10th Sep 2014 10:22
LONDON (Alliance News) - Advanced Medical Solutions Group PLC Wednesday expressed confidence in meeting market expectations for the full year, as it posted a higher pretax profit for the first half of the year.
The wound care dressing technology company posted a pretax profit of GBP7.1 million for the six months to end-June, up from GBP6.0 million a year earlier, as revenue rose to GBP29.4 million, from GBP27.4 million.
Branded direct revenues rose to GBP11.6 million, from GBP11.0 million, boosted by sales of its ActivHeal wound dressings and LiquiBand tissue adhesive range in the UK, and RESORBA brands in Germany and the Czech Republic. Branded distributed revenues rose to GBP4.1 million, from GBP3.5 million, driven by sales of LiquiBand in the US as it increased the spread of distribution partners.
Original equipment manufacturing revenues rose to GBP11.8 million, from GBP10.7 million, but bulk material revenues fell to GBP1.9 million, from GBP2.2 million.
The company's hernia mesh fixation device, LiquiBand Fix8, was approved in the EU in May, and the company said early responses to the product since its launch have been positive.
The regulatory approval of LiquiBand in China is progressing, although the company now expects to get approval in 2015 due to changes in the regulatory process.
"The first half of 2014 has seen another good performance by the group and we are confident of meeting current market expectations for the full year," said Chairman Peter Allen in a statement.
Advanced Medical proposed an interim dividend of 0.22 pence each, up from 0.19 pence in the previous year.
Shares in Advanced Medical Solutions were trading up 3.4% at 120.97 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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