Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Adv Medical Soln Grp (AMS)

  Print      Mail a friend       Annual reports

Wednesday 13 September, 2017

Adv Medical Soln Grp

Interim Results

RNS Number : 5621Q
Advanced Medical Solutions Grp PLC
13 September 2017
 

For immediate release

13 September 2017

 

 

Advanced Medical Solutions Group plc

("AMS" or the "Group")

 

Interim Results for the six months ended 30 June 2017

 

Winsford, UK, 13 September 2017: Advanced Medical Solutions Group plc (AIM: AMS), the surgical and advanced woundcare specialist company, today announces its unaudited interim results for the six months ended 30 June 2017.

 

Financial Highlights:

 

 

 

H1 2017

H1 2016

Reported growth

Growth at  constant currency¹

Group revenue (£ million)

45.9

39.2

17%

8%

Adjusted² profit before tax (£ million)

11.5

9.5

21%

-

Profit before tax (£ million)

11.4

9.0

27%

-

Adjusted² diluted earnings per share (pence)

4.31p

3.68p

17%

-

Diluted earnings per share (pence)

4.26p

3.46p

23%

-

Net operating cash flow before exceptional items3 (£ million)

9.1

9.8

(7%)

-

Net cash (£ million)4

55.2

41.1

34%

-

Interim dividend per share (pence)

  0.35p

0.30p

17%

 

 

 

Business Highlights:

 

·      Group revenues up 17% to £45.9 million and by 8% at constant currency

·      Group streamlined into two Business Units; Branded and OEM, to support strategic initiatives

Branded revenues up 26% to £27.3 million (2016 H1: £21.6 million) and by 15% at constant currency

OEM revenues up 6% to £18.6 million (2016 H1: £17.5 million) and unchanged at constant currency

·      Continued strong performance with LiquiBand® topical tissue adhesives, sales up 40% to £13.0 million (2016 H1: £9.3 million) and by 26% at constant currency

US revenues up 52% to £9.1 million (2016 H1: £6.0 million), and by 32% at constant currency. US market share by volume increased to 24% (June 2016: 19%)

·      RESORBA® branded products, up 20% to £10.3 million (2016 H1: £8.6 million) and by 6% at constant currency

·      Antimicrobial dressings up 19% to £9.7 million (2016 H1: £8.1 million) and by 13% at constant currency

 

 

Commenting on the interim results, Chris Meredith, CEO of AMS, said:

 

"The Group has delivered another good set of results and we are confident of meeting Board expectations for the full year.

 

"Sales of LiquiBand® are strong in all main markets. All of our brands have made good progress and have shown improved performance as a result of our marketing initiatives.

 

"We remain optimistic about our organic growth prospects and our innovative R&D pipeline and continue to closely monitor and evaluate acquisition opportunities to capitalise on our strong financial and strategic position."

 

 

- End -

 

1    Constant currency adjusts for the effect of currency movements by re-translating the current period's performance at the previous period's exchange rates

2    All items are shown before exceptional items which, in 2017 H1 were £nil (2016 H1: £0.4 million) and before amortisation of acquired intangible assets which, in 2017 H1, were £0.1 million (2016 H1: £0.1 million) as defined in the financial review

3    Operating cash flow is arrived at by taking the operating profit for the period before exceptional items of £nil (2016 H1: £0.4 million) and adjusting it for depreciation, amortisation, working capital movements and other non-cash items

4    Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans

 

 

For further information, please contact:

 

Advanced Medical Solutions Group plc

Tel: +44 (0) 1606 545508

Chris Meredith, Chief Executive Officer

Mary Tavener, Chief Financial Officer

 

 

 

Consilium Strategic Communications

Tel: +44 (0) 20 3709 5700

Mary-Jane Elliott / Matthew Neal / Philippa Gardner / Rosie Phillips

 

 

Investec Bank plc (NOMAD) & Broker

Tel: +44 (0) 20 7597 5970

Daniel Adams / Patrick Robb

 

 

 

About Advanced Medical Solutions Group plc

 

AMS is a world-leading independent developer and manufacturer of innovative and technologically advanced products for the global surgical, woundcare and wound closure markets, focused on quality outcomes for patients and value for payers. AMS has a wide range of products which it markets under its brands ActivHeal®, LiquiBand® and RESORBA® as well as supplying under white label.

 

AMS's products, manufactured out of two sites in the UK, one in the Netherlands, two in Germany and one in the Czech Republic, are sold in 75 countries via a network of multinational or regional partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, the Czech Republic and Russia. Established in 1991, the Group has approximately 600 employees. For more information please see www.admedsol.com.

 

Chairman's Statement

 

AMS continues to perform well across the Group and is set to deliver another year of good growth and strong financial performance.

 

The Group has reviewed its business structure and has consolidated its Business Units from four to two. The Branded Direct and Branded Distributed Business Units have now been combined into the Branded Business Unit which will focus on selling, marketing and innovation of all AMS branded products, whether sold directly by our sales teams or through our distributors. The OEM and Bulk Business Units have been consolidated within the OEM Business Unit and will focus on the distribution, marketing and innovation of the Group's products that are supplied to our medical device partners under their brands. This new structure will enhance focus, improve marketing efficiencies and support the strategic initiatives of the Group.

 

The Group's strategic initiatives continue to be:

·      Growing the business by investing in R&D

·      Extending the markets for our existing products

·      Evaluating acquisition opportunities that align with the Group's strategy

 

Good progress has been made with all of our brands. LiquiBand® continues to gain market share in the US, now at 24%, gaining 4% since June 2016. Our RESORBA® brands grew steadily across all territories and ActivHeal® reversed its decline and grew 9% to £3.1 million (2016 H1: £2.9 million).

 

We launched a number of new foam product ranges in the first half of 2016 through our OEM partners and, as previously guided, we have seen the effects of last year's pipeline filling this year. Despite this effect, we are pleased to report that, sales in this Business Unit grew 6% at reported currency to £18.6 million (2016 H1: £17.5 million) and were unchanged at constant currency.

 

The Group continues to deliver a strong financial performance. Revenue increased by 17% to £45.9 million (2016 H1: £39.2 million) and by 8% at constant currency and adjusted profit before tax5 increased by 21% to £11.5 million (2016 H1: £9.5 million). Our net cash position 30 June 2017 was £55.2 million (31 December 2016: £51.1 million).

 

Dividend

 

The Board intends to pay an interim dividend of 0.35p per share (2016 H1: 0.30p), an increase of 17%, on 27 October 2017 to shareholders on the register at the close of business on 29 September 2017.

 

Team

 

On behalf of the Board, I would like to thank all employees for their continued hard work that has helped AMS to prosper as a global medical technology business, as well as our customers, suppliers, business partners and shareholders for their continued support.

 

Summary

 

The Group continues to deliver solid results and is trading in line with Board expectations for the year ending 31 December 2017.

 

 

Peter Allen

Chairman

 

 

 

 

 

 

5      Adjusted profit before tax is adjusted for exceptional items and amortisation of acquired intangible assets

 

 

 

Chief Executive's Review

 

I am pleased to report that the Group again performed strongly in the period under review. Following a decision to streamline our Business Units in alignment with our strategic focus, all segment information is presented under the new Business Unit structure and includes a restatement of the prior year values.

 

 

Business Review

 

Branded Business Unit

 

Branded revenue was 26% higher at £27.3 million (2016 H1: £21.6 million) and 15% higher at constant currency.

 

LiquiBand®

 

LiquiBand®, our range of medical adhesives based on cyanoacrylate, is our largest brand with sales of £13.0 million (2016 H1: £9.3 million), up 40% on the prior six months and up 26% at constant currency. It is sold in over 50 countries and includes our adhesives that are used to close wounds topically in the Operating Room and Accident and Emergency setting.

 

The US is our largest market and where we continue to gain market share. We access the market through distributors who are able to target both hospitals and non-hospitals, helping to identify customers and convert opportunities into sales. Sales increased by 52% to £9.1 million and by 32% at constant currency (2016 H1: £6.0 million) with our portfolio of cyanoacrylate formulations successfully addressing the needs of the market. Our overall US market share by volume, now stands at 24%, an increase of 1% since December 2016.

 

Outside of the US, our direct teams in the UK and Germany have performed well, with reported revenues up 15% to £2.8 million (2016 H1: 2.4 million) and up 12% at constant currency. Sales through our distributors in other territories, have increased 27% to £1.2 million (2016 H1: £0.9 million) and 25% at constant currency.

 

 

LiquiBand® Fix8™

 

LiquiBand® Fix8™ is our brand of adhesive and related device that is used internally in hernia mesh fixation procedures. Sales increased by 5% to £0.8 million (2016 H1 £0.8 million) and by 2% at constant currency. Sales growth has been restricted due to design modifications made following surgeon feedback to enhance the device. The updated device is now available and increased surgeon uptake is expected to return next year.

 

Work is ongoing to broaden the claims on the use of the device for hernia mesh fixation as well as for a number of other laparoscopic surgical applications. Additionally, we are developing a device for hernia mesh fixation for use in open surgery which we expect to launch in the first half of 2018.  

 

At present, the device is approved for use within Europe and those markets that accept European approval standards. We started the process to get LiquiBand®Fix8™ approved for use in the US market at the beginning of the year. A Contract Research Organisation (CRO) has been selected following study design and in anticipation of first patient recruitment.

 

Surgeon response remains extremely positive and the future growth potential of this product is very strong.

 

RESORBA®

 

Our RESORBA® branded products portfolio is comprised of a comprehensive range of sutures which are used to close wounds and a range of bio-surgical products that include collagens, cellulose and bone substitutes that can be used as haemostats or scaffolds for tissue growth. Sales of RESORBA® products increased by 20% to £10.3 million (2016 H1: £8.6 million), and by 6% at constant currency.

 

Within this, sales of sutures increased by 19% to £6.4 million (2016 H1: £5.3 million) and by 5% at constant currency and sales of bio-surgical products increased by 22% to £3.7 million (2016 H1: £3.0 million) and by 8% at constant currency.

 

Of the £10.3 million sales, £6.5 million (2016 H1: £5.8 million) were in Germany, up 13% on the prior year and 1% at constant currency, while sales outside Germany increased by 34% to £3.8 million (2016 H1: £2.8 million) and 17% at constant currency. We continue to access new markets, in particular Asia Pacific and target specific applications for our RESORBA® brands.

 

In R&D we are making good progress towards including a range of different antibiotics that can be incorporated in our bio-surgical range of products. We expect to file for European approval for the first of these in Q2 2018.

   

ActivHeal®

 

ActivHeal® is our range of high quality woundcare dressings that offer the NHS cost savings.

 

Sales of ActivHeal® increased by 9% to £3.1 million (2016 H1: £2.9 million) in the first six months. The Group has enhanced its education and marketing materials as well as broadened its product range with our new antimicrobial and atraumatic foam dressing ranges which launched last year. Further additions to the range, such as our new high performance dressing, are expected to be launched later this year. Overall, we are pleased with the progress that has been made, reversing the decline that was reported at the previous set of results.  

 

OEM Business unit

 

Our OEM business supports our partners with a multi-product portfolio of advanced woundcare products and bulk materials. Reported revenue increased 6% to £18.6 million (2016 H1: £17.5 million) and was unchanged at constant currency. As previously reported, our 2016 results included pipeline fill of approximately £1 million relating to the atraumatic foam product launch, which was anticipated to impact reordering in the current year.

Sales of antimicrobial dressings increased by 19% to £9.7 million (2016 H1: £8.1 million) and by 13% at constant currency. Within this, silver alginate products grew by 13% to £8.6 million (2016 H1: £7.6 million) and by 7% at constant currency and the PHMB foam range grew by 116% at reported and constant currency to £1.1 million (2016 H1: £0.5 million). Our PHMB foam range was approved for use in Europe in 2016 and approval for use in the US was expected in 2017. We have now received approval to market our PHMB foam dressings in the US, however, due to claim limitations, we have decided to pause launching in the US until we can market these products with extended claims.

In our non-antimicrobial ranges of products, sales of our base foams were down 27% at reported currency to £3.4 million (2016 H1: £4.6 million) and by 33% at constant currency. Sales were impacted by the pipeline fill of new products in 2016. Sales of our other technologies, which include alginates and gels, increased 15% at reported currency to £5.5 million (2016 H1: £4.8 million) and by 9% at constant currency.

In the latter part of 2016, we also noted a slowdown in activity in the Middle East which impacted one of our partners with significant business in the region.  This trend did not recover in the first half of 2017, however, we continue to believe in the medium and long term potential of this market.

In R&D we are continuing to work on extending our product portfolio. We have developed a range of high performance dressings and atraumatic thin foams which we expect to launch later in the year and we are also developing a range of surgical dressings which are expected to launch in the first half 2018.

 

Operations and regulatory

 

With the business continuing to show strong organic growth, we have made investments in our converting capability in our Etten Leur site which is due to complete by the end of this year, as well as improving our packing capability in Nuremberg which is expected to complete in 2018.

 

In planning for the medium to long term, we have leased two adjacent units at the Winsford site and have also made plans to extend the capacity of the Plymouth facility.

 

Following the FDA inspection of our Winsford site in June 2016, our Plymouth facility was also inspected by the FDA in April 2017. We were very pleased with the outcome of this audit with no non- conformances raised.

 

The new European Medical Devices Regulation (MDR) entered into force on 25 May 2017, marking the start of the transition period for manufacturers selling medical devices into Europe. The MDR, which replaces the Medical Devices Directive (MDD) has a transition period of three years and manufacturers have this transition period to update their technical documentation and processes to meet the new requirements. The MDR brings more scrutiny on product safety and performance and stricter requirements on clinical evaluation and post-market clinical follow up. Our notified body BSI is an early adopter of the new standard and we are working with our OEM partners to ensure that we meet the new requirements. We anticipate that, although there will be some additional costs associated with meeting the new requirements, overall, the tighter regulatory standards should prove beneficial for the Group.

 

Our implementation of Oracle ERP is ongoing in Germany and is expected to complete later this year. It is anticipated that this will bring benefits from better availability of information.

 

A supplier raw material change has required a process revalidation of some of our more established foam ranges. This process change is now completing and there has been no meaningful impact on sales in H1.

 

Acquisitions strategy

 

The Group is actively looking for businesses that meet its acquisition strategy of:

·      licensing or acquiring technology that allows us to leverage our global OEM customer base or branded routes to market,

·      licensing or acquiring additional brands within the woundcare, wound closure or surgical setting that complement our existing range, and

·      geographic expansion through acquiring surgically focused companies with strong direct sales capability and ownership of complementary products

 

We have an internal team working with advisors to identify, appraise and progress acquisition opportunities.  

 

Referendum vote to leave the EU

 

To date, there has been no day-to-day operational impact of the referendum vote to leave the European Union, other than changes to currency exchange rates. In preparation, the Group is investigating the possibility of obtaining Authorised Economic Operator status for its UK trading entities and with a strong footprint in mainland Europe, the Group continues to be well placed to deal with the uncertain outcome of the UK negotiations with the EU.

 

Summary and outlook

 

The first half of 2017 has seen another good performance by the Group and we are confident of meeting Board expectations for the full year. With our increasing portfolio of products, strong partners and the opportunities we see from our R&D pipeline, the Board remains optimistic about our prospects and the potential for further growth.

 

 

 

Financial Review

 

Overview

 

Revenue increased by 17.3% to £45.9 million (2016 H1: £39.2 million). At constant currency, revenue growth would have been 8.1%.

 

Amortisation of acquired intangible assets was £0.1 million in the six month period (2016 H1: £0.1 million).

 

Comparisons with 2016 are made on a pre-exceptional and pre-amortisation of acquired intangible asset cost basis, as we believe that this provides a more relevant representation of the Group's trading performance. To aid comparison, the Group's adjusted income statement is summarised in Table 1 below.

 

Table 1

Six months ended

30 June 2017

Six months ended

30 June 2016

 

Adjusted Income Statement

£'000

£'000

Change

Revenue

45,910

39,153

17.3%

Gross profit

27,478

22,473

22.3%

Distribution costs

(534)

(512)

 4.3%

Adjusted administrative expenses6

(15,711)

(12,879)

22.0%

Other income

273

415

(34.2)%

Adjusted operating profit

11,506

9,497

21.2%

Net finance income

-

2

 

Adjusted profit before tax

11,506

9,499

21.1%

Amortisation of acquired intangibles

(94)

(122)

(23.8)%

Exceptional items

-

(361)

 

Profit before tax

11,412

9,016

26.6%

Tax

(2,301)

(1,680)

37.0%

Profit for the period

9,111

7,336

24.2%

Adjusted earnings per share - basic7

4.37p

3.74p

16.8%

Earnings per share - basic7

4.32p

3.51p

23.3%

Adjusted earnings per share - diluted7

4.31p

3.68p

16.9%

Earnings per share - diluted7

4.26p

3.46p

23.3%

         

6    Administration expenses exclude exceptional items and amortisation of acquired intangible assets

7    see Note 4 Earnings per share for details of calculation

 

The gross margin percentage for the Group was 59.9% (2016 H1: 57.4%). This 250bps increase in gross margin was mainly as a result of sales mix and favourable exchange rates

 

Adjusted operating profit increased by 21.2% to £11.5 million (2016 H1: £9.5 million) and the adjusted operating margin increased by 80bps to 25.1% (2015 H1: 24.3%) due to sales mix and favourable foreign exchange movements. Administration expenses (excluding exceptional items and amortisation of acquired intangible assets) increased by 22%. Of this, approximately 15% was due to foreign exchange effects arising from the translation of costs in Europe and the US arising from the weakness of sterling against both the Euro and the US dollar. The remainder of the increase was due to investment in sales and marketing and increased costs from regulatory and clinical work.

 

Adjusted diluted earnings per share increased by 16.9% to 4.31p (2016 H1: 3.68p) and diluted earnings per share increased by 23.3% to 4.26p (2016 H1: 3.46p).

 

The Group generated profit before tax of £11.4 million (2016 H1: £9.0 million) and had net cash of £55.2 million at the half year end (2016 H1: £41.1 million).

 

The Group has a strong balance sheet enabling financing of further organic growth and acquisitions.

 

Income Statement

 

The operational performance of the business units is shown in Table 2 below. The adjusted profit from operations and the adjusted operating margin are shown after excluding exceptional items and amortisation of acquired intangibles.

 

Table 2

 

Operating result by business segment

 

Six months ended 30 June 2017

 

Branded

 

OEM

 

 

£'000

£'000

Revenue

 

27,342

18,568

Profit from operations

 

7,936

3,724

Amortisation of acquired intangibles

 

89

5

Adjusted profit from operations8

 

8,025

3,729

Adjusted operating margin8

 

29.4%

20.1%

Six months ended 30 June 2016 (re-presented)

 

 

 

Revenue

 

21,622

17,531

Profit from operations

 

6,134

3,524

Amortisation of acquired intangibles

 

116

6

Adjusted profit from operations8

 

6,250

3,530

Adjusted operating margin8

 

28.9%

20.1%

         

 

8    Excludes amortisation of acquired intangible assets

Expenses relating to exceptional items, to non-executive Directors and plc costs are not allocated to business units and are included within unallocated expenses.

 

 

Branded

Branded revenues increased by 26.5% to £27.3 million (2016 H1: £21.6 million) and by 14.8% at constant currency, with sales of LiquiBand® into the US being the main driver of growth.

 

Adjusted operating margin increased by 50 bps to 29.4% (2016 H1: 28.9%) despite ongoing investment in our sales & marketing teams. R&D expense was 2.2% of revenues (2016 H1: 2.1%) with expenditure in this segment being incurred on projects to improve our formulation and applicators for tissue adhesives, as well as ongoing development of the internal use of tissue adhesives.

 

OEM

OEM revenues increased by 5.9% to £18.6 million (2016 H1: £17.5 million) at reported currency but were unchanged at constant currency. R&D expense was 4.0% of revenues (2016 H1: 3.8%) with spend being incurred in the development of post-surgical dressings and high performance dressings.

 

Adjusted operating margin was unchanged at 20.1% (2016 H1: 20.1%).

 

Geographic breakdown of revenues

The geographic breakdown of Group revenues in 2017 is set out in note 5. Sterling sales represent the largest currency with significant sales also in Euros and US dollars. The Group's policy is to put in place natural hedges where possible and to hedge transactional risk. The Group estimates that a 10% movement in the £:US$ or £:Euro exchange rate would impact Sterling revenues by approximately 4% and 3% respectively and, in the absence of any hedging, this would result in an impact on profit of 2.0% and 0.1% respectively.

 

Net finance income/costs

Net finance income/costs is comprised of finance income of £50,000 (2016 H1: £57,000) representing interest received on cash balances and finance costs of £50,000 (2016 H1: £55,000) resulting from facility costs.

 

Profit before tax

Profit before tax for the six months was 26.6% higher at £11.4 million (2016 H1: £9.0 million).

 

Taxation

The Group's effective rate of tax for the six months was 20.2% (2016 H1: 18.6%). This reflects the blend of profits and tax rates in the countries in which the Group operates and incorporates UK patent box and R&D relief. However, due to its sustained growth, the Group no longer qualifies for SME R&D relief and instead accesses the large company R&D scheme, which is less beneficial and impacts the Group's effective tax rate by approximately 2%, in comparison to 2016. The Group expects its anticipated effective tax rate to be approaching 21% for the full year ending 31 December 2017.

 

Profit after tax and earnings per share

Adjusted profit after tax increased by 17.7% to £9.2 million (2016 H1: £7.8 million), resulting in a 16.8% increase in adjusted basic earnings per share to 4.37p (2016 H1: 3.74p) and a 16.9% increase in adjusted diluted earnings per share to 4.31p (2016 H1: 3.68p).

 

Profit after tax increased 24.2% to £9.1 million (2016 H1: £7.3 million), resulting in a 23.3% increase in basic earnings per share to 4.32p (2016 H1: 3.51p) and a 23.3% increase in diluted earnings per share to 4.26p (2016 H1: 3.46p).

 

Dividend per share

The Board intends to pay an interim dividend of 0.35p per share on 27 October 2017 to shareholders on the register on 29 September 2017. This is an increase of 17% compared with the first half of 2016.

 

 

 

 Cash Flow and Balance Sheet

 

  Table 3 summarises the Group cash flows.

 

 

Table 3

Six months ended

30 June 2017

Six months

ended

30 June 2016

  Cash Flow

                                                      £'000

   £'000

 

Adjusted operating profit (Table 1)

11,506

9,497

 

 

Non-cash items

1,970

1,993

 

 

Adjusted EBITDA9

13,476

11,490

 

 

Working capital movement

(4,416)

(1,730)

 

 

Operating cash flow before exceptional items

9,060

9,760

 

 

Exceptional items

-

(361)

 

 

Operating cash flow after exceptional items

9,060

9,399

 

 

Capital expenditure and capitalised R&D

(2,236)

(1,265)

 

 

Net interest income

-

1

 

 

Tax

(2,048)

(933)

 

 

Free cash flow

4,776

7,202

 

 

Dividends paid

(1,307)

(1,150)

 

 

Proceeds from share issues

555

416

 

 

Exchange gains

11

430

 

 

Net increase in cash and cash equivalents

4,035

6,898

 

                 

9    Adjusted EBITDA is earnings before interest, tax, depreciation, intangible asset amortisation, share based payments and exceptional items

 

The Group had an operating cash flow before exceptional items of £9.1 million (2016 H1: £9.8 million) and a conversion of adjusted operating profit into free cash flow of 42% (2016 H1: 76%). The reduction in cash conversion was due to increased trade debtors, capital expenditure and capitalised R&D and increased tax payments, resulting from historical tax losses being fully utilised.

 

Working capital increased by £4.4 million. Within this, trade receivables increased by £4.2 million due to timing of sales and the effect of translating balances denominated in Euros and US dollars with debtor days at 53 (2016 H1: 49 days). Inventory decreased by £0.4 million in the first six months with months of supply being 4.1 (2016 H1: 4.4 months). Trade payables decreased £0.6 million, excluding the fair value of forward foreign exchange contracts.

 

We have invested £2.3 million in fixed assets, software and capitalised R&D in the first six months (2016 H1: £1.3 million), including our Etten Leur converting capability, Nuremberg packing capacity and the Germany ERP project. £0.4 million of R&D spend was capitalised in the period (2016 H1: £0.1 million).

 

Net taxation of £2.0 million was paid which is in line with the Group's profitability within the tax jurisdictions in which it operates, now that historical tax losses have been fully utilised within the trading businesses. 

 

The Group paid its final dividend for the year ended 31 December 2016 of £1.3 million on 16 June 2017 (2016 H1: £1.2 million).

 

The Group had a free cash flow as defined in Table 3 of £4.8 million in the period (2016 H1: £7.2 million), with a net increase in cash equivalents of £4.0 million (2016 H1: £6.9 million increase).

 

At the end of the period, the Group had net cash10 of £55.2 million (2016 H1: net cash10 of £41.1 million).

 

The Group has a five-year, £30 million, multi-currency, revolving credit facility, obtained in December 2014, with an accordion option under which AMS can request up to an additional £20 million on the same terms.  The facility is provided jointly by HSBC and The Royal Bank of Scotland PLC.  It is unsecured on the assets of the Group and is currently wholly undrawn. 

 

The movement in net cash during the first half of 2017 is reconciled in Table 4 below:

 

 

Table 4

 

Movement in net cash10

                                                     £'000

 

Net cash as at 1 January 2017

51,125

Exchange rate impacts

11

Free cash flow

4,776

Dividends paid

(1,307)

Proceeds from share issues

555

Net cash as at 30 June 2017

55,160

       

10  Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans

 

The Group's going concern position is fully described in note 12 and the Group had no borrowings in the period.

 

Financial Summary

 

The Group has delivered another good set of results in the period and we are confident of meeting Board expectations for the full year. We remain focused on capitalising on our strong financial and strategic position.

 

CONDENSED CONSOLIDATED INCOME STATEMENT for the six months ended 30 June 2017

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

            11 Adjusted for exceptional items and for amortisation of acquired intangible assets
 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

(Unaudited)

(Unaudited)

(Audited)

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000

£'000

Assets

 

 

 

Non-current assets

 

 

 

Acquired intellectual property rights

9,629

9,264

9,468

Software intangibles

2,730

1,966

2,500

Development costs

1,747

1,777

1,645

Goodwill

41,430

38,940

40,337

Property, plant and equipment

16,951

16,538

16,177

Trade and other receivables

13

10

10

 

72,500

68,495

70,137

Current assets

 

 

 

Inventories

11,182

10,465

11,440

Trade and other receivables

16,712

13,074

11,872

Current tax assets

461

8

432

Cash and cash equivalents

55,160

41,099

51,125

 

83,515

64,646

74,869

Total assets

156,015

133,141

145,006

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

11,461

12,089

12,901

Current tax liabilities

2,356

1,420

2,049

Other taxes payable

103

302

85

Obligations under finance leases

-

1

-

 

13,920

13,812

15,035

Non-current liabilities

 

 

 

Trade and other payables

341

1,473

1,291

Deferred tax liabilities

2,748

2,783

3,152

 

3,089

4,256

4,443

Total liabilities

17,009

18,068

19,478

Net assets

139,006

115,073

125,528

Equity

 

 

 

Share capital

10,606

10,499

10,524

Share premium

34,478

33,578

34,005

Share-based payments reserve

4,082

2,945

3,469

Investment in own shares

(152)

(152)

(152)

Share-based payments deferred tax reserve

861

404

459

Other reserve

1,531

1,531

1,531

Hedging reserve

(978)

(2,944)

(3,534)

Translation reserve

2,184

(1,655)

636

Retained earnings

86,394

70,867

78,590

Equity attributable to equity holders of the parent

139,006

115,073

125,528

 

 

CONDENSED CONSOLIDATED Statement of Changes in Equity

Attributable to equity holders of the Group

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months

Six months

 

 

ended

ended

Year ended

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000

£'000

Cash flows from operating activities

 

 

 

Profit from operations

11,412

9,014

19,105

Adjustments for:

 

 

 

Depreciation

1,012

924

1,898

Amortisation   - intellectual property rights

94

122

242

                       - development costs

208

203

329

                       - software intangibles

137

173

441

Impairment of development costs

-

-

125

Decrease/(increase) in inventories

362

(1,147)

(2,005)

Increase in trade and other receivables

(4,205)

(1,962)

(674)

(Decrease)/increase in trade and other payables

(573)

1,379

1,199

Share-based payments expense

613

693

1,230

Taxation

(2,048)

(933)

(2,065)

7,012

8,466

19,825

Cash flows from investing activities

 

 

 

Purchase of software

(622)

(125)

(795)

Capitalised research and development

(371)

(149)

(259)

Purchases of property, plant and equipment

(1,278)

(1,016)

(1,523)

Disposal of property, plant and equipment

35

25

41

Interest received

50

57

109

(2,186)

(1,208)

(2,427)

Cash flows from financing activities

 

 

 

Dividends paid

(1,307)

(1,150)

(1,783)

Finance lease

-

(1)

(1)

Issue of equity shares

555

416

868

Shares purchased by EBT

(484)

(449)

(449)

Shares sold by EBT

484

449

449

Interest paid

(50)

(55)

(111)

(802)

(790)

(1,027)

Net increase in cash and cash equivalents

4,024

6,468

16,371

Cash and cash equivalents at the beginning of the period

51,125

34,201

34,201

Effect of foreign exchange rate changes

11

430

553

55,160

41,099

51,125

 

 

 

Notes Forming Part of the Consolidated Financial Statements

 

1.      Reporting entity

 

Advanced Medical Solutions Group plc ("the Company") is a public limited company incorporated and domiciled in England and Wales (registration number 2867684). The Company's registered address is Premier Park, 33 Road One, Winsford Industrial Estate, Cheshire, CW7 3RT.

 

The Company's ordinary shares are traded on the AIM market of the London Stock Exchange plc. The consolidated financial statements of the Company for the twelve months ended 31 December 2016 comprise the Company and its subsidiaries (together referred to as the "Group").

 

The Group is primarily involved in the design, development and manufacture of novel high performance polymers (both natural and synthetic) for use in advanced woundcare dressings and materials, medical adhesives for closing and sealing tissue, and sutures and haemostats for sale into the global medical device market.

 

2.      Basis of preparation

 

The information for the year ended 31 December 2016 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor reported on those accounts; their report was unqualified, did not draw attention to any matters of emphasis without qualifying the report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

The individual financial statements for each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the functional currency of the Company and the presentation currency for the consolidated financial statements.

 

3.      Accounting policies

 

The same accounting policies, presentations and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual audited financial statements. No new or revised standards adopted in the current period have had a material impact on the Group's financial statements.

 

The unaudited condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union. These condensed interim accounts should be read in conjunction with the annual accounts of the Group for the year ended 31 December 2016. The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

 

4.      Earnings per share

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months

Six months

Year

 

ended

ended

ended

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000

£'000

Earnings

Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent

9,111

7,336

15,692

Number of shares

'000

'000

'000

Weighted average number of ordinary shares for the purposes of basic earnings per share

210,838

209,271

209,815

Effect of dilutive potential ordinary shares: share options, deferred share bonus, LTIPs

2,942

3,006

2,778

Weighted average number of ordinary shares for the purposes of diluted earnings per share

213,780

212,277

212,593

 

Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the period.

 

Diluted EPS is calculated on the same basis as basic EPS but with the further adjustment to the weighted average shares in issue to reflect the effect of all potentially dilutive share options. The number of potentially dilutive share options is derived from the number of share options and awards granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period.

 

 

 

 

 

 

 

4.      Earnings per share continued

 

Adjusted earnings per share

 

Adjusted EPS is calculated after adding back exceptional items and amortisation of acquired intangible assets and is based on earnings of:

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months

Six months

Year

 

Ended

ended

ended

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000 

£'000

Earnings

Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent

9,111

7,336

15,692

Exceptional items

-

361

361

Amortisation of acquired intangible assets

94

122

242

Earnings excluding exceptional items and amortisation of acquired intangible assets

9,205

7,819

16,295

 

The denominators used are the same as those detailed above for both basic and diluted earnings per share.

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months

Six months

Year

 

Ended

ended

ended

 

30 June 2017

30 June 2016

31 December 2016

 

pence

pence 

pence

Adjusted basic EPS

4.37p

3.74p

7.77p

Adjusted diluted EPS

4.31p

3.68p

7.66p

 

The adjusted diluted EPS information is considered to provide a fairer representation of the Group's trading performance.

 

5.      Segment information

 

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments and related revenue, corporate assets, head office expenses, exceptional items, income tax assets and the Group's external borrowings. These are the measures reported to the Group's Chief Executive for the purposes of resource allocation and assessment of segment performance.

 

Business segments

The principal activities of the business units are as follows. (Prior year comparators have been re-presented following the Business Unit restructure).:

 

Branded

Selling, marketing and innovation of the Group's branded products either sold directly by our sales teams or by distributors.

 

OEM

Distribution, marketing and innovation of the Group's products supplied to medical device partners under their brands and the distribution of bulk materials to medical device partners and convertors.

 

Segment information about these Business Units is presented below:

 

Six months ended

30 June 2017

Branded

OEM

Consolidated

 (unaudited)

£'000

£'000

£'000

Revenue

27,342

18,568

45,910

 

 

 

 

Result

 

 

 

Segment result

7,936

3,724

11,660

Unallocated expenses

 

 

(248)

Profit from operations

 

 

11,412

Finance income

 

 

50

Finance costs

 

 

(50)

Profit before tax

 

 

11,412

Tax

 

 

(2,301)

Profit for the period

 

 

9,111

 

 

5.      Segment information (continued)

 

At 30 June 2017

(unaudited)

Branded

OEM

Consolidated

Other information

£'000

£'000

£'000

Capital additions:

 

 

 

Software intangibles

612

10

622

Development

271

100

371

Property, plant and equipment

591

652

1,243

Depreciation and amortisation

(664)

(787)

(1,451)

Balance sheet

 

 

 

Assets

 

 

 

Segment assets

113,873

42,039

155,912

Unallocated assets

 

 

103

Consolidated total assets

 

 

156,015

Liabilities

 

 

 

Segment liabilities

10,153

6,857

17,010

Consolidated total liabilities

 

 

17,009

 

 

 

 

Re-presented six months ended

30 June 2016

Branded

OEM

Consolidated

(unaudited) 

£'000

£'000

£'000

Revenue

21,622

17,531

39,153

 

 

 

 

Result

 

 

 

Segment result

6,134

3,524

9,658

Unallocated expenses

 

 

(644)

Profit from operations

 

 

9,014

Finance income

 

 

57

Finance costs

 

 

(55)

Profit before tax

 

 

9,016

Tax

 

 

(1,680)

Profit for the period

 

 

7,336

 

 

 

 

 

At 30 June 2016 (re-presented)

(unaudited)

Branded

OEM

Consolidated

Other information

£'000

£'000

£'000

Capital additions:

 

 

 

Software intangibles

27

98

125

Development

97

52

149

Property, plant and equipment

708

283

991

Depreciation and amortisation

(609)

(813)

(1,422)

Balance sheet

 

 

 

Assets

 

 

 

Segment assets

88,520

44,407

132,927

Unallocated assets

 

 

214

Consolidated total assets

 

 

133,141

Liabilities

 

 

 

Segment liabilities

10,425

7,643

18,068

Consolidated total liabilities

 

 

18,068

 

 

 

 

 

 

 

 

 

5.      Segment information (continued)

 

Year ended

31 December 2016 (re-presented)

 

Branded

           OEM

Consolidated

 (audited)

£'000

         £'000

£'000

Revenue

45,306

37,315

82,621

 

Result

 

 

 

Segment result

11,313

8,677

19,990

Unallocated expenses

 

 

(885)

Profit from operations

 

 

19,105

Finance income

 

 

108

Finance costs

 

 

(111)

Profit before tax

 

 

19,102

Tax

 

 

(3,410)

Profit for the year

 

 

15,692

 

 

 

 

 

At 31 December 2016

(audited) (re-presented)

 

 

 

 

 

 

Branded

 

 

 

 

 

 

 

 

OEM

 

 

 

 

 

 

Consolidated

Other Information

£'000

£'000

£'000

Capital additions:

 

 

 

Software intangibles

596

199

795

Development

157

102

259

Property, plant and equipment

1,105

418

1,523

Depreciation and amortisation

(1,309)

(1,600)

(2,909)

Balance sheet

 

 

 

Assets

97,498

47,388

144,886

Segment assets

Unallocated assets

 

 

120

Consolidated total assets

 

 

145,006

Liabilities

 

 

 

Segment liabilities

12,020

7,458

19,478

           

 

 

 

Geographical segments

 

The Group operates in the UK, Germany, the Netherlands, the Czech Republic, with a sales office located in Russia and a sales presence in the USA. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.

 

The following table provides an analysis of the Group's sales by geographical market, irrespective of the origin of the goods or services, based upon location of the Group's customers:

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months ended

Six months ended

Year ended

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000

£'000

United Kingdom

7,650

8,926

17,457

Germany

9,853

8,421

18,345

Europe excluding United Kingdom and Germany

11,358

10,481

21,360

United States of America

16,082

10,660

23,505

Rest of World

967

665

1,954

 

45,910

39,153

82,621

 

 

 

  

 

 

 

 

 

5.      Segment information (continued)

 

 

The following table provides an analysis of the Group's total assets by geographical location.

 

 

(Unaudited)

(Unaudited)

(Audited)

 

Six months ended

Six months ended

Year ended

 

30 June 2017

30 June 2016

31 December 2016

 

£'000

£'000

£'000

United Kingdom

89,352

72,559

80,580

Germany

61,904

56,768

59,950

Europe excluding United Kingdom and Germany

4,197

3,597

3,962

United States of America

562

217

514

 

156,015

133,141

145,006

 

 

 

 

6.      Financial Instruments' fair value disclosures

 

It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts.

 

The Group held the following financial instruments at fair value at 30 June 2017. The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs i.e. those that would be classified as level 3 in the fair value hierarchy, nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair value measurements.

 

 

The following table details the forward foreign currency contracts outstanding as at the period end:

 

 

Ave. exchange rate

Foreign currency

Contract value

Fair value

 

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

 

USD:£1

USD:£1

USD'000

USD'000

£'000

£'000

£'000

£'000

Cash flow hedges

 

 

 

 

 

 

 

 

Sell US dollars

 

 

 

 

 

 

 

 

Less than 3 months

1.405

1.467

5,750

5,250

4,091

3,579

(332)

(673)

3 to 6 months

1.382

1.421

6,750

5,250

4,883

3,696

(296)

(548)

7 to 12 months

1.317

1.423

23,700

10,500

17,990

7,377

(58)

(1,079)

Over 12 months

1.301

1.319

2,000

22,200

1,537

16,829

19

(857)

 

 

 

38,200

43,200

28,501

31,481

(667)

(3,157)

 

 

 

 

Ave. exchange rate

Foreign currency

Contract value

Fair value

 

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

30 June 2017

31 Dec 2016

 

EUR:£1

EUR:£1

EUR'000

EUR'000

£'000

£'000

£'000

£'000

Cash flow hedges

 

 

 

 

 

 

 

 

Sell Euros

 

 

 

 

 

 

 

 

Less than 3 months

1.254

1.290

1,150

1,050

917

814

(96)

(85)

3 to 6 months

1.237

1.263

1,350

1,250

1,092

990

(100)

(73)

7 to 12 months

Over 12 months

1.232

1.137

1.245

1.192

1,350

2,550

2,500

2,400

1,096

2,244

2,009

2,013

(100)

(24)

(146)

(72)

 

 

 

6,400

7,200

5,349

5,826

(320)

(376)

 

7.      Exceptional items

 

During the six months ended 30 June 2017, the Group incurred exceptional items of £nil (2016 H1: £361,000, for an aborted acquisition).

 

 

8.      Taxation

 

The weighted average tax rate for the Group for the six month period ended 30 June 2017 was 21.35% (six months ended 30 June 2016: 22.5%, year ended 31 December 2016: 22.11%). The effective rate of current tax for the six months ended 30 June 2017 was 20.2% (six months ended 30 June 2016: 18.6%, year ended 31 December 2016: 17.9%) after the application of patent box and research and development tax relief, with some off-set for disallowable expenditure.

 

 

 

 

 

 

 

9.      Dividends

 

10.    Contingent liabilities

 

The Directors are not aware of any contingent liabilities faced by the Group as at 30 June 2017 (30 June 2016: £nil, 31 December 2016: £nil).

 

 

11.    Share capital

 

Share capital as at 30 June 2017 amounted to £10,606,000 (30 June 2016: £10,499,000, 31 December 2016: £10,524,000). During the period the Group issued 1,643,393 shares in respect of exercised share options, LTIPS and the Deferred Share Bonus Scheme.

 

12.    Going concern

 

In carrying out their duties in respect of going concern, the Directors have carried out a review of the Group's financial position and cash flow forecasts for the next 12 months. These have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment.

 

With regards to the Group's financial position, it had cash and cash equivalents at 30 June 2017 of £55.2 million and a five-year, £30 million, multi-currency, revolving credit facility, obtained in December 2014, with an accordion option under which AMS can request up to an additional £20 million on the same terms.  The credit facility is provided jointly by HSBC and The Royal Bank of Scotland PLC. It is unsecured on the assets of the Group and is currently undrawn. 

 

While the current economic environment is uncertain, AMS operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, market growth is predicted. The Group has a number of long-term contracts with customers across different geographic regions and also with substantial financial resources, ranging from government agencies through to global healthcare companies.

 

After taking the above into consideration, the Directors have reached the conclusion that the Group is well placed to manage its business risks in the current economic environment. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements.

 

13.    Principal risks and uncertainties

 

Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 40 and 41 of the Annual Report and Accounts for the year ended 31 December 2016. There have been no significant changes since the last annual report.

 

14.    Seasonality of sales

 

There are no significant factors affecting the seasonality of sales between the first and second half of the year.

 

15.    Events after the balance sheet date

 

There has been no material event subsequent to the end of the interim reporting period ended 30 June 2017.

 

16.    Copies of the interim results

 

Copies of the interim results can be obtained from the Group's registered office at Premier Park, 33 Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3RT and are available on our website "www.admedsol.com".

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR QLLFFDKFXBBK

a d v e r t i s e m e n t