14th Jan 2025 11:53
(Alliance News) - Advanced Medical Solutions Group PLC shares surged on Tuesday as it gave a positive update and said it performed in line with consensus expectations in 2024.
The Cheshire, England-based surgical dressings company said "excellent progress" has been made on integrating recent acquisitions Syntacoll and Peters Surgical, made in March and July last year.
It said the enlarged group is performing well, with strong growth across all surgical product categories.
Shares were up 12% to 213.23 pence in London on Tuesday morning.
Advanced Medical Solutions said it expects to report revenue of around GBP177 million for 2024, up from GBP126.2 million in 2023.
It guided adjusted pretax profit of between GBP29.2 million and GBP29.7 million, up from GBP25.9 million, and earnings before interest, tax, depreciation and amortisation of between GBP40.0 million and GBP40.5 million, increased from GBP29.7 million.
It also said planned strategic initiatives in the Woundcare business, responding to "changing market dynamics", are being successfully executed and are expected to widen margins in 2025.
Chief Executive Officer Chris Meredith said: "The progress we made in the second half of 2024 has strengthened the confidence we have in the strategic rationale for the recent acquisitions of Peters Surgical and Syntacoll. The synergistic benefits they represent to AMS, in terms of products, expertise, geographic reach and scale, are clearer than ever. As we start the new year as an enlarged and more competitive group, I remain confident and excited about the growth and opportunities that we expect in 2025 and beyond."
By Michael Hennessey, Alliance News reporter
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