Profits rise in strong first half for AMS
ADVANCED Medical Solutions the Cheshire-based international manufacturer and distributor of woundcare and dressings, has reported a good first half, with higher sales in three of its four divisions.
The AIM-listed Winsford-based group said revenues rose 7.5% to £29.4m in the six months to the end of June, while profits gerew 18% to £7.3m.
AMS, which has more than 465 employees and manufacturing operations in Winsford, Plymouth, the Netherlands, Germany (two sites) and the Czech Republic, said it remains on the look-out for suitable acquisitions. It has no debt and at the half-year end it had net cash of £10.2m, up from £5.3m at the end of 2013.
Good revenue growth across three biggest divisions more than compensated for a 14% fall in sales in its Bulk Material Arm to £1.9m.
Chairman Peter Allan said: “I am pleased to report that AMS has performed well in the first half of 2014 and that we are on track to deliver another year of good growth.
“The group’s portfolio of brands continued to perform well and the success of our partners is also driving growth in our OEM business unit. Our Hernia Mesh Fixation device LiquiBand Fix8 was approved for use in the EU on May 29 and is a key development for the group as it is the first application for our medical adhesives that allows the use of LiquiBand within the body. This product has now been launched and the early response from users is positive.”
He added: “Our strong balance sheet also allows us to consider potential acquisitions that are in line with the group’s stated strategy. ”
In its Branded Direct division, which supplies the NHS and also to customers in Germany and the Czech Republic, sales were up 6% to £11.6m.
