12th Sep 2018 13:31
LONDON (Alliance News) - Advanced Medical Solutions Group PLC on Wednesday said its profit grew in the first half of 2018, helped by improved sales of its woundcare product LiquiBand.
The woundcare company said pretax profit grew 20% in the six months to the end of June to GBP13.6 million from GBP11.4 million reported for the same period a year earlier, as revenue climbed by 3.3% to GBP47.6 million from GBP46.1 million. On a constant currency basis, revenue rose 6%.
Advanced Medical Solutions declared an interim dividend of 0.42 pence per share, up 20% from 0.35p paid the year before.
The Branded division revenue increased by 10% to GBP30.1 million, as the company's largest brand, LiquiBand, delivered sales growth of 12% to GBP14.6 million. This product is sold in over 60 countries, Advanced Medical Solutions said, and includes different formulations and designs used to close wounds topically in the operating room.
Meanwhile, the OEM unit revenue decreased by 6.0% to GBP17.6 million, as one of the company's US partners, Hollister, decided to exit the woundcare market. As a result, sales of antimicrobial dressings decreased by 15% to GBP8.2 million.
"The group has delivered another good set of results and is trading in line with Board expectations for the full-year," said Chief Executive Chris Meredith.
"We remain optimistic about the group's organic growth prospects," Meredith continued. "We are actively monitoring and evaluating acquisition opportunities to capitalise on our strong financial and strategic position."
Shares in Advanced Medical Solutions were trading 5.5% higher on Wednesday at 327.00p each.
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