AMS in the red after abortive swoop
WOUNDCARE specialist Advanced Medical Solutions dived into the red today after being hit by an abortive acquisition in a “challenging” first half.
The Winsford-based company, which uses silver and seaweed in its range of woundcare products, said in the six months to June 30, it made a loss of £53,000 compared to a profit of £1.9m in the same period last year.
AMS said the loss relates to exceptional costs of £763,000 following a failed acquisition attempt in the first quarter of 2009 as well as charges from its move into new headquarters.
Turnover nudged up slightly from £9.8m to £9.9m, which, said AMS, was a result of its partners “choosing to manage working capital more tightly”.
The period also saw AMS reach a number of key milestones, notably securing permission to market its skin healing product, LiquiBand, in the US.
Chairman Geoffrey Vernon said AMS made good progress in positioning itself to exploit significant growth opportunities in its core markets and achieved a solid financial performance, despite the challenging global economic conditions impacting demand.
He added: “Given the current order book visibility and planned product launches, the board remains confident in the full year outlook with the business trading in line with current expectations for 2009.
“With the strategic investments the group has made and the regulatory approvals received, the longer term outlook for the business continues to be very positive.”
