19th Mar 2025 11:17
(Alliance News) - Advanced Medical Solutions Group PLC on Wednesday said its revenue increased in 2024, while pretax profit fell due to acquisition and integration costs.
The Cheshire, England-based surgical dressings company said revenue grew 41% to GBP177.5 million in 2024 from GBP126.2 million in 2023. Revenue increased 43% at constant currencies.
Pretax profit fell 54% to GBP9.8 million from GBP21.2 million. Adjusted pretax profit grew 14% to GBP29.4 from GBP25.9 million.
Reported pretax profit was hit by exceptional items of GBP10.9 million which were incurred during 2024 related to the acquisition and integration of Peters Surgical SAS and Syntacoll GmbH.
The acquisition of Peters Surgical completed in July at an enterprise value of EUR132.5 million, while Syntacoll was bought in March for EUR1 million.
Administration expenses before exceptional items increased 36% to GBP69.0 million from GBP50.7 million.
Advanced Medical Solutions increased its final dividend by 10% to 1.83 pence per share from 1.66p in 2023.
The total proposed dividend for 2024 was 2.60p, up 10% from 2.36p.
Increased revenue was driven by strong growth in topical skin adhesive US LiquiBand and the acquisitions, Advanced Medical Solutions said.
Excluding both acquisitions, group revenue increased by 10% at constant currency.
Chief Executive Officer Chris Meredith 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."
The company said it has continued to "perform well" in the first quarter of 2025, and said its 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," Advanced Medical Solutions said.
"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," CEO Chris Meredith said.
The company said on Tuesday that Chair Liz Shanahan has decided to step down for personal reasons, with effect from the end of March.
Advanced Medical Solutions said Graham Cook will take over as non-executive chair.
Shares in Advanced Medical Solutions were down 3.5% to 205.50 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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