13th Mar 2019 12:59
LONDON (Alliance News) - Surgical wound care firm Advanced Medical Solutions Group PLC hiked its 2018 dividend Wednesday after profit and revenue both grew amid "strong" financial and strategic progress.
In 2018, pretax profit widened 12% to GBP28.4 million from GBP25.3 million the year prior. This was after revenue rose 5.9% to GBP102.6 million from GBP96.9 million the year before.
"2018 was AMS's seventeenth consecutive year of growth with strong financial and strategic progress across the group," Chief Executive Officer Chris Meredith said. "Our solid revenue growth was driven by sales in our Branded division which included LiquiBand topical tissue adhesives further increasing market share a further 2%, and the growth of our Internal Adhesives and Biosurgical devices."
Advanced Medical proposed a 0.90 pence per share final dividend. For the full year, the dividend rose 20% to 1.32p from 1.10p the year before.
Net cash advanced 22% to GBP76.4 million from GBP62.5 million the year before.
"We have further reaffirmed our commitment to innovation through the acquisition of Sealantis which now opens up the large internal sealants market for the group," Meredith added. "We are well positioned to take advantage of market opportunities across our product portfolio, and we continue to actively review M&A opportunities."
At the end of January, Advanced Medical bought alginate-based tissue adhesive technology firm Sealantis Ltd for USD25 million.
Shares in Advanced Medical were flat at 305.50 pence on Wednesday.
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Advanced Medical Solutions Group