14.8 million), despite numerous headwinds including US tariffs and the UK governments increase in employer national insurance. Reported profit before tax increased to £8.5 million (2024 H1: £5.7 million) as a result of the significant exceptional items incurred in the prior period.

Reconciliation of profit before tax to adjusted profit before tax
	H1 2025	H1 2024
	£’000	£’000
Profit before tax	8,463	5,695
Amortisation of acquired intangibles	5,164	2,468
Exceptional items	2,988	7,544
Movement in long-term acquisition liabilities	(232)	(895)
Adjusted profit before tax	16,383	14,812

The Group’s effective corporation tax rate, reflecting the blended tax rates in the countries where we operate and including UK patent box relief, increased to 27.2% (2024 H1: 26.7%) with the main driver being ongoing strong performance in the US where the effective tax rate has increased and non-deductible tax losses in certain jurisdictions which increases the Group’s effective rate.

Adjusted diluted earnings per share as defined in note 4 of the financial information, increased by 9% to 5.67p (2024 H1: 5.21p) reflecting the Group’s ongoing growth. Diluted earnings per share increased by 48% to 2.84p (2024 H1: 1.92p) whilst basic earnings per share increased by 48% to 2.89p (2024: 1.95p) as a result of significantly more exceptional items incurred in the prior period.

The Board intends to pay an interim dividend of 0.85p per share on 24 October 2025 to shareholders on the register at the close of business on 26 September 2025. This is a 10% increase on the interim dividend paid in respect of the first half of 2025 reflecting the Board’s ongoing confidence in the future growth in the Group.

Operating result by business segment
Six months ended 30 June 2025	Surgical	Woundcare
	£’000	£’000
Revenue	87,902	22,867
Profit from operations	12,863	1,379
Amortisation of acquired intangibles	4,694	470
Adjusted operating profit⁷	17,557	1,849
Adjusted operating margin	20.0%	8.1%
Adjusted EBITDA⁸	21,895	3,020
Adjusted EBITDA margin	24.9%	13.2%
Six months ended 30 June 2024
Revenue	48,439	19,547
Profit from operations	11,375	776
Amortisation of acquired intangibles	1,998	470
Adjusted operating profit⁷	13,373	1,246
Adjusted operating margin	27.6%	6.4%
Adjusted EBITDA⁸	15,594	2,260
Adjusted EBITDA margin	32.2%	11.6%

7 Reconciled in note 5 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles

8 Reconciled in note 19 of the financial information. Excludes the impact of exceptional items, depreciation, amortisation, interest and taxation.

Surgical

Surgical revenues increased by 81% to £87.9 million (2024 H1: £48.4 million) at reported currency and increased by 86% at constant currency. Adjusted EBITDA margin decreased 730 bps to 24.9% (2024 H1: 32.2%) due to the dilutive impact of Peters Surgical which currently has a lower margin than the legacy AMS Surgical business.

Woundcare

Woundcare revenues increased by 17% to £22.9 million (2024 H1: £19.5 million) at reported currency and 18% at a constant currency, offsetting declines in the prior period despite the declining Organogenesis royalty. Adjusted EBITDA margin increased by 160 bps to 13.2% (2024 H1: 11.6%) predominately due to increased volumes and a focus on higher margin products although the declining Organogenesis royalty adversely impacts margin.

Currency

The Group hedges significant currency transaction exposure by using forward contracts and aims to hedge approximately 80% of its estimated transactional exposure for the next 18 months. In the first half of the year, approximately one third of sales were invoiced in Euros and approximately one third were invoiced in US Dollars. Following the acquisition of Peters Surgical, the Group has facilities in a number of additional countries including Thailand and India with associated currency exposure which are not believed to be material at this time. This will remain under consideration as the Group continues to grow.

The Group estimates that a 10% movement in the £:US$ or £:€ exchange rate will impact Sterling revenues by approximately 2.6% and 4.7% respectively and in the absence of any hedging this would have an impact on the Group operating margin of 1.6% and 0.2% percentage points respectively. Given the significant cost base in Euro currency, the Euro currency transaction exposure has a minimal impact on Group Operating Margin, and hence the Group has decided to only hedge US Dollar currency transaction exposure over the next 18 months.

Cash Flow

Adjusted net cash inflow from operating activities has increased to £18.4 million (2024 H1: £10.8 million) due to increased operating profit when excluding the impact of exceptional items. Net cash inflow from operating activities increased significantly to £15.1 million (2024 H1: £7.0 million). The prior period included significant acquisition related payments in relation to the Peters Surgical acquisition. Additional information on working capital movements is explained below.

Reconciliation of Net cash inflow from operating activities to Adjusted net cash inflow from operating activities
	(Unaudited)	(unaudited)
	Six months ended	Six months ended
	30 June 2025	30 June 2024

Net cash inflow from operating activities	15,138	6,962
Add back exceptional items	3,213	3,841
Adjusted net cash inflow from operating activities	18,351	10,803

At the end of the Period, net debt stands at £50.1 million, a decrease from the year-end position of £55.8 million as the Group was able to use positive operational cash flows to reduce its debt. The Group repaid £8.0 million of its joint facility with NatWest and HSBC which stands at £64 million. The facility comprised of £60 million outstanding on Facility A, a £60 million term loan facility with the first £5 million annual repayment due on 1^st July 2025 and £4 million outstanding on Facility B, a £30 million multi-currency revolving credit facility. The interest rate on both facilities is based on SONIA plus a margin based on the Groups net leverage. This margin dropped from 1.75% to 1.5% during the period.

£4.5 million of borrowings has been received during the period from the Peters Surgical factoring facility.

The Groups covenants require Interest cover to be not less than 4.0:1.0 and net leverage in respect of each relevant period shall not exceed 3.0:1.0. Interest cover is calculated as a ratio of Adjusted EBITDA to Net Finance Charge in respect of any relevant period. Net leverage is calculated as a ratio of Total Net Debt on the last day of that relevant period to Adjusted EBITDA in respect of that relevant period.

In the first half of 2025, receivables decreased by £2.3 million (2024 H1: £2.9 million increase) from a particularly high year-end point. Debtor days decreased to 49 from 53 days at year-end (2024 H1: 47 days) which was noted at year-end as being slightly higher than usual.

Trade, other payables and other non-current liabilities declined slightly to £37.0 million against the year-end position of £37.6 million as a result of earn-out payments being made in the period. Creditor days of 35 days was consistent with the year-end position of 35 days and marginally below the previous period reporting (2024 H1: 37 days).

Inventory levels increased by £6.8 million (2024 H1: £2.5 million increase) as the Group has built Inventory to support growth as well as resolving certain back-order situations within a number of ex-Peters Surgical sites. Inventory cover for the period has increased to 6.6 months of supply in comparison to 6.0 months at year-end (2024 H1: 7.3 months) which is required to fulfil the strong H2 order book as well as manage supply chain risks appropriately.

In the period, the group invested £4.1 million in capital equipment, R&D and regulatory costs, an increase from the prior period (2024 H1: £3.8 million) as the additional investment following the Peters Surgical acquisition has been largely offset by reducing levels of investment required for MDR.

Tax payments decreased to £2.3 million (2024 H1: £2.9 million) which is consistent with expense in the income statement.

CONDENSED CONSOLIDATED INCOME STATEMENT
		(Unaudited)			(Unaudited)			(Audited)
		Six months ended 30 June 2025			Six months ended 30 June 2024			Year ended 31 December 2024
		Before	Exceptional		Before	Exceptional		Before	Exceptional
		Exceptional	Items		Exceptional	Items		Exceptional	Items
		Items	Note 8	Total	Items	Note 8	Total	Items	Note 8	Total
	Note	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Revenue from continuing operations	5	110,769	–	110,769	67,986	–	67,986	177,521	–	177,521
Cost of sales		(51,515)	–	(51,515)	(31,091)	–	(31,091)	(84,903)	–	(84,903)
Gross profit		59,254	–	59,254	36,895	–	36,895	92,618	–	92,618
Distribution costs		(1,586)	–	(1,586)	(812)	–	(812)	(2,348)	–	(2,348)
Administration costs		(44,278)	(2,988)	(47,266)	(25,039)	(7,544)	(32,583)	(69,033)	(10,924)	(79,957)
Other income		325	–	325	443	–	443	906	–	906
Operating profit		13,715	(2,988)	10,727	11,487	(7,544)	3,943	22,143	(10,924)	11,219
Finance income		358	–	358	2,024	–	2,024	2,161	–	2,161
Finance costs		(2,622)	–	(2,622)	(272)	–	(272)	(3,557)	–	(3,557)
Profit before taxation		11,451	(2,988)	8,463	13,239	(7,544)	5,695	20,747	(10,924)	9,823
Income tax	7	(2,990)	685	(2,305)	(3,167)	1,648	(1,519)	(4,662)	1,981	(2,681)
Profit for the Period		8,461	(2,303)	6,158	10,072	(5,896)	4,176	16,085	(8,943)	7,142

Profit for the Period attributable to equity holders of the parent		8,508	(2,303)	6,205	10.072	(5,896)	4,176	16,037	(8,943)	7,094
Non-controlling interest		(47)	–	(47)	–	–	–	48	–	48
Earnings per share
Basic	4	3.96p	(1.07p)	2.89p	4.70p	(2.75p)	1.95p	7.48p	(4.17p)	3.31p
Diluted	4	3.89p	(1.05p)	2.84p	4.63p	(2.71p)	1.92p	7.35p	(4.10p)	3.25p

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
		(Unaudited)			(Unaudited)			(Audited)
		Six months ended 30 June 2025			Six months ended 30 June 2024			Year ended 31 December 2024
				£’000			£’000			£’000
Profit for the period				6,158			4,176			7,142
Exchange differences on translation of foreign operations				3,505			(3,010)			(6,177)
Gain/(loss) arising on cash flow hedges				4,136			(431)			(3,104)
Deferred tax (charge)/credit arising on cash flow hedges				(739)			(212)			664
Other comprehensive credit/(charge) for the period				6,902			(3,653)			(8,617)
Total comprehensive income/(loss) for the period				13,060			523			(1,475)

Total comprehensive income/(loss) for the year attributable equity holders of the parent	13,107			523		(1,523)
Total comprehensive (loss)/ income for the year attributable to Non-controlling interest	(47)			–		48

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		(Unaudited)	(Unaudited)	(Audited)
		30 June 2025	30 June 2024	31 December 2024
	Note	£’000	£’000	£’000
Assets
Non-current assets
Intangible assets		94,329	54,327	97,412
Goodwill	11	118,953	78,993	116,884
Property, plant and equipment		46,573	30,767	45,871
Deferred tax assets		1,268	515	1,022
Derivative financial assets		910	111	–
Trade and other receivables		1,080	71	1,029
		263,113	164,784	262,218
Current assets
Inventories		62,019	38,564	55,259
Trade and other receivables		50,093	27,440	52,451
Current tax assets		827	497	1,233
Derivative financial assets		2,045	1,556	296
Cash and cash equivalents		19,339	134,944	17,039
		134,323	203,001	126,278
Total assets		397,436	367,785	388,496
Liabilities
Current liabilities
Trade and other payables		32,752	22,089	33,782
Borrowings	10	9,470	–	5,421
Current tax liabilities		1,290	569	1,780
Derivative financial liabilities		–	–	261
Lease liabilities		3,208	1,534	3,087
		46,720	24,192	44,331
Non-current liabilities
Other non-current liabilities		4,264	2,863	3,873
Borrowings	10	59,956	79,325	67,428
Derivative financial liabilities		–	–	474
Deferred tax liabilities		19,821	9,580	20,246
Lease liabilities		9,741	9,015	10,628
		93,782	100,783	102,649
Total liabilities		140,502	124,975	146,980
Net assets		256,934	242,810	241,516
Equity
Share capital	13	10,961	10,881	10,892
Share premium		37,691	37,473	37,525
Other reserves	13	18,795	15,085	16,625
Hedging reserve		2,957	1,357	(440)
Translation reserve		(794)	(1,132)	(4,299)
Retained earnings		186,632	179,146	180,474
Equity attributable to equity holders of the parent		256,242	242,810	240,777
Non-Controlling interests	13	692	–	739
Total equity		256,934	242,810	241,516

CONDENSED CONSOLIDATED Statement of Changes in Equity

Attributable to equity holders of the Group

							Total
	Share	Share	Other	Hedging	Translation	Retained	attributable to owners	Non-controlling
	capital	premium	reserve	reserve	reserve	earnings	£’000	Interest	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2025 (audited)	10,892	37,525	16,625	(440)	(4,299)	180,474	240,777	739	241,516
Consolidated profit for the period to 30 June 2025	–	–	–	–	–	6,158	6,158	–	6,158
Other comprehensive income	–	–	–	3,397	3,505	–	6,902	–	6,902
Total comprehensive income	–	–	–	3,397	3,505	6,158	13,060	–	13,060
Share-based payments	–	–	1,900	–	–	–	1,900	–	1,900
Excess Deferred tax on share-based payments	–	–	237	–	–	–	237	–	237
Share options exercised	69	166	33	–	–	–	268	–	268
Changes in non-controlling interest	–	–	–	–	–	–	–	(47)	(47)
Dividends paid (Note 9)	–	–	–	–	–	–	–	–	–
At 30 June 2025 (unaudited)	10,961	37,691	18,795	2,957	(794)	186,632	256,242	692	256,934

							Total
	Share	Share	Other	Hedging	Translation	Retained	attributable to owners	Non-controlling
	capital	premium	reserve	reserve	reserve	earnings	£’000	Interest	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2024 (audited)	10,865	37,473	13,453	2,000	1,878	178,533	244,202	–	244,202
Consolidated profit for the period to 30 June 2024	–	–	–	–	–	4,176	4,176	–	4,176
Other comprehensive expense	–	–	–	(643)	(3,010)	–	(3,653)	–	(3,653)
Total comprehensive (expense)/income	–	–	–	(643)	(3,010)	4,176	523	–	523
Share-based payments	–	–	1,450	–	–	–	1,450	–	1,450
Excess Deferred tax on share-based payments	–	–	175	–	–	–	175	–	175
Share options exercised	16	–	7	–	–	–	23	–	23
Changes in non-controlling interest	–	–	–	–	–	–	–	–	–
Dividends paid (Note 9)	–	–	–	–	–	(3,563)	(3,563)	–	(3,563)
At 30 June 2024 (unaudited)	10,881	37,473	15,085	1,357	(1,132)	179,146	242,810	–	242,810

							Total
	Share	Share	Other	Hedging	Translation	Retained	attributable to owners	Non-controlling
	capital	premium	reserve	reserve	reserve	earnings	£’000	Interest	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2024 (audited)	10,865	37,473	13,453	2,000	1,878	178,533	244,202	–	244,202
Consolidated profit for the year to 31 December 2024	–	–	–	–	–	7,142	7,142	–	7,142
Other comprehensive expense	–	–	–	(2,440)	(6,177)	–	(8,617)	–	(8,617)
Total comprehensive (expense)/income	–	–	–	(2,440)	(6,177)	7,142	(1,475)	–	(1,475)
Share-based payments	–	–	3,086	–	–	–	3,086	–	3,086
Excess Deferred tax on share-based payments	–	–	74	–	–	–	74	–	74
Share options exercised	27	52	12	–	–	–	91	–	91
Changes in non-controlling interest	–	–	–	–	–	–	–	739	739
Dividends paid (Note 9)	–	–	–	–	–	(5,201)	(5,201)	–	(5,201)
At 31 December 2024 (audited)	10,892	37,525	16,625	(440)	(4,299)	180,474	240,777	739	241,516

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		(Unaudited)	(Unaudited)	(Audited)
		Six months	Six months	Year
		ended	ended	ended
		30 June 2025	30 June 2024	31 December 2024
	Note	£’000	£’000	£’000
Cash flows from operating activities
Operating profit		10,727	3,943	11,219
Adjustments for:
Depreciation		3,912	2,434	6,453
Amortisation – acquired intangible assets		5,164	2,468	7,804
– development costs		1,297	574	1,508
– software intangibles		300	227	537
Increase in inventories		(7,068)	(2,477)	(2)
Increase/(decrease) in trade and other receivables		1,017	(4,288)	(10,384)
(Decrease)/Increase in trade and other payables		208	5,519	4,318
Share-based payments expense		1,900	1,450	3,086
Taxation paid		(2,319)	(2,888)	(5,050)
Net cash inflow from operating activities		15,138	6,962	19,489
Cash flows from investing activities
Purchase of software		(160)	(152)	(572)
Capitalised development costs		(1,614)	(2,145)	(4,115)
Purchases of property, plant and equipment		(2,351)	(1,546)	(4,057)
Proceeds from disposal of property, plant and equipment		–	6	27
Interest received		135	1,064	1,229
Acquisitions (net of cash acquired)		–	(899)	(54,132)
Payment of contingent consideration		(1,064)	(2,998)	(5,529)
Net cash used in investing activities		(5,054)	(6,670)	(67,149)
Cash flows from financing activities
Dividends paid	9	–	(3,563)	(5,201)
Repayment of principal under lease liabilities		(1,659)	(876)	(2,605)
Repayment of borrowings	10	(8,191)	–	(62,192)
New Borrowings received	10	4,504	79,325	79,453
Issue of equity shares		172	(41)	12
Interest paid		(2,490)	(196)	(3,989)
Net cash used in financing activities		(7,664)	74,649	5,478
Net increase/(decrease) in cash and cash equivalents		2,420	74,941	(42,182)
Cash and cash equivalents at the beginning of the period		17,039	60,160	60,160
Effect of foreign exchange rate changes		(120)	(157)	(939)
Cash and cash equivalents at the end of the period		19,339	134,944	17,039

Notes Forming Part of the 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 six months ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the “Group”).

The Group is primarily involved in the design, development and manufacture of innovative tissue-healing technology for sale into the global medical device market.

2. Basis of preparation

The information for the period ended 30 June 2025 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2024 has been delivered to the Registrar of Companies. The auditor reported on those accounts; their report was unqualified, did not draw attention to any matters of emphasis without qualifying the report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The individual financial statements for each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the functional currency of the Company and the presentation currency for the consolidated financial statements. All revenue relates to external customers.

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 apart from the adoption of the following new or amended IFRS and Interpretations issued by the International Accounting Standards Board (IASB):

· Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

No revised standards adopted in the current period have had a material impact on the Group’s financial statements.

The unaudited condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’, as adopted by the United Kingdom. These condensed interim accounts should be read in conjunction with the annual accounts of the Group for the year ended 31 December 2024. The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom.

4. Earnings per share

	(Unaudited)	(Unaudited)
	Six months	Six months	(Audited)
	ended	ended	Year ended
	30 June 2025	30 June 2024	31 December 2024
Number of shares	‘000	‘000	‘000
Weighted average number of ordinary shares	218,153	217,395	217,561
Basic weighted average number of shares held by Employee Benefit Trust	(3,222)	(3,222)	(3,222)
Weighted average number of ordinary shares for the purposes of basic earnings per share	214,931	214,173	214,339
Effect of dilutive potential ordinary shares: share options, deferred annual bonus, Share Incentive Plan, LTIPs	3,856	3,536	3,959
Weighted average number of ordinary shares for the purposes of diluted earnings per share	218,787	217,709	218,298

Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the period.

Adjusted earnings per share

Adjusted EPS is calculated after adding back amortisation of acquired intangible assets, exceptional items and movement in long-term acquisition liabilities and is based on earnings of:

	(Unaudited)	(Unaudited)
	Six months	Six months	(Audited)
	ended	ended	Year ended
	30 June 2025	30 June 2024	31 December 2024
	£’000	£’000	£’000
Earnings
Profit for the year being attributable to equity holders of the parent	6,205	4,176	7,094
Exceptional items	2,988	7,544	10,924
Tax impact of adjusted items	(1,723)	(1,956)	(3,857)
Amortisation of acquired intangible assets	5,164	2,468	7,804
Movement in long-term acquisition liabilities	(232)	(895)	(868)
Unwind of Inventory fair-value accounting	–	–	1,726
Adjusted profit for the year being attributable to equity holders of the parent	12,402	11,337	22,823

	pence	pence	pence
Basic EPS	2.89	1.95	3.31
Diluted EPS	2.84	1.92	3.25
Adjusted basic EPS	5.77	5.29	10.65
Adjusted diluted EPS	5.67	5.21	10.45

The denominators used are the same as those detailed above for both basic and diluted earnings per share.

The adjusted diluted EPS information is considered to provide an alternative representation of the Group’s trading performance, consistent with the view of management.

5. Segment information

Business segments

The principal activities of the business units are as follows:

Surgical

Selling, marketing and innovation of the Group’s surgical products either sold directly by our sales teams or by distributors.

Woundcare

Segment information about these Business Units is presented below:

Six months ended 30 June 2025	Surgical	Woundcare	Consolidated
(Unaudited)	£’000	£’000	£’000
Revenue	87,902	22,867	110,769

Result
Adjusted segment operating profit	17,557	1,849	19,406
Amortisation of acquired intangibles	(4,694)	(470)	(5,164)
Segment operating profit	12,863	1,379	14,242
Unallocated expenses			(527)
Exceptional items			(2,988)
Operating profit			10,727
Finance income			358
Finance costs			(2,622)
Profit before tax			8,463
Tax			(2,305)
Profit for the period			6,158

At 30 June 2025 (Unaudited)	Surgical	Woundcare	Consolidated
Other information	£’000	£’000	£’000
Capital additions/(disposals):
Software intangibles	130	30	160
Development	1,376	238	1,614
Property, plant and equipment	2,741	(390)	2,351
Depreciation and amortisation	(9,032)	(1,641)	(10,673)
Balance sheet
Assets
Segment assets	340,561	56,875	397,436
Liabilities
Segment liabilities	118,671	20,828	139,499
Unallocated liabilities			1,003
Consolidated total liabilities			140,502

Six months ended
30 June 2024	Surgical	Woundcare	Consolidated
(Unaudited)	£’000	£’000	£’000
Revenue	48,439	19,547	67,986

Result
Adjusted segment operating profit	13,373	1,246	14,619
Amortisation of acquired intangibles	(1,998)	(470)	(2,468)
Segment operating profit	11,375	776	12,151
Unallocated expenses			(664)
Exceptional items			(7,544)
Operating profit			3,943
Finance income			2,024
Finance costs			(272)
Profit before tax			5,695
Tax			(1,519)
Profit for the period			4,176

At 30 June 2024 (Unaudited)	Surgical		Woundcare		Consolidated
Other information	£’000		£’000		£’000
Capital additions/(disposals):
Software intangibles	102		50		152
Development	1,867		278		2,145
Property, plant and equipment	1,024		522		1,546
Depreciation and amortisation	(4,219)		(1,484)		(5,703)
Balance sheet
Assets
Segment assets	278,125		88,985		367,110
Unallocated assets					675
Consolidated total assets					367,785
Liabilities
Segment liabilities	81,994		38,893		120,887
Unallocated liabilities					4,088
Consolidated total liabilities					124,975


Year ended
31 December 2024		Surgical		Woundcare	Consolidated
(Audited)		£’000		£’000	£’000
Revenue		135,768		41,753	177,521

Result
Adjusted segment operating profit		30,132		2,604	32,736
Amortisation of acquired intangibles		(6,864)		(940)	(7,804)
Segment operating profit		23,268		1,664	24,932
Exceptional items					(10,924)
Unallocated expenses					(2,789)
Operating profit					11,219
Finance income					2,161
Finance costs					(3,557)
Profit before tax					9,823
Tax					(2,681)
Profit for the year					7,142


At 31 December 2024
(Audited)	Surgical	Woundcare	Consolidated
Other information	£’000	£’000	£’000
Capital additions/(disposals):
Software intangibles	494	78	572
Development	3,517	598	4,115
Property, plant and equipment	2,607	1,450	4,057
Depreciation and amortisation	(13,198)	(3,104)	(16,302)
Balance sheet
Assets
Segment assets	333,709	55,787	388,496
Liabilities
Segment liabilities	115,729	30,023	145,752
Unallocated liabilities			1,228
Consolidated total liabilities			146,980

Geographical segments

Segment revenue is based on the geographical location of customers. Segment assets are based on the country by which the legal entity resides.

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30 June 2025	30 June 2024	31 December 2024
Segmental Revenue	£’000	£’000	£’000
United Kingdom	8,516	7,921	16,606
Germany	14,916	11,954	32,288
France	13,242	2,546	14,790
Rest of Europe	28,402	20,467	46,314
United States of America	27,403	19,593	43,382
Rest of World	18,290	5,505	24,141
	110,769	67,986	177,521

The following table provides an analysis of the Group’s total non-current assets by geographical location:

	(Unaudited)	(Unaudited)	(Audited)
	30 June 2025	30 June 2024	31 December 2024
Segmental Assets	£’000	£’000	£’000
United Kingdom	46,803	46,347	46,027
Germany	66,144	61,710	64,538
France	99,598	8,616	99,539
Rest of Europe	29,456	30,517	29,686
Rest of world	21,112	17,594	22,428
	263,113	164,784	262,218

6. Financial Instruments’ fair value disclosures

It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts.

The Group held the following financial instruments at fair value at 30 June 2025 which are categorised as a Level 2 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements. The fair value amounts presented below are the difference between the market value of equivalent instruments at the Statement of Financial Position date determined using the mid-market price and the contract value of the instruments. No profits or losses are included in operating profit in the year (30 June 2024: £nil, 31 December 2024: £nil) in respect of FVTPL contracts.

The following table details the forward foreign currency contracts outstanding as at the period end:

	Ave. exchange rate			Foreign currency				Fair value
	30 June 25	30 June 24	31 Dec 24	30 June 25	30 June 24	31 Dec 24		30 June 25	30 June 24			31 Dec 24
	USD:£1	USD:£1	USD:£1	USD’000	USD’000	USD’000		£’000	£’000			£’000
Cash flow hedges
Sell US dollars
Less than 3 months	1.23	1.07	1.28	9,000	8,500		9,500	734		1,178	(143)
3 to 6 months	1.26	1.23	1.23	9,000	10,000		8,500	561		202	131
7 to 12 months	1.30	1.25	1.25	18,000	15,000		18,000	750		176	47
Over 12 months	1.28	1.24	1.30	18,000	15,000		18,000	910		253	(474)
				54,000	48,500		54,000	2,955		1,809	(439)

7. Taxation

The weighted average tax rate for the Group for the six-month period ended 30 June 2025 was 27.7% (first half of 2024: 28.2%, year ended 31 December 2024: 29.0%).

The Group’s effective tax rate for the full year is expected to be 27.2%, which has been applied to the six months ended 30 June 2025 (first half of 2024: 26.7%, year ended 31 December 2024: 27.3%). This represents an increase on the previous period with the main driver being ongoing strong performance in the US where the effective tax rate has increased and non-deductible tax losses in certain jurisdictions which increases the Group’s effective rate.

8. Exceptional items

As noted in the Financial Review, exceptional items totalling £3.0 million (2024 H1: £7.5 million) have been incurred in the period. These costs have been deemed exceptional items as the Group’s transformation projects are significant in nature and cost and will yield significant benefits in future periods. Therefore the Group’s performance has been summarised including and excluding these costs to give additional information to the users of the financial statements.

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30 June 2025	30 June 2024	31 December 2024
Exceptional items:	£’000	£’000	£’000
Integration activities	2,504	–	1,927
Restructuring	484	–	–
Syntacoll	–	1,310	1,890
Risk Management	–	2,017	2,017
Peters acquisition-related	–	4,217	5,090
	2,988	7,544	10,924

Integration-related costs predominately relate to consultancy services to lead the integration project as well as the costs of an internal dedicated integration team and other relevant integration activities.

Restructuring costs relate to costs incurred re-organising certain operations and are primarily employee related.

In the prior periods, Syntacoll exceptional costs relate to legal fees, staff termination costs, an initial idle period following when no manufacturing was undertaken and some integration related costs. Risk management exceptional costs relate to foreign currency risk management costs to protect against adverse movements in the euro rate whilst the Group awaited FDI approval to complete the acquisition of Peters Surgical. Risk and warranty insurance was also obtained. Acquisition related costs include costs for advisory services, legal, financial, tax, HR and operational due diligence services, as well as legal services relating to the share purchase agreement and related banking facility required as part of the acquisition funding.

9. Dividends

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30 June 2025	30 June 2024	31 December 2024
Amounts recognised as distributions to equity holders in the period:	£’000	£’000	£’000
Final dividend for the year ended 31 December 2023 of 1.66p per ordinary share	–	3,563	3,563
Interim dividend for the year ended 31 December 2024 of 0.77p per ordinary share	–	–	1,638
Final dividend for the year ended 31 December 2024 of 1.83p per ordinary share	–	–	–
	–	3,563	5,201

Following the RNS dated 14th May 2025, the final dividend for the year ended 31 December 2024 was paid post period end on 17^th July 2025 resulting in £nil dividend being recognised in the period.

10. Net debt

The following table provides an analysis of the Group’s net debt/cash:

	(Unaudited)	(Unaudited)	(Audited)
	30 June 2025	30 June 2024	31 December 2024
The following table provides an analysis of the Group’s net debt/cash	£’000	£’000	£’000
Cash held at banks	19,339	134,944	17,039
Facility A borrowings	(59,627)	(59,494)	(59,548)
Facility B borrowings	(3,978)	(19,831)	(11,902)
Other Debt	(5,821)	–	(1,399)
Net (debt)/cash	(50,087)	55,619	(55,810)

The Group’s borrowings primarily relate to a credit facility from a syndicate comprising HSBC & Natwest which includes a £60 million long term loan with annual repayments of £5 million per year & and a £30 million Revolving Credit Facility. At the reporting date, £4 million of the Revolving Credit Facility was utilised, leaving flexibility to draw a further £26 million to support working capital needs in the future. Interest on both is based on SONIA plus a margin of +1.50% (2024: +1.75%) based on the Group’s net leverage. The Group expects to use its positive operational cash flow to repay these facilities over time. The facilities run until April 2027 with a further year option available subject to bank consent.

Interest cover is calculated as a ratio of EBITDA to Net Finance Charge in respect of any relevant period.

Net leverage is calculated as a ratio of Total Net Debt on the last day of that relevant period to Adjusted EBITDA in respect of that relevant period.

11. Goodwill

	(Unaudited)	(Unaudited)	(Audited)
	30 June 2025	30 June 2024	31 December 2024
Movement in Goodwill	£’000	£’000	£’000
Balance at the beginning of the period	116,884	80,435	80,435
Acquisitions	–	–	39,707
Exchange differences	2,069	(1,442)	(3,258)
Balance at the end of the period	118,953	78,993	116,884

12. Contingent liabilities

A maximum potential earnout of €4 million relating to the 2023 acquisition of Connexicon and €1.4m relating to the 2024 acquisition of Peters Surgical have been recognised at fair value. Contingent consideration arising on business combinations are categorised as a Level 3 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements.

The Directors are not aware of any additional contingent liabilities faced by the Group as at 30 June 2025 (30 June 2024: £nil, 31 December 2024: £nil).

13. Equity

Share capital as at 30 June 2025 amounted to £10,961,000 (30 June 2024: £10,881,000, 31 December 2024: £10,892,000). During the period the Group issued 1,378,915 shares in respect of Share Options, LTIPS, Deferred Annual Bonus Scheme and the Share Incentive Plan.

A non-controlling interest in Sutural, an Algeria based manufacturer and distributor of Sutures, arose as a result of the 2024 acquisition of Peters Surgical.

14. Going concern

In carrying out their duties in respect of going concern, the Directors have carried out a review of the Group’s financial position and cash flow forecasts for the next 12 months and considered whether there are any factors that indicate a deterioration in trading performance beyond 12 months. The forecasts used are based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment.

The Group has used sensitivity analysis on the Group’s forecasted performance, using a 10% sales reduction scenario which is felt to reflect a significant deterioration of trading. The results show that the Group is able to continue its operations for a period of at least 12 months.

With regards to the Group’s financial position, it had cash and cash equivalents at 30 June 2025 of £19.3 million and £26 million available under a revolving credit facility as summarised in note 10. The facilities run until April 2027 with a further year option available subject to bank consent. The Group expects to use its positive operational cash flow to repay these facilities over time.

While the current economic environment is uncertain, AMS operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, long-term market growth is expected. 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.

After taking the above into consideration, the Directors have reached the 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 condensed consolidated financial statements.

15. Principal risks and uncertainties

16. Seasonality of sales

There are no significant factors affecting the seasonality of sales between the first and second half of the year.

17. Events after the balance sheet date

There have been no material events subsequent to 30 June 2025.

18. Copies of the interim results

Copies of the interim results can be obtained from the Group’s registered office at Premier Park, 33 Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3RT and are available on our website “www.admedsol.com”.

19. Additional alternative performance measure

Reconciliation of operating profit to adjusted operating profit
	H1 2025	H1 2024
	£’000	£’000
Operating profit	10,727	3,943
Amortisation of acquired intangibles	5,164	2,468
Exceptional items	2,988	7,544
Adjusted operating profit	18,879	13,955

Reconciliation of Segment EBITDA to Adjusted EBITDA
	H1 2025	H1 2024
	£’000	£’000
Surgical segment EBITDA	21,895	15,594
Woundcare segment EBITDA	3,020	2,260
Unallocated expenses	(527)	(664)
Adjusted EBITDA	24,388	17,190

Adjusted EBITDA is reconciled to operating profit in the Financial review.

Reconciliation of reported revenue excluding Peters Surgical
	H1 2025	H1 2024	Reported	Constant currency
	£’000	£’000	Change	Change
Reported revenue	110,769	67,986	+63%	+66%
Peters Surgical revenue	(34,284)	–	+100%	+100%
Reported revenue excluding Peters Surgical	76,485	102,291	+13%	+14%

END

IR FQLLFEKLLBBL

The post Interim Results appeared first on Advanced Medical Solutions.

Results of Annual General Meeting

AdMedSol — Mon, 30 Jun 2025 13:29:36 +0000

RNS Number : 0203P

Advanced Medical Solutions Grp PLC

30 June 2025

Advanced Medical Solutions Group plc

(“AMS” or the “Group”)

Results of Annual General Meeting

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, announces that at the Company’s Annual General Meeting held today at 11 am at the Offices of Investec Bank plc, 30 Gresham Street, London, EC2V 7QP, all resolutions were duly passed. Further details of each of the resolutions are set out in the Notice of Meeting, which was sent to shareholders on 3 June 2025.

The poll results were as follows.

Resolution	Title	For	For %	Against	Against %	Total Votes	% Issued Capital
1	FINANCIAL STATEMENTS	135,778,231	100%	3,706	0.00%	135,781,937	61.93%
2	REMUNERATION REPORT	133,782,863	98.47%	2,082,282	1.53%	135,865,145	61.97%
3	AUDITOR REMUNERATION	134,051,574	98.61%	1,891,541	1.39%	135,943,115	62.01%
4	RE-ELECT G COOK	126,950,171	93.38%	8,992,839	6.62%	135,943,010	62.01%
5	RE-ELECT D LE FORT	128,280,815	94.36%	7,662,195	5.64%	135,943,010	62.01%
6	ELECT S SEARLE	135,889,875	99.96%	53,135	0.04%	135,943,010	62.01%
7	RE-ELECT C MEREDITH	134,405,209	98.87%	1,537,801	1.13%	135,943,010	62.01%
8	RE-ELECT E JOHNSON	133,759,281	98.39%	2,183,729	1.61%	135,943,010	62.01%
9	FINAL DIVIDEND	135,944,832	100%	1,706	0.00%	135,946,538	62.01%
10	ALLOT SHARES*	135,266,755	99.50%	679,783	0.50%	135,946,538	62.01%
11	PRE-EMPTION RIGHTS*	134,287,332	98.78%	1,658,642	1.22%	135,945,974	62.01%
12	PURCHASE SHARES*	134,630,774	99.98%	27,900	0.02%	134,658,674	61.42%

* Special Resolution

Notes:

1. Votes “For” and “Against” are expressed as a percentage of votes received.

2. A “Vote withheld” is not a vote in law and is not counted in the calculation of the votes “For” or “Against” a resolution.

3. Total number of shares in issue at close of business on 26 June = 219,243,007 shares. 62.01% of the voting capital was instructed.

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS’s products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS’s own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,600 employees. For more information, please see www.admedsol.com.

END

RAGSDIFESEISEEM

The post Results of Annual General Meeting appeared first on Advanced Medical Solutions.

Annual General Meeting

AdMedSol — Mon, 30 Jun 2025 07:00:15 +0000

RNS Number : 8443O

Advanced Medical Solutions Grp PLC

30 June 2025

Advanced Medical Solutions Group plc

(“AMS” or the “Group”)

Annual General Meeting

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, will hold its Annual General Meeting at 11.00 am today at the offices of Investec Bank plc, 30 Gresham Street, London, EC2V 7QP.

Chris Meredith, AMS’s Chief Executive Officer, will give a short presentation at the Annual General Meeting. No new material information will be provided.

The results of the AGM will be announced to the London Stock Exchange and placed on the Group’s website, in the usual way, as soon as practicable after the conclusion of the AGM.

As advised to the market on 23 June 2025, Juliet Thompson will be appointed to the Board following the AGM and will be appointed as Chair of the Audit Committee, as well as joining the Nomination and Remuneration Committees.

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS’s products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS’s own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,600 employees. For more information, please see www.admedsol.com.

END

NOAPKOBQABKDKAB

The post Annual General Meeting appeared first on Advanced Medical Solutions.

Directorate Change

AdMedSol — Mon, 23 Jun 2025 07:00:11 +0000

RNS Number : 9347N

Advanced Medical Solutions Grp PLC

23 June 2025

Advanced Medical Solutions Group plc

(“AMS”, the “Company” or the “Group”)

Directorate Change

Juliet Thompson to be Appointed as an Independent Non-Executive Director

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, is pleased to announce that our search for an additional Independent Non-Executive Director has successfully concluded and that Juliet Thompson will be appointed as a Non-Executive Director and Chair of the Audit Committee following the conclusion of the AGM on 30 June.

Juliet has over 30 years of finance, banking and board experience with significant focus in the healthcare sector. She is a proven FTSE 250 Audit Committee Chair and a former investment banker who has spent her career advising pharmaceutical and medtech companies. She played a leading role in setting up Code Securities, which was later acquired by Nomura (becoming Nomura Code) but remained independent. At Nomura Code, Juliet advised companies in the healthcare and clean tech sectors on their financing and strategic options. She worked on over 50 transactions including IPOs, secondary offerings, private placements and M&A. As Nomura Code was devolved, she joined Stifel with a team from Nomura Code to head up the life sciences team where she advised CEOs and CFOs in the healthcare sector. She was Audit Committee Chair at Vectura Group Limited.

Juliet has built a diverse portfolio; she is currently a Non-Executive Director and Chair of the Audit Committees of: Indivior plc, a NASDAQ listed company working to develop medicines to treat addiction; Novacyt S.A., a Euronext and AIM listed diagnostic company; and Organox Limited, a private company spun out of Oxford University developing innovative solutions for organ preservation prior to transplantation. Juliet holds a BSc in Economics from the University of Bristol and qualified as a Chartered Accountant and holds an ACA from the Association of Chartered Certified Accountants.

Grahame Cook, Chair of AMS, said: “I am very pleased to welcome Juliet to the Board of AMS. She has a wealth of Board experience, particularly focused on healthcare companies, and is a proven Audit Committee Chair. She will be a valuable addition to our Board.”

Juliet Thompson commented: “I have followed AMS progress over the last few years and am excited to be joining the Board as the company continues its growth journey.”

Juliet will immediately be appointed as Chair of the Audit Committee and join the Nomination and Remuneration Committees. The composition of each of the Board Committees from 30 June 2025 is therefore confirmed as follows:

Board Committee	Membership
Audit Committee	Juliet Thompson (Chair) Grahame Cook Douglas Le Fort Susan Searle
Nomination Committee	Grahame Cook (Chair) Douglas Le Fort Susan Searle Juliet Thompson
Remuneration Committee	Douglas Le Fort (Chair) Grahame Cook Susan Searle Juliet Thompson

The following information is disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies:

Juliet Thompson (aged 59 years) holds or has held Directorships and partnerships in the five years preceding her appointment at AMS as follows:

Current Directorships	Previous Directorships
Indivior plc	Angle plc
OrganOx Ltd	Leadership Through Sport and Business
Novacyt Group	Opus 107 Limited
Opus Trust Investments Limited	Vectura Group Limited
	GI Dynamics, Inc

No further information in connection with her appointment is required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson
Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS’s products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS’s own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,600 employees. For more information, please see www.admedsol.com.

END

BOAPPUUCQUPAUAW

The post Directorate Change appeared first on Advanced Medical Solutions.

Annual Report and Notice of Annual General Meeting

AdMedSol — Tue, 03 Jun 2025 16:34:23 +0000

RNS Number : 2763L

Advanced Medical Solutions Grp PLC

03 June 2025

3 June 2025

Advanced Medical Solutions Group plc

(“AMS”, the “Company” or the “Group”)

Annual Report and Notice of Annual General Meeting

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, is pleased to announce that its Annual Report and Accounts for the year ended 31 December 2024 and Notice of Annual General Meeting (“AGM”) have today been sent to shareholders.

The Annual Report and Accounts is available on the Investor Relations section of the Company’s website https://admedsol.com/Investor-Relations.

The AGM will be held at 11:00 a.m. at the offices of Investec Bank plc, 30 Gresham Street, London, EC2V 7QN on 30 June 2025.

A copy of the proxy form for the AGM and Notice of AGM are available on the Company’s website https://admedsol.com/investor-relations/shareholder-information/agm.

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Joint Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson

Berenberg (Joint Broker)	Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

END

NOAFJMATMTTMBRA

The post Annual Report and Notice of Annual General Meeting appeared first on Advanced Medical Solutions.

Unaudited Preliminary Results

AdMedSol — Wed, 19 Mar 2025 07:00:09 +0000

RNS Number : 2726B

Advanced Medical Solutions Grp PLC

19 March 2025

Advanced Medical Solutions Group plc

(“AMS” or the “Group” or the “Company”)

Unaudited preliminary results for the year ended 31 December 2024

~ Strong underlying growth maintained, and excellent progress made integrating recent acquisitions ~

Financial Summary:

	2024	2023	Reported change	Change at constant currency¹	Growth excluding acquisitions⁵
Revenue (£ million)	177.5	126.2	+41%	+43%	+10%
Adjusted Measures
Adjusted² EBITDA (£ million)	40.2	29.7	+35%
Adjusted² EBITDA margin	22.6%	23.5%	-0.9pp
Adjusted² profit before tax (£ million)	29.4	25.9	+14%
Adjusted² profit before tax margin	16.6%	20.5%	-3.9pp
Adjusted³ diluted earnings per share (p)	10.45	9.05	+16%

Reported Measures
Profit before tax (£ million)	9.8	21.2	-54%
Profit before tax margin	5.5%	16.8%	-11.2pp
Diluted earnings per share (p)	3.25	7.25	-55%
Net operating cash flow (£ million)	19.5	12.3	+58%
Net (debt)/cash⁴ (£ million)	(55.8)	60.2	-193%

Proposed full year dividend per share (p)	2.60	2.36	+10%

Business Highlights (including post Period end):

AMS is pleased to report Full Year 2024 results in line with consensus forecasts and excellent progress in integrating the recent acquisitions of Peters Surgical and Syntacoll.

Operational

· Successful implementation of the new route to market strategy in late 2023 has resulted in strong growth from US LiquiBand^® throughout 2024.

· Transformational acquisition of Peters Surgical SAS (“Peters Surgical”) at an enterprise value of €132.5 million (£113 million) was completed on 1 July 2024. The acquisition added £37.2 million of revenue from the July acquisition date.

· Acquisition of Syntacoll GmbH (“Syntacoll”) for €1 million on 1 March 2024, a specialist manufacturer of drug-eluting collagens has significantly strengthened the capacity and capability of the Group’s existing Biosurgical business. The acquisition added £5.6 million of revenue from the March acquisition date.

· The full in-market launch of LIQUIFIX^TM, the first atraumatic hernia fixation device in the US, resulted in better-than-expected initial orders. On the back of major Group Purchasing Organisation (“GPO”) approvals, accelerated in-market growth is expected in 2025 and record monthly end user sales were recorded in January and February 2025.

Financial

· Group revenue increased by 43% at constant currency to £177.5 million (2023: £126.2 million), driven by strong growth in US LiquiBand^®, other key surgical product categories and the acquisitions of Peters Surgical and Syntacoll. Excluding both acquisitions, group revenue increased by 10% at constant currency.

· Adjusted profit before tax increased by 14% to £29.4 million (2023: £25.9 million) and reported profit before tax decreased by 54% to £9.8 million (2023: £21.2 million) as a result of acquisition and integration costs.

· Net debt at 31 December 2024 stood at £55.8 million (2023: Net cash of £60.2 million) following the acquisition of Peters Surgical.

· Investment in R&D increased to £12.9 million (2023: £12.6 million), representing 7% of revenues (2023: 10%). Whilst the gross investment in R&D has increased following the addition of Peters Surgical, R&D expenditure as a proportion of revenue has been diluted by the acquisition and by reduced Medical Device Regulation (“MDR”) related investment.

· Surgical Business Unit revenues (excluding Peters Surgical) increased to £98.6 million (2023: £79.1 million), an increase of 28% at constant currency, driven by strong performances from all key product categories.

· Woundcare Business Unit revenues decreased to £41.8 million (2023: £47.1 million), a decrease of 11% at reported and constant currency due to a number of factors. Strategic initiatives within the Woundcare business are being successfully implemented, which are expected to positively impact margins in 2025.

· Reflecting management’s ongoing confidence in the Group’s outlook, the Board proposes an increased final dividend of 1.83p per share (2023: 1.66p) bringing the total proposed dividend to 2.60p per share (2023: 2.36p).

Commenting on the results Chris Meredith, Chief Executive Officer of AMS, said: “I am very pleased to report such a strong set of results during a year where AMS went through such a significant transformation. The integration of both Peters Surgical and Syntacoll has established the Group as a larger, more diverse tissue-healing specialist with a broader geographic reach. 2025 has started well and we remain confident that the strong, underlying momentum of our core business, combined with the broader portfolio, synergies and benefits from the acquisitions, will drive future strong topline growth and greater profitability.”

Notes

1. Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s exchange rates

2. Reconciled in the Financial Review

3. Reconciled in note 6 of the financial information

4. Net debt consists of cash and cash equivalents of £17.0 million and £72.8 million of borrowings, excluding the impact of IFRS16 as reconciled in note 7 of the financial information. (2023: £60.2 million of cash and £nil debt)

5. Growth excluding acquisitions excludes the impact of acquisitions in the year on a constant currency basis

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson

About Advanced Medical Solutions Group plc – see www.admedsol.com

Chief Executive’s Review

Summary and Outlook

Growth across all surgical product categories has resulted in a strong financial performance for the Group in the twelve months to December 2024, including a significant contribution from Peters Surgical from 1 July. The integration of Peters Surgical and Syntacoll has been a key focus in the second half of the year, and excellent progress has been made, supported by detailed operational plans to deliver further synergies and cost efficiencies from the enlarged Group over the next three years.

The business has continued to perform well in Q1 2025, and the Board’s expectations are in line with current consensus forecasts for the full year. As more revenue and operational synergies are generated, the Board expects further growth across the business in 2026 and 2027.

Surgical Business Unit

Organic growth in the Surgical Business was driven by strong performances from LiquiBand^® in the US, Traditional Closure, Other Distributed and Internal Fixation products. Revenue increased to £98.6 million (2023: £79.1 million) during the Period, an increase of 28% on a constant currency and 25% on a reported basis.

Surgical Business Unit	2024 £ million	2023 £ million	Reported Growth	Change at constant currency
Advanced Closure	43.4	34.6	25%	28%
Internal Fixation and Sealants	6.4	5.0	28%	30%
Traditional Closure	19.9	18.1	10%	15%
Biosurgical Devices	22.6	16.4	38%	42%
Other Distributed	6.3	5.0	26%	30%
Subtotal (excluding Peters Surgical)	98.6	79.1	25%	28%
Peters Surgical	37.2	–	–	–
Total	135.8	79.1	72%	–

Advanced Closure

Advanced Closure	2024 £ million	2023 £ million	Reported Growth	Change at constant currency
Americas	26.9	18.2	48%	52%
Rest of World	16.5	16.4	1%	2%
Total	43.4	34.6	25%	28%

LiquiBand^® revenues increased in the Period by 28% on a constant currency basis and 25% on a reported currency basis driven by strong US growth.

New agreements, greater incentives and more brand differentiation for the Group’s US partners were successfully implemented towards the end of 2023 and made a significant impact on Advanced Closure US revenue growth during the Period. Sales increased to £26.9 million (2023: £18.2 million), 52% at constant currency and 48% on a reported basis. This positive performance during the Period reflects improved partner engagement under the new distribution agreements, as well as the strength of the pipeline of new business. Reported sales were positively impacted by re-stocking of one of the Group’s partners in H1 and the phasing of orders in Q4 related to some of the LiquiBand^® products. This is expected to impact reported growth in the first half of 2025.

Outside the US, end user sales were not fully reflected in reported revenue due to the phasing of orders in some key markets. Stronger reported growth in Rest of World sales is expected to return this year.

Internal Fixation and Sealants

LiquiBandFix8^®/LIQUIFIX^TM is used to fix hernia meshes placed inside the body with accurately delivered individual drops of cyanoacrylate adhesive, instead of traditional sutures, tacks and staples.

Global supply of the LiquiBandFix8^®/LIQUIFIX^TM devices was affected by a supplier-driven quality issue in the year and although it has since been resolved, the issue did impact sales during 2024. Despite this, LiquiBandFix8^®/LIQUIFIX^TM revenues increased by 30% on a constant currency basis and by 28% on a reported basis to £6.4 million (2023: £5.0 million), following the successful US launch through our distribution partner TELA Bio.

Having already obtained listings for LIQUIFIX^TM from two important US GPOs, the company now expects to receive approval from the largest and most significant GPO by the end of March with an anticipated go-live date in mid-2025. An extensive training programme for TELA Bio’s specialist hernia sales force was completed during the Period, and the initial response from surgeons has been positive. US pre-launch orders in H1 2024 were ahead of expectations and 2025 has started positively, with record monthly end user sales in January and February 2025. It is worth noting that the initial stocking coupled with later than expected GPO approvals in 2024 and 2025 will impact overall reported sales in 2025, albeit we do expect to be reporting continued strong end user growth.

The pancreatic study for our novel, internal, biological sealant, SEAL-G^®, continues to progress with interim results expected mid-2025; as does the development of a next generation device that will remove the necessity for a gas supply connection and regulator. We expect to be able to give a meaningful update on these two workstreams at the time of our 2025 interim results. Since our acquisition of Sealantis in 2019, the company has been investing in the development of the SEAL-G^® product and the amortised carrying value of the capitalised development costs stands at £6.8 million at 31 December 2024.

Traditional Closure

RESORBA^® branded Absorbable and Non-absorbable Suture ranges are used in general surgery and a wide range of surgical specialties including dental and ophthalmic surgery. Revenues (excluding Peters Surgical sutures) grew strongly during the Period, increasing by 10% to £19.9 million and by 15% at constant currency (2023: £18.1 million). The brand continued to generate good growth in its core German market and across multiple other markets as hospital appetite for progressing suture conversions continues to build.

Biosurgical Devices

Biosurgical Devices comprise antibiotic-loaded collagen sponges, collagen membranes and cones, oxidised cellulose, synthetic bone substitutes and bio-absorbable screws. Revenues increased 38% to £22.6 million (2023: £16.4 million) and 42% at constant currency, following the acquisition of Syntacoll which contributed £5.6 million during the Period.

As reported in September 2024, technical and manufacturing issues at the Nuremberg facility had restricted the Group’s ability to fulfil all RESORBA^® collagen customer orders during the first half. The integration of Syntacoll’s facilities and its expertise has addressed these issues and supply of product has improved during the second half. However, this has resulted in end user demand not being fully reflected in reported sales for the Period.

Syntacoll’s expertise has enabled the Group to accelerate its regulatory pathway to access the substantial opportunity for its distinctive collagen portfolio in the lucrative US market. The first US collagen approval, for a dental application, is expected in 2026. Multiple avenues are also being explored to obtain US approval of our wider antibiotic loaded collagen portfolio within the next few years.

The Group’s innovative next-generation Freeze Dried Bone Substitute (FDBS) presents another considerable opportunity given its ability to significantly improve bone re-growth through its highly differentiated cohesiveness, mouldability and capacity to mix with various biological fluids and compounds. AMS is targeting US 510(k) submission at the end of 2025 with approval expected around of the end of 2026. Launch into Europe is expected to be on a similar timeline.

Other Distributed Products

The Other Distributed category comprises bought-in minimally invasive access ports and laparoscopic instruments predominately sold by AFS. Revenues increased to £6.3 million during the Period (2023: £5.0 million), growth of 26% on a reported basis and 30% at constant currency.

Peters Surgical

The acquisition of Peters Surgical on 1 July 2024 has contributed revenue of £37.2 million to the AMS Group during the Period. As anticipated, the business ended the year strongly, generating sales growth of 8%, for continuing products, in the second half, compared with proforma 2023 results with good year-on-year growth in sutures, glues and with its innovative Vascular Temporary Occlusion (VTO) portfolio.

Integration

The organisational integration of the AMS and Peters Surgical teams has been completed, with the establishment of a single Group-wide team for all key functions including Sales, Marketing and R&D.

The program of delivery for commercial synergies is well underway with some due to start in 2025 and others expected to follow in the next few years depending on contractual restrictions.

In mid-2024, the Group created a dedicated integration team to deliver the other key synergies relating to branding, product portfolio, manufacturing and supply chain of sutures. This team consists of individuals with key capabilities from both AMS and Peters Surgical, is supported by external consultants and will be fully focused on building and delivering critical elements of the integration plan.

To maximise the significant commercial opportunity, it will be necessary to invest in increased manufacturing capacity and to enable the supply of alternative suture winding cards to allow deeper penetration of the substantial US market. Good progress was made in the Period, and the Group remains on track to deliver the majority of the planned operational synergies from early 2027.

Further 510(k) approvals of Peter Surgical suture ranges were granted in 2024, leaving one final suture family awaiting US approval which is expected during 2025, paving the way for the US launch before the end of the year.

In addition, a development project has been started to combine the IFABOND^® portfolio of internal hexyl cyanoacrylate adhesives with AMS’s more precise delivery device technology which will allow the improved portfolio to be optimised for use in a range of internal applications.

Woundcare Business Unit

Revenues decreased by 11% to £41.8 million (2023: £47.1 million) on a reported and constant currency basis due to ongoing and challenging market conditions and reducing royalties.

Since the announcement in September of AMS’s plans to restructure the Woundcare business by focusing on higher margin business and reducing investment in certain areas, excellent progress has been made and these initiatives are on track to positively impact margins from Q2 2025.

Woundcare Business Unit	2024 £ million	2023 £ million	Reported Growth	Change at constant currency
Infection and Exudate Management	36.9	39.5	-7%	-6%
Other Woundcare	4.9	7.6	-36%	-35%
Total	41.8	47.1	-11%	-11%

Infection and Exudate Management

Infection and Exudate Management revenue decreased by 7% at reported currency and 6% at constant currency to £36.9 million (2023: £39.5 million), as the business implemented its strategy to focus on more profitable product categories.

Other Woundcare

Other Woundcare comprises royalties, fees and woundcare sealants. Revenue reduced by 36% at reported currency and by 35% at constant currency to £4.9 million (2023: £7.6 million) due to the continued reduction in royalty from Organogenesis following US reimbursement reviews announced in 2023.

Regulatory

Despite enforcement dates for the Medical Devices Regulation (MDR) being delayed until 2027-2028, AMS has already substantially completed its established schedule of work to meet the new standards. Consequently, capitalisation of regulatory costs is expected to start to decline in 2025.

Environmental, Social & Governance

The transformational acquisition of Peters Surgical has created the opportunity to leverage the considerable CSR program already established in the Peters Surgical group and to create an optimised combined ESG program for the enlarged group. This alignment will include combining emissions data for the two businesses and rebasing the initial carbon footprint for the enlarged group, progressing its Pathway to Net Zero project, which has a commitment date of 2045.

All sustainability activities are now being optimised and managed by a single team across the enlarged group.

On 18 March it was announced that Grahame Cook, Senior Independent Non-Executive Director, will become Non-Executive Chair on 31 March following Liz Shanahan’s decision to step down for personal reasons. In his new role, Grahame will retain his positions on the Audit, Nominations and Remuneration Committees. Grahame was appointed to the Board in February 2021 and has substantial global equity markets experience, having formerly worked as a managing director at UBS and joint Chief Executive of Panmure Gordon.

Stakeholders

On behalf of the Board, I would like to thank the Group’s staff, partners and other stakeholders, without whose help and commitment, the achievements of this year, and the years prior, would not have been possible.

Chris Meredith

Chief Executive Officer

Financial Review

Summary

IFRS reporting

To provide the clearest possible insight into our performance, the Group uses alternative performance measures. These measures are not defined in International Financial Reporting Standards (IFRS) and, therefore, are considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate. AMS uses such measures consistently at the half-year and full-year and reconciles them as appropriate. The measures used in this statement include constant currency revenue growth, adjusted operating margin, adjusted profit before tax, adjusted EBITDA and adjusted earnings per share, allowing the impacts of exchange rate volatility, exceptional items, unwind of Inventory fair value accounting, amortisation, and the movement in long-term acquisition liabilities to be separately identified. Net debt/cash are an additional non-GAAP measure used.

Overview

Revenue increased by 43% at constant currency and by 41% at reported currency to £177.5 million (2023: £126.2 million).

Gross margin decreased to 52.2% (2023: 55.6%) whilst adjusted gross margin which excludes the impact of the fair value accounting on the acquisition of Peters Surgical results in a gross margin of 53.1% (2023: 55.6%). Despite the strong performance of US LiquiBand^® several factors are contributing to the reduced gross margin including the acquisition of Syntacoll which has had a dilutive impact as it currently achieves a significantly lower gross margin than the Group’s average and the reduced Organogenesis royalty. The addition of Peters Surgical has also had a slight dilutive impact as its gross margins are marginally below those of the AMS group.

As part of the IFRS3 acquisition accounting of Peters Surgical, the Inventory valuation has been increased by £1.7 million to its fair value. This increased Inventory valuation has resulted in higher cost of goods sold in the second half of the year and has been treated as an adjusted item.

Administration expenses before exceptional items increased to £69.0 million (2023: £50.7 million) due to the addition of Peters Surgical which added approximately £16 million of additional cost into the second half of the year and includes £3.2 million of Peters Surgical related amortisation of acquired intangible assets. The remaining increase in administration expenses in the year relates to increased sales and marketing activity and expenditure in Research, Development, Regulatory and Clinical as the Group continues to invest in growth opportunities.

Exceptional items
	(Unaudited)	Audited
	2024	2023
	£’000	£’000
Syntacoll	1,890	–
Risk Management	2,017	–
Peters acquisition-related	5,090	–
Peters integration activities	1,927	–
Total exceptional items	10,924	–

Exceptional items of £10.9 million were incurred in the year in relation to the acquisition and integration of Peters Surgical and Syntacoll. Given the significance of these costs in the year, in comparison to costs incurred for acquisitions in previous years, they have been disclosed separately. Syntacoll exceptional costs relate to legal fees, staff termination costs, an initial idle Period following when no manufacturing was undertaken and some integration related costs. Risk management exceptional costs relate to foreign currency risk management costs to protect against adverse movements in the euro rate whilst the Group awaited FDI approval to complete the acquisition of Peters Surgical. Risk and warranty insurance was also obtained.

Acquisition related costs include costs for advisory services, legal, financial, tax, HR and operational due diligence services, as well as legal services relating to the share purchase agreement and related banking facility required as part of the acquisition funding.

The Group incurred £12.9 million of gross R&D spend in the Period (2023: £12.6 million), representing 7.3% of sales (2023: 10.0%), maintaining investment in innovation and in meeting the increasing regulatory standards. As shown in the table below, part of this cost is capitalised and amortised over the following 5 to 10 years with the amount capitalised declining in the year as a result of the substantial MDR progress made.

R&D, Regulatory and Clinical expenditure
		2024	2023
	£’000		£’000
Total investment in Research and Development, Regulatory and Clinical	12,922		12,621
Of which:
Charged to the profit and loss account	8,807		6,405
Capitalised, to be amortised over 5-10 years	4,115		6,216

Amortisation of acquired intangible assets increased to £7.8 million (2023: £4.9 million) due to the acquisition of Peters Surgical in July 2024.

Other Income remained consistent at £0.9 million (2023: £0.9 million) and relates to R&D claims in the UK and Ireland.

In the Period, finance income declined to £2.2 million (2023: £3.8 million), as the majority of funds held on deposit were used to fund the acquisition of Peters Surgical. Finance costs increased to £3.6 million (2023: £1.5 million) following the acquisition of Peters Surgical which was funded by an initial £80 million of borrowing. Finance costs are expected to reduce as SONIA rates are widely expected to reduce in the coming year and the Group repays its borrowings.

A net credit of £0.9 million (2023: £0.2 million credit) was recorded in relation to movements in long-term acquisition liabilities, primarily relating to deferred consideration and earnout from the Connexicon acquisition.

Adjusted EBITDA which consists of earnings before finance costs, tax, depreciation and amortisation as well as excluding exceptional items and the unwind of Inventory fair value accounting increased by 35% to £40.2 million (2023: £29.7 million) as a result of the addition of Peters Surgical.

Reconciliation of profit before tax to adjusted EBITDA
	(Unaudited)	Audited
	2024	2023
	£’000	£’000
Profit before tax	9,823	21,157
Finance income and costs	1,396	(2,275)
Amortisation	9,849	6,413
Depreciation	6,453	4,375
Exceptional items	10,924	–
Unwind of Inventory fair value accounting	1,726	–
Adjusted EBITDA	40,171	29,670

Adjusted profit before tax which excludes amortisation of acquired intangibles, exceptional items, unwind of Inventory fair valuer accounting and movements in long term liabilities recognised on acquisition, increased by 14% to £29.4 million (2023: £25.9 million) whilst the adjusted PBT margin decreased by 400 bps to 16.5% (2023: 20.5%) as a result of the dilutive impact of the Peters Surgical acquisition and associated borrowing.

Reported profit before tax decreased by 54% to £9.8 million (2023: £21.2 million) as a result of £10.9 million of exceptional items, the £1.7 million unwind of Inventory fair value accounting following the acquisition of Peters Surgical in the second half of the year and the addition of £2.9 million of additional amortisation on acquired intangibles as a result of the Peters Surgical acquisition.

Reconciliation of profit before tax to adjusted profit before tax
	(Unaudited)	Audited
	2024	2023
	£’000	£’000
Profit before tax	9,823	21,157
Amortisation of acquired intangibles	7,804	4,887
Exceptional items	10,924	–
Movement in long-term acquisition liabilities	(868)	(186)
Unwind of Inventory fair value accounting	1,726	–
Adjusted profit before tax	29,409	25,858

The Group’s effective corporation tax rate, reflecting the blended tax rates in the countries where we operate and including UK patent box relief, increased to 27.3% (2023: 24.9%) with the main driver behind the increase being acquisition costs, some of which are not tax deductible, and the annualised impact of the UK Corporation tax rate increase to 25%, effective 1 April 2023. These are partly offset by lower profits in Germany as a result of the reduced Organogenesis royalty. The tax rate in Germany is higher than the Group’s average tax rate and therefore a lower proportion of profit in Germany reduces the Group’s effective tax rate.

Adjusted diluted earnings per share increased by 16% to 10.45p (2023: 9.05p) and diluted earnings per share decreased by 55% to 3.25p (2023: 7.25p), reflecting the Group’s reduced earnings.

Reflecting its confidence in the Group’s prospects, the Board is proposing an increased final dividend of 1.83p per share (2023 final dividend: 1.66p), to be paid on 20 June 2025 to shareholders on the register at the close of business on 30 May 2025. This follows the interim dividend of 0.77p per share (2023 interim dividend: 0.70p) paid on 25 October 2024 and would, if approved, make a total dividend for the year of 2.60p per share (2023: 2.36p) an increase of 10%.

Operating result by business segment
Year ended 31 December 2024	Surgical	Woundcare
	£’000	£’000
Revenue	135,768	41,753
Segment operating profit	23,268	1,664
Amortisation of acquired intangibles	6,864	940
Adjusted segment operating profit⁶	30,132	2,604
Adjusted operating margin⁶	22.2%	6.2%
Year ended 31 December 2023
Revenue	79,093	47,117
Segment operating profit	16,041	4,374
Amortisation of acquired intangibles	3,944	943
Adjusted segment operating profit⁶	19,985	5,317
Adjusted operating margin⁶	25.3%	11.3%

^{Note 6: Adjusted for amortisation of acquired intangible assets and excludes exceptional items and the unwind of Inventory fair value accounting.}

^{Table is reconciled to statutory information in note 3 of the financial information.}

Surgical

Surgical revenues inclusive of Peters Surgical increased by 72% to £135.8 million (2023: £79.1 million) at reported currency. Adjusted operating margin decreased by 310 bps to 22.2% (2023: 25.3%) due to the dilutive impact of Peters Surgical at an operating margin level. Whilst Peters Surgical contributes significant sales, it only adds £4.5 million of adjusted operating profit. The previously mentioned impact on gross margin of the addition of low margin Syntacoll business is also impacting adjusted operating margin.

Woundcare

Woundcare revenues decreased by 11% to £41.8 million (2023: £47.1 million) at reported currency and constant currency. Adjusted operating margin decreased by 510 bps to 6.2% (2023: 11.3%) due to the factors noted in the Chief Executive’s review. We are confident that the actions taken will improve the business unit’s operating margin in 2025.

Currency

The Group estimates that a 10% movement in the £:US$ or £:€ exchange rate will impact Sterling revenues by approximately 2.5% and 4.4% respectively and, in the absence of any hedging, this would have an impact on the Group operating margin of 1.7% and 0.7% percentage points respectively.

Cash flow

Net cash inflow from operating activities in the Period was £19.5 million, an increase on the prior year (2023: £12.3 million) as a result of the acquisition of Peters Surgical. Further information on the acquisition impact of Peters Surgical is included in note 8.

Working capital increased during the year. Inventory cover decreased to 6.0 months of supply (2023: 7.1 months) partly due to the addition of Peters Surgical and Syntacoll. Excluding the impact of Peters Surgical and Syntacoll, Inventory levels were in-line with the prior year despite growing sales as the stock builds seen in prior years have been completed. Increasing levels of receivables is linked to the strong performance in the US although a number of large payments were received shortly after year-end inflating the year-end position. As a result, Debtor days has increased to 53 days (2023: 45 days). Creditor days were in line with prior year at 35 days (2023: 35 days). Total payables increased by £14.0 million as a result of the addition of Peters Surgical and Syntacoll.

Net cash used in investing activities in the Period was £67.1 million as a result of the acquisition of Peters Surgical which resulted in investing cash outflows of £53.2 million (net of cash acquired). £5.5 million of cash outflows relating to payment of contingent consideration occurred and principally relates to achievement of milestones at Connexicon following receipt of FDA approval (2023: £7.4 million).

Capital investment in equipment, R&D and regulatory costs declined to £8.7 million (2023: £9.8 million) as a result of the reducing investment in MDR certification.

Cash outflow relating to taxation increased to £5.0 million (2023: £4.4 million) and included £1.1 million of taxation payments for Peters Surgical.

Net cash received from financing activities in the Period was £5.5 million (2023: used £13.6 million) which includes receipt of £79.3 million of borrowings in July 2024 as part of a facilities provided by the Group’s banks, NatWest and HSBC. £8.0 million was subsequently repaid before the end of the year resulting in a net inflow on these facilities of £71.3 million. £62.2 million of these borrowings was utilised to repay Peters Surgical loans as part of the cash-free, debt-free basis of the acquisition. Interest payments increased from £0.4 million to £4.0 million as a result of the new borrowing facilities. The Group did not purchase any of its own shares in the year (2023: £6.7 million).

The Group paid its final dividend for the year ended 31 December 2023 of £3.6 million in June 2024 (for the year ending December 2022, £3.3 million in June 2023), and its interim dividend for the six months ended 30 June 2024 of £1.6 million in October 2024 (for the 6 months ended 30 June 2023: £1.5 million in October 2023). No cash outflows relating to share purchases occurred during the year (2023: £6.7 million).

At the end of the Period, as a result of the above movements, the Group had net debt of £55.8 million (31 December 2023: net cash of £60.2 million) a movement of £116.0 million as a result of the Peters Surgical acquisition.

CONDENSED CONSOLIDATED INCOME STATEMENT
		(Unaudited)			(Audited)
Year ended 31 December		2024			2023
		Before Exceptional items	Exceptional items	Total	Before Exceptional items	Exceptional items	Total
			Note 8			Note 8
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Revenue from continuing operations	3	177,521	–	177,521	126,210	–	126,210
Cost of sales		(84,903)	–	(84,903)	(56,070)	–	(56,070)
Gross profit		92,618	–	92,618	70,140	–	70,140
Distribution costs		(2,348)	–	(2,348)	(1,520)	–	(1,520)
Administration costs		(69,033)	(10,924)	(79,957)	(50,669)	–	(50,669)
Other income		906	–	906	931	–	931
Operating profit	4	22,143	(10,924)	11,219	18,882	–	18,882
Finance income		2,161	–	2,161	3,786	–	3,786
Finance costs		(3,557)	–	(3,557)	(1,511)	–	(1,511)
Profit before taxation		20,747	(10,924)	9,823	21,157	–	21,157
Income tax	5	(4,662)	1,981	(2,681)	(5,268)	–	(5,268)
Profit for the Period		16,085	(8,943)	7,142	15,889	–	15,889

Profit for the Period attributable to equity holders of the parent		16,037	–	7,094	15,889	–	15,889
Non-controlling interest		48	–	48	–	–	–
Earnings per share
Basic	6	7.48p	(4.17p)	3.31p	7.36p	–	7.36p
Diluted	6	7.35p	(4.10p)	3.25p	7.25p	–	7.25p
Adjusted diluted⁶	6	10.45p	(4.69p)	5.77p	9.39p	–	9.39p

^{Note 6: Reconciled in note 7 of the financial information.}

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	(Unaudited)	(Audited)
	2024	2023
	£’000	£’000
Profit for the year	7,142	15,889
Exchange differences on translation of foreign operations	(6,177)	(3,126)
(Loss)/gain arising on cash flow hedges	(3,104)	3,984
Deferred tax credit /(charge) arising on cash flow hedges	664	(465)
Total other comprehensive (expense)/income for the year	(8,617)	393
Total comprehensive (loss)/income for the year attributable to equity holders of the parent	(1,475)	16,282

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	(Unaudited)	(Audited)
	31 December 2024	31 December 2023
	£’000	£’000
Assets
Non-current assets
Intangible assets	99,412	55,864
Goodwill	115,384	80,435
Property, plant and equipment	45,871	29,601
Deferred tax assets	1,022	356
Derivative financial assets	–	520
Trade and other receivables	1,029	73
	262,718	166,849
Current assets
Inventories	55,259	36,046
Trade and other receivables	52,451	23,583
Current tax assets	1,233	388
Derivative financial assets	296	2,145
Cash and cash equivalents	17,039	60,160
	126,278	122,322
Total assets	388,996	289,171
Liabilities
Current liabilities
Trade and other payables	33,782	19,254
Derivative financial liabilities	261	–
Borrowings	5,421	–
Current tax liabilities	1,780	1,165
Lease liabilities	3,087	1,164
	44,331	21,583
Non-current liabilities
Trade and other payables	3,873	4,400
Derivative financial liabilities	474	–
Borrowings	67,428	–
Deferred tax liabilities	20,746	11,013
Lease liabilities	10,628	7,973
	103,149	23,386
Total liabilities	147,480	44,969
Net assets	241,516	244,202
Equity
Share capital	10,892	10,865
Share premium	37,525	37,473
Share-based payments reserve	21,747	18,649
Investment in own shares	(6,877)	(6,877)
Share-based payments deferred tax reserve	224	150
Other reserve	1,531	1,531
Hedging reserve	(440)	2,000
Translation reserve	(4,299)	1,878
Retained earnings	180,474	178,533
Equity attributable to equity holders of the parent	240,777	244,202
Non-controlling interest	739	–
Total equity	241,516	244,202

CONDENSED 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 tax	reserve	reserve	reserve	earnings	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 January 2023 (Audited)	10,843	37,269	15,711	(167)	531	1,531	(1,519)	5,004	167,419	236,622
Consolidated profit for the year to 31 December 2023	–	–	–	–	–	–	–	–	15,889	15,889
Other comprehensive income/(expense)	–	–	–	–	–	–	3,519	(3,126)	–	393
Total comprehensive income/(expense)	–	–	–	–	–	–	3,519	(3,126)	15,889	16,282
Share-based payments	–	–	2,916	–	(381)	–	–	–	–	2,535
Share options exercised	22	204	22	–	–	–	–	–	–	248
Own shares purchased	–	–	–	(6,710)	–	–	–	–	–	(6,710)
Dividends paid	–	–	–	–	–	–	–	–	(4,775)	(4,775)
At 31 December 2023 (Audited)	10,865	37,473	18,649	(6,877)	150	1,531	2,000	1,878	178,533	244,202
Consolidated profit for the year to 31 December 2024	–	–	–	–	–	–	–	–	7,142	7,142
Other comprehensive (expense)/income	–	–	–	–	–	–	(2,440)	(6,177)	–	(8,617)
Total comprehensive (expense)/income	–	–	–	–	–	–	(2,440)	(6,177)	7,142	(1,475)
Share-based payments	–	–	3,086	–	74	–	–	–	–	3,160
Share options exercised	27	52	12	–	–	–	–	–	–	91
Own shares purchased	–	–	–	–	–	–	–	–	–	–
Dividends paid	–	–	–	–	–	–	–	–	(5,201)	(5,201)
At 31 December 2024 (Unaudited)	10,892	37,525	21,747	(6,877)	224	1,531	(440)	(4,299)	180,474	240,777

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		(Unaudited)	(Audited)
		Year ended	Year ended
		31 December 2024	31 December 2023
	Note	£’000	£’000
Cash flows from operating activities
Operating profit		11,219	18,882
Adjustments for:
Depreciation		6,453	4,375
Amortisation – acquired intangible assets		7,804	4,887
– software intangibles		537	522
– development costs		1,508	1,004
Increase in inventories		(2)	(8,064)
Increase in trade and other receivables		(10,384)	(2,515)
Increase/(decrease) in trade and other payables		4,318	(5,249)
Share-based payments expense		3,086	2,916
Taxation paid		(5,050)	(4,413)
Net cash inflow from operating activities		19,489	12,345
Cash flows from investing activities
Purchase of software		(572)	(89)
Capitalised research and development		(4,115)	(6,216)
Purchases of property, plant and equipment		(4,057)	(3,544)
Disposal of property, plant and equipment		27	42
Interest received		1,229	2,470
Acquisition of subsidiaries net of cash	8	(54,132)	(5,529)
Payment of contingent consideration		(5,529)	(7,399)
Net cash used in investing activities		(67,149)	(20,265)
Cash flows from financing activities
Dividends paid		(5,201)	(4,775)
Repayment of principal under lease liabilities		(2,605)	(1,472)
Repayment of loan	7	(62,192)	(480)
Borrowings received	7	79,453	–
Issue of equity shares		12	181
Own shares purchased		–	(6,710)
Interest paid		(3,989)	(362)
Net cash used in financing activities		5,478	(13,618)
Net (decrease) in cash and cash equivalents		(42,182)	(21,537)
Cash and cash equivalents at the beginning of the year		60,160	82,262
Effect of foreign exchange rate changes		(939)	(564)
Cash and cash equivalents at the end of the year		17,039	60,160

Notes Forming Part of the Condensed Consolidated Financial Statements

1. Reporting entity

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 2024 comprise the Company and its subsidiaries (together referred to as the “Group”).

The Group is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

2. Basis of preparation

In the current year the Group has applied a number of amendments to IFRSs issued by the IASB. Their adoption has not had a material impact on the disclosures or on the amounts reported in the Annual Financial Statements. The following amendments were applied:

- Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases

- Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants – Amendments to IAS 1 Presentation of Financial Statements

- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance Arrangements; and

Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates

The unaudited financial information set out in the announcement does not constitute the Group’s statutory accounts for the years ended 31 December 2024 or 31 December 2023. The financial information for the year ended 31 December 2023 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 2024 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.

Going concern

With regards to the Group’s financial position, it had cash and cash equivalents at the 31 December 2024 of £17.0 million and continues to be profitable with positive operational cash flow.

The 2024 acquisition of Peters Surgical has resulted in the Group obtaining a new debt facility which includes a £60 million term loan facility and £30 million revolving credit facility, together the “New Debt Facility”. The balance of the consideration was funded by the Group’s existing cash resources. £12 million of the revolving credit facility is drawn at 31 December 2024, with £18 million available if required.

Both the term loan and the revolving credit facility mature in March 2027 and thereafter can be extended by two consecutive twelve months periods with the banks’ agreement. Interest on drawn funds is charged at the SONIA interest rate plus a current bank margin of 1.75%. This margin is expected to reduce in 2025 in line with forecasted leverage reductions.

The EBITDA to finance charge ratio of the Group at 31 December 2024 is 7.8 and is expected to increase as the borrowing facilities are repaid.

The net debt to EBITDA ratio of the Group at 31 December 2024 is 1.2 and is expected to reduce as the borrowing facilities are repaid.

In carrying out their duties in respect of going concern, the Directors have carried out a review of the Group’s financial position and cash flow forecasts for a period of 12 months from the date of signing the accounts . These have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment. Sensitivity analysis has been prepared to stress test forecasts and the Directors are confident the business is a going concern given the significant headroom available. The Directors also considered whether any factors exist that might reasonably impact the Group’s ability to continue as going concern beyond the period of 12 months from the date of this preliminary announcement, with no factors considered reasonably possible.

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 large number of contracts with customers across different geographic regions and also with substantial financial resources, ranging from government agencies through to global healthcare companies. The acquisition of Peters Surgical will further expand AMS’s product portfolio, add additional direct sales capability in key territories, improve manufacturing efficiency and further expand the Group’s specialist development and commercialisation function.

New accounting standards not yet applied

Certain new accounting standards, amendments and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These standards are not expected to have a significant impact on the Group’s net results.

3. Segment information

As referred to in the Chief Executive’s Statement, the Group is organised into two Business Units: Surgical and Woundcare. 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 31 December 2024	Surgical		Woundcare	Consolidated
(unaudited)
	£’000		£’000	£’000
Revenue
External sales	135,768		41,753	177,521
Result
Adjusted segment operating profit	30,132		2,604	32,736
Amortisation of acquired intangibles	(6,864)		(940)	(7,804)
Segment operating profit	23,268		1,664	24,932
Exceptional items				(10,924)
Unallocated expenses				(2,789)
Operating profit				11,219
Finance income				2,161
Finance costs				(3,557)
Profit before tax				9,823
Tax				(2,681)
Profit for the year				7,142

Year ended 31 December 2024	Surgical		Woundcare	Consolidated
(Unaudited)
Other information	£’000		£’000	£’000
Capital additions:
Software intangibles	494		78	572
Development costs	3,517		598	4,115
Property, plant and equipment	2,607		1,450	4,057
Depreciation and amortisation	(13,198)		(3,104)	(16,302)
At 31 December 2024
Statement of Financial Position
Assets
Segment assets	333,209		55,787	388,996
Liabilities
Segment liabilities	116,229		30,031	146,252
Unallocated liabilities				1,228
Consolidated liabilities				147,480

Year ended 31 December 2023		Surgical	Woundcare	Consolidated
(audited)
		£’000	£’000	£’000
Revenue
External sales		79,093	47,117	126,210
Result
Adjusted segment operating profit		19,985	5,317	25,302
Amortisation of acquired intangibles		(3,944)	(943)	(4,887)
Segment operating profit		16,041	4,374	20,415
Unallocated expenses				(1,533)
Operating profit				18,882
Finance income				3,786
Finance costs				(1,511)
Profit before tax				21,157
Tax				(5,268)
Profit for the year				15,889

Year ended 31 December 2023		Surgical	Woundcare	Consolidated
(audited)
Other information		£’000	£’000	£’000
Capital additions:
Software intangibles		47	42	89
Development costs		5,222	994	6,216
Property, plant and equipment		2,337	1,207	3,544
Depreciation and amortisation		(7,504)	(3,284)	(10,788)
At 31 December 2023 Statement of Financial Position Segment assets		207,647	81,524	289,171
Liabilities
Segment liabilities		34,810	10,159	44,969

Geographic segments

Segment revenue is based on the geographical location of customers. Segment assets are based on the country by which the legal entity resides.

	(Unaudited)	(Audited)
Year ended 31 December	2024	2023
	£’000	£’000
United Kingdom	16,606	17,385
Germany	32,288	26,365
France	14,790	6,217
Rest of Europe	46,314	32,716
United States of America	43,382	31,875
Rest of World	24,141	11,652
	177,521	126,210
The following table provides an analysis of the Group’s non-current assets by geographical location:
	(Unaudited)	(Audited)
As at 31 December	2024	2023
	£’000	£’000
United Kingdom	44,684	50,754
Germany	64,539	60,168
France	103,666	8,801
Rest of Europe	26,901	28,809
Rest of World	22,928	18,317
	262,718	166,849

4. Operating profit

	(Unaudited)	(Audited)
Year ended 31 December	2024	2023
	£’000	£’000
Operating profit is arrived at after charging:
Depreciation of property, plant and equipment	6,453	4,375
Amortisation of:
- acquired intangible assets	7,804	4,887
- software intangibles	537	522
- development costs	1,508	1,004
Research and development costs expensed excluding regulatory costs	5,237	5,597
Cost of inventories recognised as expense	84,269	55,733
Write down of inventories expensed	634	337
Staff costs	66,496	49,024
Net foreign exchange loss	141	1,955

5. Taxation

		(Unaudited)	(Audited)
Year ended 31 December		2024	2023
		£’000	£’000
a) Analysis of charge for the year
Current tax:
Tax on ordinary activities – current year		5,044	5,516
Tax on ordinary activities – prior year		140	(540)
		5,184	4,976
Deferred tax:
Tax on ordinary activities – current year		(2,351)	(183)
Tax on ordinary activities – prior year		(152)	475
		(2,503)	292
Tax charge for the year		2,681	5,268
The Group has chosen to use a weighted average country tax rate rather than the UK tax rate for the reconciliation of the charge for the year to the profit per the income statement. The Group operates in several jurisdictions, some of which have a tax rate in excess of the UK tax rate. As such, a weighted average country tax rate is believed to provide the most meaningful information to the users of the financial statements.
	(Unaudited)		(Audited)
Year ended 31 December	2024		2023
	£’000		£’000
b) Factors affecting tax charge for the year
Profit before taxation	9,823		21,157
Profit multiplied by the weighted average Group tax rate of 29.0% (2023: 28.0%)	2,850		5,918
Effects of:
Net expenses not deductible for tax purposes and other timing differences	1,189		605
Patent Box Relief	(1,129)		(817)
Utilisation of trading losses	(301)		(526)
Net impact of deferred tax on capitalised development costs and R&D relief	16		(245)
Share-based payments	68		398
Adjustments in respect of prior year – current tax	140		(540)
Adjustments in respect of prior year and rate changes – deferred tax	(152)		475
Taxation	2,681		5,268

6. Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

	(Unaudited)	(Audited)
Year ended 31 December	2024	2023
Number of shares	‘000	‘000
Weighted average number of ordinary shares in issue	217,561	217,093
Shares held in EBT	(3,222)	(1,195)
Weighted average number of ordinary shares for the purposes of basic earnings per share	214,339	215,898
Effect of dilutive potential ordinary shares: share options, deferred share bonus, LTIPs	3,959	3,391
Weighted average number of ordinary shares for the purposes of diluted earnings per share	218,298	219,289

	(Unaudited)	(Audited)*
	2024	2023
	£’000	£’000
Profit for the year attributable to equity holders of the parent	7,094	15,889
Amortisation of acquired intangible assets	7,804	4,887
Long-term liability expense	(868)	(186)
Exceptional items	10,924	–
Unwind of Inventory fair value accounting	1,726	–
Tax on adjusted items	(3,857)	(755)
Adjusted profit for the year attributable to equity holders of the parent	22,823	19,835



	(Unaudited)	(Audited)
	2024	2023
	pence	pence
Basic EPS	3.31	7.36
Diluted EPS	3.25	7.25
Adjusted basic EPS	10.65	9.19
Adjusted diluted EPS	10.45	9.05

* Adjusted basic and adjusted diluted earnings per share have been revised to include tax on adjusted items to ensure comparability with the current Period.

7. Net Debt

The following table provides an analysis of the Group’s net debt/cash
	(Unaudited)	(Audited)
As at 31 December	2024	2023
	£’000	£’000
Cash held at banks	17,039	60,160
Facility A borrowings	(59,608)	–
Facility B borrowings	(11,922)	–
Other Debt	(1,319)	–
Net (debt)/cash	(55,810)	60,160

The 2024 acquisition of Peters Surgical has resulted in the Group obtaining a new debt facility which includes a £60 million term loan facility “Facility A” and a £30 million revolving credit facility “Facility B”. £12 million of the revolving credit facility is drawn at 31 December 2024, with £18 million available if required.

Both the term loan and the revolving credit facility mature in March 2027 and thereafter can be extended by two consecutive twelve month periods with the banks agreement. Interest on drawn funds will be charged at the SONIA interest rate plus an initial bank margin of 1.75%, with this margin expected to reduce in 2025 in line with forecasted leverage reductions.

Facility A requires a £5 million repayment on the 1st July 2025 anniversary date and £5 million each anniversary date thereafter.

Other debt consists of bank borrowings and overdraft facilities at legal entities which joined the Group as part of the Peters Surgical acquisition.

Movements in borrowings is as follows:
	(Unaudited)	(Audited)
For the year ended 31 December	2024	2023
	£’000	£’000
Facility A funds received	59,494	–
Facility B funds received	19,831	–
Other borrowings received	128
Facility B repayments	(8,000)	–
Advance repayment of Peters Surgical loan balances	(50,630)
Other borrowings repaid	(3,562)	(480)
Total movement in borrowings	17,261	(480)

Funds received under facilities A and B were received net of arrangement fees.

Other borrowings received include short-term borrowing facilities available at Peters Surgical. Other borrowings repaid primarily relate to factoring facilities at Peters Surgical.

Borrowings in 2023 arose on the acquisition of Connexicon Medical which were subsequently repaid.

8. Acquisitions

Syntacoll GmbH

On 1 March 2024, the Group acquired the trade and assets of Syntacoll GmbH (“Syntacoll”), a specialist manufacturer of drug-eluting collagens that strengthens the Group’s existing Biosurgical business based near Munich in Germany for approximately £0.9 million cash consideration. The fair value of assets acquired are as follows:

		£’000
Identifiable net assets acquired
Technology-based Intangible asset	214
Property, plant and equipment	111
Inventory	600
Total net assets	925

Peters Surgical

On 1 July 2024, the Group acquired 100% of the Share Capital of Peters Surgical (“Peters Surgical”), a leading global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices headquartered in Paris, France.

In the six-month Period from acquisition to 31 December 2024, Peters Surgical contributed £37.2 million of revenue to the Group and £4.2 million of operating profit. Amortisation of intangible assets of £2.9 million has also been recorded in the period in respect of the acquisition. The resulting unwind in Inventory fair value accounting resulted in a £1.7 million expense being recorded as an adjusting item.

The results, assets and liabilities of Peters Surgical have been included in the Surgical business unit segment.

The fair value of the acquired identifiable intangible assets and lease liabilities is provisional pending final valuations for those assets and liabilities.

	£’000
Identifiable net assets acquired
Technology Intangibles	30,769
Customer Intangibles	19,244
Property, plant and equipment	15,296
Software intangibles	891
Deferred tax asset	181
Inventory	19,482
Trade Receivables	20,681
Tax debtor	1,954
Cash	10,526
Trade payables	(16,886)
Loan	(56,653)
Tax liability	(2,454)
Deferred tax liability	(13,074)
Lease liabilities	(3,480)

Arising on acquisition
Goodwill	38,207
Total net assets	64,684

Satisfied by	£’000
Cash consideration	63,733
Contingent consideration (fair value)	951
	64,684

Net cash flow on acquisition	£’000
Cash consideration	63,733

Cash acquired	(10,526)
	53,207

Contingent consideration arose on the acquisition of up to €8.9 million (approximately £7.5 million) payable on delivery of US regulatory approvals, achievement of FY24 gross margin targets, and satisfying certain inventory and tax conditions. This Contingent consideration has been fair valued at £1.0 million at acquisition. No payments have been made in the Period in relation to this contingent consideration.

None of the goodwill on the acquisition is expected to be deductible for income tax.

9. Events after reporting Period

There have been no material events subsequent to 31 December 2024.

END

FR EAKDNFDESEEA

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Directorate Change

AdMedSol — Tue, 18 Mar 2025 07:00:11 +0000

RNS Number : 0218B

Advanced Medical Solutions Grp PLC

18 March 2025

Advanced Medical Solutions Group plc

(“AMS” or the “Group”)

Directorate Change

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, announces that Liz Shanahan has decided to step down as Chair and a Director of AMS for personal reasons. “It is with mixed emotions that I have made this decision, but circumstances mean I can no longer fulfil the responsibilities of Chair. It has been a pleasure working with AMS and, in particular, being Chair of the business through the transformational acquisition of Peters Surgical.” said Liz Shanahan. In order to allow for an orderly handover, Liz will leave the Board with effect from 31 March 2025.

The Company is pleased to announce that Grahame Cook, Senior Independent Non-Executive Director, has been appointed as Non-Executive Chair with effect from 31 March 2025, retaining his positions on the Audit, Nominations and Remuneration Committee. Grahame was appointed to the Board in February 2021 has substantial global equity markets experience, having formerly worked as a managing director at UBS and joint Chief Executive of Panmure Gordon.

Grahame Cook said “On behalf of the Board, I would like to thank Liz for her contribution to the Group and wish her well for the future. I am honoured to succeed Liz as Chair of AMS, at an exciting moment for the business. I look forward to working with the Executive and the board to progress the Peters Surgical transaction which presents a compelling opportunity to accelerate the development of our business in the surgical sector.”

Chris Meredith, CEO of AMS, commented “I would like to thank Liz for her guidance as our Chair for the last year and wish her well. I look forward to working closely with Grahame and the rest of the Board and drawing on their experience as we pursue the exciting opportunities ahead of us.”

The Board is pleased to further announce that the search for an additional Non-executive Director is well advanced and a further announcement will be made in the near future.

– End –

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson

About Advanced Medical Solutions Group plc – see www.admedsol.com

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

–

END

BOAGPUUWWUPAPUM

The post Directorate Change appeared first on Advanced Medical Solutions.

Block listing Interim Review

AdMedSol — Fri, 14 Mar 2025 07:01:01 +0000

RNS Number : 6462A

Advanced Medical Solutions Grp PLC

14 March 2025

Advanced Medical Solutions Group plc

(“AMS”, the “Company” or the “Group”)

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, makes the following notification pursuant to Schedule Six of the AIM Rules for Companies regarding its existing block admission arrangements:

Name of applicant:		Advanced Medical Solutions Group plc
Name of scheme:		Block Scheme for: 1. Deferred Share Bonus Scheme 2. Enterprise Management Incentive Scheme 3. Company Share Option Plan 4. Unapproved Executive Share Option Scheme 5. Long Term Incentive Plan 6. Deferred Annual Bonus Scheme
Period of return:	From:	6 September 2024	To:	5 March 2025
Balance of unallotted securities under scheme(s) from previous return:		1. 1,739 2. Nil 3. 141,543 4. 309,392 5. 99,970 6. 246,341
Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):		1. Nil 2. Nil 3. Nil 4. Nil 5. Nil 6. Nil
Less: Number of securities issued/allotted under scheme(s) during period:		1. Nil 2. Nil 3. 12,000 4. 142,289 5. 86,084 6. 520
Equals: Balance under scheme(s) not yet issued/allotted at end of period:		1. 1,739 2. Nil 3. 129,543 4. 167,103 5. 13,886 6. 245,821
Number and class of securities originally listed and the date of admission:		4,476,264 ordinary shares of 5p each on 6 September 2018

Name of contact:	Eddie Johnson
Telephone number of contact:	01606 545506

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 Eddie Johnson, Chief Financial Officer Michael King, Investor Relations

ICR Healthcare	Tel: +44 (0) 20 3709 5700
Mary-Jane Elliott / Lucy Featherstone	AMS@icrhealthcare.com

Investec Bank PLC (NOMAD & Broker)	Tel: +44 (0) 20 7597 5970
Gary Clarence / David Anderson

END

BLRGPUMCWUPAPUW

The post Block listing Interim Review appeared first on Advanced Medical Solutions.

Featured News (IR) Archives - Advanced Medical Solutions

Unaudited Preliminary Results

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Full Year 2025 Trading Update

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(“AMS” or the “Group”)

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