9th Sep 2015 08:12
LONDON (Alliance News) - Advanced Medical Solutions Group PLC Wednesday expressed confidence in meeting market expectations for 2015 as it reported a rise in pretax profit for its first half.
According to consensus forecasts from eight brokers provided by Morningstar, Advanced Medical Solutions is expected to post a pretax profit of GBP16.7 million for 2015.
For the half year to end-June the company proposed an interim dividend of 0.25 pence, up from 0.22 pence a year before.
Advanced Medical Solutions reported a pretax profit of GBP8.0 million for the half year, up from GBP7.1 million a year before, as an 11% rise in revenue to GBP32.7 million from GBP29.4 million was partly offset by a higher administrative expenses.
At constant currency revenue growth would have been 14%.
Revenue growth was driven by a strong performance in the company's Branded Distributed segment, where revenue rose 48%, as the company's tissue adhesive LiquiBand performed well in the US. Original Equipment Manufacturer revenue rose 14% as the company's silver alginate range of dressings continued to perform well.
This offset a 3% fall in revenue in the company's Branded Direct business as sales of LiquiBand into UK Accident and Emergency Rooms reduced, and sales of its RESORBA surgical sutures and collagen products in Germany and the Czech republic fell.
"The strength of the underlying business and our strong financial position, combined with the opportunities we see from our innovative R&D pipeline, leads the board to be optimistic about our longer term prospects and the potential for growth," said Chief Executive Officer Chris Meredith in a statement.
Shares in Advanced Medical Solutions were up 0.2% at 155.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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