11th Jul 2023 08:53
(Alliance News) - Advanced Medical Solutions Group PLC said it expected a boost in revenue, and that it was on track to meet expectations in 2023 in a trading update.
Advanced Medical, a Winsford-based surgical dressings company, said that its revenue in the first-half ended June 30, increased around 8.0% to GBP63.2 million, from GBP58.3 million the year before, despite significant headwinds in the first half.
Adjusted pre-tax profit similarly increased by 1.5% to GBP13.8 million, from GBP13.6 million the year before.
Advanced Medical said it made significant progress in the half-year with key projects, saying its LiquiBrandFix8 for use in hernia surgery was in the late stages of contact negotiations and should be launched in the fourth quarter of this year. The US LiquidBand partner negotiations were similarly progressing, and recruitment for the 160 patient SEAL-G and SEAL-G MIST clinical study nearing completion.
The company said it was expecting increased volumes in the second half of the year with improving business, and forecasts revenue and adjusted pre-tax profit to be in line with current market expectations.
Chief Executive Officer Chris Meredith said: "Advanced medical Solutions is on track to meet expectations for 2023 and to accelerate its growth thereafter as its expanding range of innovative products gains traction in key markets."
Shares in Advanced Medical Solutions were up 1.1% at 216.75 pence in London on Tuesday morning.
By Will Neill, Alliance News reporter
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