Advanced Medical Solutions Lifts Dividend On Sharp Profit Growth

14th Mar 2018 12:45

LONDON (Alliance News) - Advanced Medical Solutions Group PLC on Wednesday increased its full-year dividend, and said its confident for future after delivering a double-digit revenue and profit growth in 2017.

The surgical products firm reported pretax profit of GBP25.3 million for 2017, up 32% from GBP19.1 million in the prior year, as revenue grew 16% to GBP96.9 million from GBP83.2 million. On a constant currency basis, revenue rose 12%.

As a result of continued "strong" cash generation, Advanced Medical Solutions ended the year with GBP62.5 million in cash, up 22% from GBP51.1 million the year before.

Advanced Medical Solutions proposed a final dividend of 0.75 pence per share, bringing the total payout to 1.10p, up 20% from 0.92p the prior year.

The company said it streamlined its two business units, with revenue in its Branded unit growing 22% to GBP55.2 million from GBP45.4 million in 2016. Original equipment manufacturer unit's revenue rose 10% to GBP41.7 million from GBP37.8 million.

Advanced Medical Solutions Chief Executive Officer Chris Meredith said: "This has been another year of good growth across the group and we are well positioned to take advantage of market opportunities across our product portfolio. Innovation is at the heart of our strategy and this allows us to maintain the high quality of our products that offer benefits to both patients and payors. Alongside our organic growth plan, Advanced Medical Solutions is actively reviewing M&A opportunities that will further increase value for shareholders. We look to the future with continued confidence."

Advanced Medical Solutions shares were up 2.7% at 338.00 pence per share on Wednesday.

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