Interim Results

Advanced Medical Solutions Grp PLC

16 September 2026

 

16 September 2026

Advanced Medical Solutions Group plc

("AMS" or the "Group")

 

Interim results for the six months ended 30 June 2026

Winsford, UK, 16 September 2026: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces its unaudited interim results for the six months ended 30 June 2026 (the "Period").

	H1 2026	H1 2025	Reported change¹	Change at constant currency²
Surgical Business Unit (£ million) Advanced Woundcare Business Unit (£ million) Total group revenue (£ million)	91.4 24.1 115.5	87.9 22.9 110.8	+4% +5% +4%	+2% +5% +3%
Adjusted Measures
Adjusted3 EBITDA (£ million)	26.3	24.4	+8%
Adjusted3 EBITDA margin %	22.7%	22.0%	+0.7pp
Adjusted3 profit before tax (£ million)	18.1	16.4	+11%
Adjusted3 profit before tax margin %	15.7%	14.8%	+0.9pp
Adjusted4 diluted earnings per share (p)	6.25	5.67	+ 10%
Reported Measures
Profit before tax (£ million)	0.3	8.5	-96%
Profit before tax margin %	0.3%	7.6%	-7.3pp
Diluted earnings per share (p)	(0.03)	2.84	-101%
Net cash inflow from operating activities (£ million)	7.4	15.1	-51%
Net debt 5 (£ million)	(60.3)	(50.1)	+20%
Interim dividend per share (p)	Nil	0.85	-100%

Financial and Operational Highlights:

·   Group revenue increased by 4% to £115.5 million and by 3% at constant currency (2025 H1: £110.8 million) with overall growth partially offset by lower Adhesives sales linked to partner order phasing:

o   Surgical revenues increased by 4% on a reported basis and 2% on a constant currency basis to £91.4 million (2025 H1: £87.9 million) with growth across the majority of AMS' products categories

§   As reported in the prior year, US LiquiBand^® benefited from significant partner order phasing in H1 2025 creating a high comparator for this Period. Consequently, revenues in the Period were 15% lower at reported currency and 14% lower at constant currency vs the comparative period

§   ROW LiquiBand^® grew 4% at reported currency and by 3% at constant currency

§   Biosurgical products grew by 4% at reported currency and were flat at constant currency

o  Advanced Woundcare revenues increased by 5% at both reported and constant currency, continuing its improved performance following its prior period restructure

·   Gross margins increased to 54.5% (2025 H1: 53.5%) predominantly due to an increase in Woundcare gross margins following the restructuring initiatives implemented in Q1 2025

·    Adjusted EBITDA increased by 8% to £26.3 million (2025 H1: £24.4 million), with adjusted EBITDA margin of 22.7% (2025 H1: 22.0%), primarily due to additional sales and the gross margin improvement referenced above

·   Reported profit before tax decreased to £0.3 million (2025 H1: £8.5 million) and a reported loss after tax of £0.1 million (2025 H1: Profit after tax of £6.2 million) was incurred as a result of £12.4 million (2025: £5.8 million) of exceptional items being incurred in the Period in connection with the Group's operational synergy project and the proposed Acquisition (as defined below).

·   Net Debt increased to £60.3 million from 2025 year-end net debt position of £50.5 million (2025 H1: £50.1 million) primarily due to capital investment at the Group's Bangkok and Stafford sites and increased investment in Inventory ahead of the transition stage of the Group's Suture and Biosurgical operational synergy programme

·   The Group's operational synergy project for Sutures and Collagen is progressing to plan, with the closure of five sites in Germany and Czechia announced in January 2026 and manufacturing at these sites is expected to cease by the end of March 2027

Outlook

·   We are pleased with the Group's performance during the Period, and the Board of Directors of AMS ("the Board") is confident of delivering further progress in the second half

·   The Group's competitive position, end-market dynamics, and long-term growth prospects remain strong, and we look forward to realising AMS' further potential as part of H.B. Fuller Company ("H.B. Fuller")

·   Following shareholder approval of all resolutions in connection with the recommended cash acquisition of the entire issued and to be issued ordinary share capital of AMS by H.B. Fuller Medical Adhesive Technologies Inc. (a wholly-owned subsidiary of H.B. Fuller) (the "Acquisition"), the scheme of arrangement in connection with the Acquisition (the "Scheme of Arrangement") is currently expected to become Effective (as defined in the circular published by AMS on 20 July 2026 (the "Scheme Document")) in Q4 2026, subject to the satisfaction (or, if applicable, waiver) of the outstanding Conditions (as defined in the Scheme Document), including Conditions 3(a) to (g)

·    in relation to Condition 3(a), the Austrian Federal Competition Authority and the Austrian Federal Cartel Prosecutor have waived their right to request an in-depth investigation of the Acquisition;

·    in relation to Condition 3(b), the German Federal Cartel Office has issued an unconditional clearance decision;

·      in relation to Condition 3(c), the waiting period described in paragraph (i) of that Condition has expired;

·    in relation to Condition 3(d), as previously announced, the UK Competition and Markets Authority has indicated in writing that it has no further questions at this stage in relation to the Acquisition; and

·      in relation to Condition 3(e), the Austrian Federal Ministry for Economy, Energy and Tourism has issued an unconditional and legally binding clearance decision

·    AMS will provide further updates in relation to the Acquisition and satisfaction of the Conditions in due course, as appropriate

Commenting on the interim results, Chris Meredith, CEO of AMS, said: "The last half year has been another period of good progress, and I would like to thank all of AMS' employees, customers and suppliers for their ongoing contribution to our success. We look forward to becoming part of the combined larger medical business within H.B. Fuller and benefiting from enhanced commercial, manufacturing and distribution capabilities that should accelerate the delivery of our strategy and broaden our offering to patients."

- End -

Notes

1    Reported change is calculated using amounts rounded to the nearest £'000. 

2    Reconciled in note 19 of the financial information. Constant currency adjusts for the effect of currency movements by re-translating the current period's performance at the previous period's exchange rates.

3    Reconciled in the Financial Review and note 19 of the financial information. Adjusted EBITDA excludes the impact of exceptional items, depreciation, amortisation, interest and taxation. Adjusted profit before tax excludes the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities.

4    Reconciled in note 4 of the financial information. Adjusted diluted earnings per share exclude the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities.

5    Reconciled in note 10 of the financial information. Net debt is calculated as cash and cash equivalents less borrowings as presented in the Statement of Financial Position.

 For further information, please visit www.admedsol.com or contact:

Advanced Medical Solutions Group plc	Tel: [phone]
Chris Meredith, Chief Executive Officer Eddie Johnson, Chief Financial Officer
Optimum Strategic Communications	Tel: [phone]
Mary Clark / Nick Bastin / Isabelle Abdou	[e-mail]
Investec Bank PLC (NOMAD & Joint Broker)	Tel: [phone]
Gary Clarence / Harry Hargreaves / Nick Prowting
Berenberg (Joint Broker)	Tel: [phone]
Toby Flaux / Detlir Elezi / Yasmina Benchekroun

About Advanced Medical Solutions Group plc

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS' products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS' own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,800 employees. For more information, please see www.admedsol.com.

Chief Executive's Review

Surgical Business Unit

Revenue for the Surgical Business Unit increased by 4% on a reported basis and 2% on a constant currency basis in the Period to £91.4 million (2025 H1: £87.9 million).

Surgical Business Unit	2026 H1 £ million	2025 H1 £ million	Reported Growth¹	Growth at constant currency
Advanced Closure	22.4	24.5	-8%	-8%
Internal Fixation and Sealants	4.9	3.6	36%	33%
Suture, Clips and VTO	42.5	38.8	9%	7%
Biosurgical Devices	13.5	13.0	4%	0%
Other Distributed Products	8.1	8.0	1%	-1%
TOTAL	91.4	87.9	4%	2%

Advanced Closure

Advanced Closure	2026 H1 £ million	2025 H1 £ million	Reported Growth¹	Growth at constant currency
Americas	13.4	15.7	-15%	-14%
Rest of World	9.0	8.8	4%	3%
TOTAL	22.4	24.5	-8%	-8%

Global LiquiBand^® revenues decreased by 8% on a reported and constant currency basis to £22.4 million (2025 H1: £24.5 million), with the comparator period inflated due to unusually favourable partner order phasing.

Internal Fixation and Sealants

Internal fixation and Sealants revenues increased by 36% at reported currency and 33% at constant currency to £4.9 million (2025 H1: £3.6 million) driven by US sales of LIQUIFIX^TM.

Suture, Clips and VTO

Revenue increased by 9% to £42.5 million (2025 H1: £38.8 million) and by 7% on a constant currency basis as the category continued its growth following the transformational acquisition of Peters Surgical.

Biosurgical Devices

Revenue increased by 4% to £13.5 million (2025 H1: £13.0 million) and was flat at constant currency as ongoing underlying growth was offset by phasing of Syntacoll sales.

Other Distributed Products

Revenue remained stable at £8.1 million (2025 H1: £8.0 million) as growth in Austria has been offset by the discontinuation of certain low margin products.

Woundcare

Revenue for the Woundcare Business Unit increased by 5% in the Period to £24.1 million (2025 H1: £22.9 million) on a reported basis and on a constant currency basis.

Woundcare Business Unit	2026 H1 £ million	2025 H1 £ million	Reported Growth¹	Growth at constant currency
Infection and Exudate Management	22.2	21.6	3%	3%
Other Woundcare	1.9	1.3	36%	38%
TOTAL	24.1	22.9	5%	5%

Infection and Exudate Management

Infection and Exudate Management revenue increased by 3% to £22.2 million (2025 H1: £21.6 million) following adverse order phasing in the comparative period.

Other Woundcare

Other Woundcare comprises royalties, fees and Woundcare sealants and membranes. Revenue increased by 36% at reported currency and by 38% at constant currency to £1.9 million (2025 H1: £1.3 million) as lower royalty income was more than offset by an increase in sales of membranes.

US-Iran conflict

While the US-Iran conflict has created some supply chain disruption and has impacted shipping costs in particular, it has not had a material impact on the Group's financial performance. Under current tariff conditions, the previously estimated annual impact of US tariffs of £1-2 million is not expected to significantly change.

Environmental, Social & Governance

The Group Sustainability Team made good progress in the Period, launching a Code of Conduct and training programme across the Group, became a signatory to the UN Global Compact and finalising the Corporate Social Responsibility Directive (CSRD) report for the enlarged Group. We have begun work on creating a detailed action plan to support our carbon reduction initiatives.

We continue to engage in an increasing number of sustainability-related audit requests, ESG evaluations and information requests from customers. Going forward, our EDI Committee (AMS Together) and ESG Rep programme will further engage with employees and ensure our activities reflect our Purpose, Mission and Values. The wide range of activities will help us to adapt our ESG long-term strategy.

Stakeholders

On behalf of the Board, I would like to thank the Group's committed staff, partners and other stakeholders, without whose help and commitment the achievements during the Period would not have been possible.

Financial Review

IFRS reporting

To provide the clearest possible insight into our financial performance and financial position, the Group uses alternative performance measures. Further information on the use of alternative performance measures is detailed in note 19.

Overview

Group revenue has increased by 4% at reported currency to £115.5 million (2025 H1: £110.8 million) and by 3% at constant currency, as summarised in the Chief Executive's Review.

Gross profit increased to £63.0 million (2025 H1: £59.3 million) with gross margin increasing to 54.5% (2025 H1: 53.5%). Overall, the Group's operational performance has seen improved efficiency due to the combined impact of sales growth and related volume benefit on operational performance, the annualised effect of the prior period restructure within Woundcare and related volume efficiencies owing to temporary inventory building. Further accretive margin impacts have been achieved through commercial synergies identified in the Peters acquisition. These include utilising the Group's direct sales presence to increase direct selling and allow access into key markets for the larger product portfolio.

Distribution costs were £2.1 million (2025 H1: £1.6 million) increasing due to sales growth, higher shipping costs due to geopolitical events across the Middle East and the impact of US Tariffs which only partially affect the prior year comparator.

Administration expenses, before exceptional items, were £46.1 million (2025 H1: £44.3 million). Investment in sales and marketing has increased to support further growth, in particular the sales team presence in the US, and direct markets in line with commercial synergy identified in the Peters acquisition. There is continued investment in R&D and higher amortisation of development costs arising from Medical Device Regulation ("MDR") as a large proportion of products have now gained certification from regulatory bodies.

Exceptional items totalling £12.4 million (2025 H1: £3.0 million) have been incurred in the period in relation to the Group's operational synergy project, which includes £2.8 million relating to operational synergy project activities, £3.8 million in respect of provisions for employee termination costs and £3.6 million for asset impairment costs for the related site closures. £2.1 million of costs have been recognised in relation to the proposed Acquisition. Further details are summarised in note 8. Exceptional items primarily relate to the Surgical business unit and the associated benefits of the operational synergy project will be realised within the Surgical business unit.

Investment in R&D has increased to £7.2 million (2025 H1: £6.9 million), which represents 6.2% (2025 H1: 6.2%) of revenue.

	H1 2026	H1 2025
	£'000	£'000
Total investment in Research and Development, Regulatory and Clinical	7,194	6,910
Of which:
Charged to the profit and loss account	5,171	5,296
Capitalised, to be amortised over 5-10 years	2,023	1,614

Amortisation of acquired intangible assets was £5.2 million (2025 H1: £5.2 million) the same as prior year with no acquisitions in the period.

Adjusted operating profit⁶, which excludes amortisation of acquired intangibles and exceptional items, increased by 7% to £20.3 million (2025 H1: £18.9 million) whilst the adjusted operating margin increased by 60bps to 17.6% (2025 H1: 17.0%).

6    Reconciled in note 19 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles.

Movement in long-term acquisition liabilities of Sealantis and Connexicon resulted in a net charge of £0.2 million (2025 H1: £0.2 million net credit). No contingent consideration payments were made in the period (2025 H1: £1.1 million).

The Group delivered an 8% increase in adjusted EBITDA of £26.3 million (2025 H1: £24.4 million).

Reconciliation of operating profit to adjusted EBITDA
	H1 2026	H1 2025
	£'000	£'000
Operating profit	2,684	10,727
Amortisation of acquired intangibles	5,223	5,164
Amortisation of other intangibles	2,019	1,597
Depreciation	3,956	3,912
Exceptional items	12,374	2,988
Adjusted EBITDA	26,256	24,388

Adjusted profit before tax increased by 11% to £18.1 million (2025 H1: £16.4 million). Reported profit before taxation decreased to £0.3 million (2025 H1: £8.5 million) as a result of the significant exceptional items incurred in the period.

Reconciliation of profit before taxation to adjusted profit before tax
	H1 2026	H1 2025
	£'000	£'000
Profit before taxation	335	8,463
Amortisation of acquired intangibles	5,223	5,164
Exceptional items	12,374	2,988
Movement in long-term acquisition liabilities	192	(232)
Adjusted profit before tax	18,124	16,383

The Group's adjusted effective corporation tax rate is 24%, which removes adjusted items and their tax impact is 24% (2025 H1: 25%) as a result of the Group's main profits arising in the UK where the Group benefits from the UK patent box regime. The Group's reported effective corporation tax rate increased to 144% (2025 H1: 27.2%) as a result of a combination of factors. Low profits in certain jurisdictions impacted by the Group's restructure reduced the Group's reported profit, whilst a potential tax credit of deferred tax liability unwind of acquired intangibles was offset by an equal tax charge from reduced capacity to recognise a deferred tax asset on losses, adversely affecting the effective tax rate.  

Adjusted diluted earnings per share, as summarised in note 4 of the financial information, increased by 10% to 6.25p (2025 H1: 5.67p) reflecting the Group's ongoing growth. Diluted earnings per share decreased to -0.03p (2025 H1: 2.84p) whilst basic earnings per share decreased to -0.03p (2025 H1: 2.89p) as a result of significantly more exceptional items incurred in the period reducing reported earnings.

The Board does not intend for AMS to pay an interim dividend following the approval of the resolutions at the Court Meeting and the General Meeting (as those terms are defined in the Scheme Document) in connection with the proposed Acquisition.

Operating result by business segment
Six months ended 30 June 2026	Surgical	Woundcare
	£'000	£'000
Revenue	91,406	24,052
Profit from operations	13,554	1,780
Amortisation of acquired intangibles	4,753	470
Adjusted operating profit7	18,307	2,250
Adjusted operating margin	20.0%	9.4%
Adjusted EBITDA8	22,985	3,547
Adjusted EBITDA margin	25.1%	14.7%
Six months ended 30 June 2025
Revenue	87,902	22,867
Profit from operations	12,863	1,379
Amortisation of acquired intangibles	4,694	470
Adjusted operating profit7	17,557	1,849
Adjusted operating margin	20.0%	8.1%
Adjusted EBITDA8	21,895	3,020
Adjusted EBITDA margin	24.9%	13.2%

7    Reconciled in note 5 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles.

8    Reconciled in note 19 of the financial information. Excludes the impact of exceptional items, depreciation, amortisation, interest and taxation.

Surgical

Surgical revenues increased by 4% to £91.4 million (2025 H1: £87.9 million) at reported currency and increased by 2% at constant currency. Adjusted EBITDA margin increased 20bps to 25.1% (2025 H1: 24.9%).

Woundcare

Woundcare revenues increased by 5% to £24.1 million (2025 H1: £22.9 million) at reported currency and 5% at a constant currency. Adjusted EBITDA margin increased by 150 bps to 14.7% (2025 H1: 13.2%), supported by increasing volumes, focus on higher margin opportunities and the impact of the prior period restructure.

Currency

The Group hedges significant currency transaction exposure by using forward contracts and aims to hedge approximately 80% of its estimated transactional exposure for the next 18 months. In the first half of the year, approximately half of sales were invoiced in euros and approximately a quarter were invoiced in US dollars. The remainder of sales are predominantly in pounds sterling, with other currencies across the group not material.

The Group estimates that a 10% movement in the £:US$ or £:€ exchange rate will impact reported pounds sterling revenues by approximately 2.4% (2025 H1: 2.6%) and 4.8% (2025 H1: 4.7%) respectively and in the absence of any hedging this would have an impact on the Group operating margin of 1.4 (2025 H1: 1.6) and 0.1 (2025 H1: 0.2) percentage points respectively. Given the significant cost base in Euro currency, providing a natural hedge, the Euro currency transaction exposure has a minimal impact on Group Operating Margin, and hence the Group only hedge US Dollar currency transaction exposure over the next 18 months.

Cash Flow

Adjusted net cash inflow from operating activities has decreased to £11.0 million (2025 H1: £18.4 million) as a result of the Group's Inventory-build programme, a higher receivables position and higher tax payments in the period. Net cash inflow from operating activities decreased to £7.4 million (2025 H1: £15.1 million) due to significant exceptional items, increased receivable and Inventory levels as well as higher tax payments. Additional information on working capital movements is explained further below in this section.

Reconciliation of Net cash inflow from operating activities to Adjusted net cash inflow from operating activities
	(unaudited)	(unaudited)
	Six months ended	Six months ended
	30 June 2026	30 June 2025
Net cash inflow from operating activities	7,407	15,138
Add back exceptional items	3,636	3,213
Adjusted net cash inflow from operating activities	11,043	18,351

In the first half of 2026, receivables increased by £5.2 million (2025 H1: £2.3 million increase) due to the timing of sales with significant payments received after the period-end in Q3. As a result, debtor days increased to 46 days compared with 45 days at year-end (2025 H1: 49 days) but shows a decrease on a high prior-year comparator.

Trade and other payables excluding non-current liabilities decreased to £30.5 million against the year-end position of £31.0 million. Creditor days of 34 days decreased compared to the year-end position of 35 days and previous period reporting (2025 H1: 35 days).

Inventory levels increased by £5.3 million (2025 H1: £6.8 million increase) as the Group has built Inventory to ensure the continuity of supply to customers as the Suture and Biosurgical restructure approaches the implementation phase, and manufacturing sites close. Inventory cover for the period as a result has increased to 8.4 months of supply in comparison to 7.4 months at year-end (2025 H1: 6.6 months).

At the end of the Period, net debt has increased to £60.3 million (2025 H1: £50.1 million) as summarised in note 10. The increase from the year-end position of £50.5 million is due to the Group investing heavily in its operational synergy project including incurring significant exceptional costs as well as additional capital expenditure.

Within the period the Group utilised a further £7.0 million on the revolving credit facility, with a further £17.0 million available to the group if required to support working capital needs in the future.

In the period, the group invested £9.5 million in capital equipment, R&D and regulatory costs (2025 H1: £4.1 million) a large increase from the prior period due to a large site extension at the Group's primary Suture manufacturing facility in Bangkok; additional converting lines within Woundcare at the Stafford site linked to a long-term commercial deal and new product development progress in particular for the Freeze Dried Bone Substitute project.

Tax payments increased to £4.7 million (2025 H1: £2.3 million) as a result of additional tax payments in Germany following the acceptance of multiple years of tax returns which have been accepted and closed in the current period by the tax authorities.

Dividends of £4.4 million (2025 H1: £nil) were paid in the period. The prior period dividend was paid in July 2025, outside of the comparator period.

Interest payments were £3.0 million (2025 H1: £2.5 million) an increase due to accrued interest at the end of 2025 being paid in the period. The underlying decrease in finance costs is as a result of UK base rate cuts and on average lower levels of borrowings throughout the period, albeit not at the reporting date.

CONDENSED CONSOLIDATED INCOME STATEMENT
			(unaudited)			(unaudited)				(audited)
			Six months ended 30 June 2026			Six months ended 30 June 2025				Year ended 31 December 2025
			Before	Exceptional		Before	Exceptional			Before		Exceptional
			Exceptional	Items		Exceptional	Items			Exceptional		Items
			Items	Note 8	Total	Items	Note 8	Total		Items		Note 8		Total
		Note	£'000	£'000	£'000	£'000	£'000	£'000		£'000		£'000		£'000
	Revenue from continuing operations	5	115,458	-	115,458	110,769	-	110,769		228,936		-		228,936
	Cost of sales		(52,491)	-	(52,491)	(51,515)	-	(51,515)		(106,798)		-		(106,798)
	Gross profit		62,967	-	62,967	59,254	-	59,254		122,138		-		122,138
	Distribution costs		(2,095)	-	(2,095)	(1,586)	-	(1,586)		(3,847)		-		(3,847)
	Administration costs		(46,084)	(12,374)	(58,458)	(44,278)	(2,988)	(47,266)		(90,495)		(5,805)		(96,300)
	Other income		270	-	270	325	-	325		671		-		671
	Operating profit		15,058	(12,374)	2,684	13,715	(2,988)	10,727		28,467		(5,805)		22,662
	Finance income		28	-	28	358	-	358		211		-		211
	Finance costs		(2,377)	-	(2,377)	(2,622)	-	(2,622)		(5,090)		-		(5,090)
	Profit before taxation		12,709	(12,374)	335	11,451	(2,988)	8,463		23,588		(5,805)		17,783
	Income tax	7	(3,672)	3,188	(484)	(2,990)	685	(2,305)		(8,892)		1,204		(7,688)
	Profit/(Loss) for the Period		9,037	(9,186)	(149)	8,461	(2,303)	6,158		14,696		(4,601)		10,095
	Profit/(Loss) for the Period attributable to equity holders of the parent		9,121	(9,186)	(65)	8,508	(2,303)	6,205		14,555		(4,601)		9,954
	Non-controlling interest		(84)	-	(84)	(47)	-	(47)		141		-		141
	Earnings per share
	Basic	4	4.21p	(4.24p)	(0.03p)	3.96p	(1.07p)	2.89p		6.75p		(2.13p)		4.62p
	Diluted	4	4.12p	(4.14p)	(0.03p)	3.89p	(1.05p)	2.84p		6.62p		(2.09p)		4.52p
	CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
			(unaudited)			(unaudited)				(audited)
			Six months ended  30 June 2026			Six months ended  30 June 2025				Year ended  31 December 2025
					£'000			£'000						£'000
	(Loss)/Profit for the period				(149)			6,158						10,095
	Exchange differences on translation of foreign operations				(3,954)			3,505						8,028
	(Loss)/gain arising on cash flow hedges				(974)			4,136						1,664
	Deferred tax change arising on cash flow hedges				162			(739)						(306)
	Other comprehensive (loss)/income for the period				(4,766)			6,902						9,386
	Total comprehensive (loss)/income for the period				(4,915)			13,060						19,481
	Total comprehensive (loss)/income for the year attributable equity holders of the parent				(4,831)			13,107						19,340
	Total comprehensive (loss)/ income for the year attributable to Non-controlling interest				(84)			(47)						141

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		(unaudited)	(unaudited)	(audited)
		30 June 2026	30 June 2025	31 December 2025
	Note	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets		86,190	94,329	92,731
Goodwill	11	111,404	118,953	112,693
Property, plant and equipment		49,050	46,573	48,750
Trade and other receivables		1,184	1,080	1,219
Derivative financial assets		-	910	12
Deferred tax assets		203	1,268	-
		248,031	263,113	255,405
Current assets
Inventories		75,357	62,019	70,047
Trade and other receivables		52,873	50,093	47,654
Derivative financial assets		577	2,045	1,213
Current tax assets		1,764	827	2,436
Cash and cash equivalents		13,558	19,339	18,015
		144,129	134,323	139,365
Total assets		392,160	397,436	394,770
Liabilities
Current liabilities
Trade and other payables		30,624	32,752	30,951
Derivative financial liabilities		175	-	-
Provisions		3,844	-	-
Borrowings	10	10,846	9,470	11,370
Current tax liabilities		600	1,290	4,293
Lease liabilities		2,953	3,208	3,332
		49,042	46,720	49,946
Non-current liabilities
Other non-current liabilities		5,143	4,264	4,814
Derivative financial liabilities		152	-	-
Borrowings	10	63,060	59,956	57,101
Deferred tax liabilities		10,956	19,821	13,085
Lease liabilities		8,507	9,741	9,720
		87,818	93,782	84,720
Total liabilities		136,860	140,502	134,666
Net assets		255,300	256,934	260,104
Equity
Share capital	13	11,037	10,961	10,977
Share premium		39,232	37,691	37,844
Other reserves	13	23,743	18,795	20,686
Hedging reserve		106	2,957	918
Translation reserve		(225)	(794)	3,729
Retained earnings		180,206	186,632	184,637
Equity attributable to equity holders of the parent		254,099	256,242	258,791
Non-controlling interests	13	1,201	692	1,313
Total equity		255,300	256,934	260,104

CONDENSED CONSOLIDATED Statement of Changes in Equity

		Share		Share		Other		Hedging		Translation		Retained		Total attributable	Non-controlling
		capital		premium		reserve		reserve		reserve		earnings		to owners	Interest	Total
		£'000		£'000		£'000		£'000		£'000		£'000		£'000	£'000	£'000
At 1 January 2026 (audited)		10,977		37,844		20,686		918		3,729		184,637		258,791	1,313	260,104
Consolidated loss for the period to 30 June 2026		-		-		-		-		-		(65)		(65)	(84)	(149)
Other comprehensive loss		-		-		-		(812)		(3,954)		-		(4,766)		(4,766)
Total comprehensive loss		-		-		-		(812)		(3,954)		(65)		(4,831)	(84)	(4,915)
Share-based payments		-		-		2,225		-		-		-		2,225		2,225
Excess Deferred tax on share-based payments		-		-		827		-		-		-		827		827
Share options exercised		60		1,388		5		-		-		-		1,453		1,453
Changes in non-controlling interest		-		-		-		-		-		-		-	(28)	(28)
Dividends paid (Note 9)		-		-		-		-		-		(4,366)		(4,366)	-	(4,366)
At 30 June 2026 (unaudited)		11,037		39,232		23,743		106		(225)		180,206		254,099	1,201	255,300
		Share		Share		Other		Hedging		Translation		Retained		Total attributable	Non-controlling
		capital		premium		reserve		reserve		reserve		earnings		to owners	Interest	Total
		£'000		£'000		£'000		£'000		£'000		£'000		£'000	£'000	£'000
At 1 January 2025 (audited)		10,892		37,525		16,625		(440)		(4,299)		180,474		240,777	739	241,516
Consolidated profit for the period to 30 June 2025		-		-		-		-		-		6,158		6,158	-	6,158
Other comprehensive income		-		-		-		3,397		3,505		-		6,902	-	6,902
Total comprehensive income		-		-		-		3,397		3,505		6,158		13,060	-	13,060
Share-based payments		-		-		1,900		-		-		-		1,900	-	1,900
Excess Deferred tax on share-based payments		-		-		237		-		-		-		237	-	237
Share options exercised		69		166		33		-		-		-		268	-	268
Changes in non-controlling interest		-		-		-		-		-		-		-	(47)	(47)
Dividends paid (Note 9)		-		-		-		-		-		-		-	-	-
At 30 June 2025 (unaudited)		10,961		37,691		18,795		2,957		(794)		186,632		256,242	692	256,934
	Share		Share		Other		Hedging		Translation		Retained		Total attributable		Non-controlling
	capital		premium		reserve		reserve		reserve		earnings		to owners		Interest	Total
	£'000		£'000		£'000		£'000		£'000		£'000		£'000		£'000	£'000
At 1 January 2025 (audited)	10,892		37,525		16,625		(440)		(4,299)		180,474		240,777		739	241,516
Consolidated profit for the year to 31 December 2025	-		-		-		-		-		9,954		9,954		141	10,095
Other comprehensive loss	-		-		-		1,358		8,028		-		9,386		-	9,386
Total comprehensive (loss)/income	-		-		-		1,358		8,028		9,954		19,340		141	19,481
Share-based payments	-		-		4,140		-		-		-		4,140		-	4,140
Excess Deferred tax on share-based payments	-		-		(128)		-		-		-		(128)		-	(128)
Share options exercised	85		319		49		-		-		-		453		-	453
Changes in non-controlling interest	-		-		-		-		-		-		-		433	433
Dividends paid (Note 9)	-		-		-		-		-		(5,791)		(5,791)		-	(5,791)
At 31 December 2025 (audited)	10,977		37,844		20,686		918		3,729		184,637		258,791		1,313	260,104

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		(unaudited)	(unaudited)	(audited)
		Six months	Six months	Year
		ended	ended	ended
		30 June 2026	30 June 2025	31 December 2025
	Note	£'000	£'000	£'000
Cash flows from/(used in) operating activities
Operating profit		2,684	10,727	22,662
Adjustments for:
Depreciation		3,956	3,912	8,036
Amortisation - acquired intangible assets		5,223	5,164	10,313
- software intangibles		358	300	655
- development costs		1,661	1,297	2,393
Impairment of fixed assets		2,961	-	-
Impairment of intangible assets		698	-	-
Increase in inventories		(6,074)	(7,068)	(13,267)
(Decrease)/Increase in trade and other receivables		(5,483)	1,017	5,036
Increase/(decrease) in trade and other payables		3,924	208	(2,048)
Share-based payments expense		2,225	1,900	4,140
Taxation paid		(4,726)	(2,319)	(5,333)
Net cash inflow from operating activities		7,407	15,138	32,587
Cash flows from investing activities
Purchase of software		(64)	(160)	(1,111)
Capitalised development costs		(2,023)	(1,614)	(4,131)
Purchases of property, plant and equipment		(7,424)	(2,351)	(7,358)
Proceeds from disposal of property, plant and equipment		67	-	54
Interest received		26	135	207
Acquisitions (net of cash acquired)		-	-	72
Payment of contingent consideration		-	(1,064)	(1,064)
Net cash used in investing activities		(9,418)	(5,054)	(13,331)
Cash flows from financing activities
Dividends paid	9	(4,366)	-	(5,791)
Repayment of principal under lease liabilities		(1,915)	(1,659)	(3,885)
Repayment of borrowings	10	-	-	(5,000)
Net movement in short-term borrowings	10	6,327	(3,687)	(576)
Issue of equity shares		1,419	172	329
Interest paid		(3,018)	(2,490)	(4,045)
Net cash used in financing activities		(1,553)	(7,664)	(18,968)
Net (decrease)/increase in cash and cash equivalents		(3,564)	2,420	288
Cash and cash equivalents at the beginning of the period		18,015	17,039	17,039
Effect of foreign exchange rate changes		(893)	(120)	688
Cash and cash equivalents at the end of the period		13,558	19,339	18,015

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 six months ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the "Group").

The Group is primarily involved in the design, development and manufacture of innovative tissue-healing technology for sale into the global medical device market.

2.      Basis of preparation

The information for the period ended 30 June 2026 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2025 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. All revenue relates to external customers.

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 apart from the adoption of the following new or amended IFRS accounting standards and Interpretations issued by the International Accounting Standards Board (IASB):

Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

Annual Improvements to IFRS Accounting Standards - Amendments to:

·     IFRS 1 First-time Adoption of International Financial Reporting Standards;

·     IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;

·     IFRS 9 Financial Instruments;

·     IFRS 10 Consolidated Financial Statements; and

·     IAS 7 Statement of Cash flows

No 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 United Kingdom. These condensed interim accounts should be read in conjunction with the annual accounts of the Group for the year ended 31 December 2025. The critical accounting judgements and key sources of estimation uncertainty for the period ended 30 June 2026 are aligned to those disclosed in the Annual Report and Accounts for the year ended 31 December 2025.

The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with IFRS accounting standards as adopted by the United Kingdom.

4.      Earnings per share

	(unaudited)	(unaudited)	(audited)
	Six months	Six months	Year
	ended	ended	ended
	30 June 2026	30 June 2025	31 December 2025
Number of shares	'000	'000	'000
Weighted average number of ordinary shares	220,011	218,153	218,766
Basic weighted average number of shares held by Employee Benefit Trust	(3,222)	(3,222)	(3,222)
Weighted average number of ordinary shares for the purposes of basic earnings per share	216,789	214,931	215,544
Effect of dilutive potential ordinary shares: share options, deferred annual bonus, Share Incentive Plan, LTIPs	4,835	3,856	4,465
Weighted average number of ordinary shares for the purposes of diluted earnings per share	221,624	218,787	220,009

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.

Adjusted earnings per share

Adjusted EPS is calculated after adding back amortisation of acquired intangible assets, exceptional items and movement in long-term acquisition liabilities and is based on earnings of:

	(unaudited)	(unaudited)	(audited)
	Six months	Six months	Year
	ended	ended	ended
	30 June 2026	30 June 2025	31 December 2025
	£'000	£'000	£'000
Earnings
Profit for the period attributable to equity holders of the parent	(65)	6,205	9,954
Exceptional items	12,374	2,988	5,805
Amortisation of acquired intangible assets	5,223	5,164	10,313
Movement in long-term acquisition liabilities	192	(232)	42
Tax impact of adjusted items	(3,864)	(1,723)	(290)
Adjusted profit for the period attributable to equity holders of the parent	13,860	12,402	25,824
	pence	pence	pence
Basic EPS	(0.03)	2.89	4.62
Diluted EPS	(0.03)	2.84	4.52
Adjusted basic EPS	6.39	5.77	11.98
Adjusted diluted EPS	6.25	5.67	11.74

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

The adjusted diluted EPS information is considered to provide an alternative representation of the Group's trading performance, consistent with the view of management.

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 and exceptional items. 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:

Surgical

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

Woundcare

Selling, marketing and innovation of the Group's advanced Woundcare products supplied under partner brands, bulk materials and the ActivHeal^® brand predominantly to the UK NHS as well as bio diagnostics products following the acquisition of Raleigh.

Segment information about these Business Units is presented below:

Six months ended 30 June 2026	Surgical	Woundcare	Consolidated
(unaudited)	£'000	£'000	£'000
Revenue	91,406	24,052	115,458
Result
Adjusted segment operating profit	18,307	2,250	20,557
Amortisation of acquired intangibles	(4,753)	(470)	(5,223)
Segment operating profit	13,554	1,780	15,334
Unallocated expenses			(276)
Exceptional items			(12,374)
Operating profit			2,684
Finance income			28
Finance costs			(2,377)
Profit before taxation			335
Tax			(484)
Profit for the period			(149)

At 30 June 2026 (unaudited)	Surgical	Woundcare	Consolidated
Other information	£'000	£'000	£'000
Capital additions/(disposals):
Software intangibles	60	4	64
Development	1,761	262	2,023
Property, plant and equipment	6,352	1,072	7,424
Depreciation and amortisation	(9,431)	(1,767)	(11,198)
Balance sheet
Assets
Segment assets	333,593	58,567	392,160
Unallocated assets			-
Consolidated total assets	333,593	58,567	392,160
Liabilities
Segment liabilities	108,187	24,614	132,801
Unallocated liabilities			4,059
Consolidated total liabilities	108,187	24,614	136,860

Six months ended
30 June 2025		Surgical		Woundcare	Consolidated
(unaudited)		£'000		£'000	£'000
Revenue		87,902		22,867	110,769
Result
Adjusted segment operating profit		17,557		1,849	19,406
Amortisation of acquired intangibles		(4,694)		(470)	(5,164)
Segment operating profit		12,863		1,379	14,242
Unallocated expenses					(527)
Exceptional items					(2,988)
Operating profit					10,727
Finance income					358
Finance costs					(2,622)
Profit before taxation					8,463
Tax					(2,305)
Profit for the period					6,158

At 30 June 2025 (unaudited)	Surgical		Woundcare		Consolidated
Other information	£'000		£'000		£'000
Capital additions/(disposals):
Software intangibles	130		30		160
Development	1,376		238		1,614
Property, plant and equipment	2,741		(390)		2,351
Depreciation and amortisation	(9,032)		(1,641)		(10,673)
Balance sheet
Assets
Segment assets	340,561		56,875		397,436
Unallocated assets					-
Consolidated total assets	340,561		56,875		397,436
Liabilities
Segment liabilities	118,671		20,828		139,499
Unallocated liabilities					1,003
Consolidated total liabilities	118,671		20,828		140,502
Year ended
31 December 2025		Surgical		Woundcare	Consolidated
(audited)		£'000		£'000	£'000
Revenue		183,451		45,485	228,936
Result
Adjusted segment operating profit		35,903		3,852	39,755
Amortisation of acquired intangibles		(9,373)		(940)	(10,313)
Segment operating profit		26,530		2,912	29,442
Exceptional items					(975)
Unallocated expenses					(5,805)
Operating profit					22,662
Finance income					211
Finance costs					(5,090)
Profit before taxation					17,783
Tax					(7,688)
Profit for the year					10,095

At 31 December 2025
(audited)	Surgical	Woundcare	Consolidated
Other information	£'000	£'000	£'000
Capital additions/(disposals):
Software intangibles	995	116	1,111
Development	3,522	609	4,131
Property, plant and equipment	6,877	481	7,358
Depreciation and amortisation	(18,141)	(3,256)	(21,397)
Balance sheet
Assets
Segment assets	340,828	53,942	394,770
Unallocated assets			-
	340,828	53,942	394,770
Liabilities
Segment liabilities	112,655	21,306	133,961
Unallocated liabilities			705
Consolidated total liabilities	112,655	21,306	134,666

Geographical segments

Segment revenue is based on the geographical location of customers. Segment assets are based on the country by which the legal entity resides.

	(unaudited)	(unaudited)	(audited)
	Six months ended	Six months ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
Segmental Revenue	£'000	£'000	£'000
United Kingdom	11,235	8,516	19,675
Germany	16,977	14,916	30,993
France	13,193	13,242	25,055
Rest of Europe	31,821	28,402	62,468
United States of America	25,337	27,403	53,893
Rest of World	16,895	18,290	36,852
	115,458	110,769	228,936

The following table provides an analysis of the Group's total non-current assets by geographical location:

	(unaudited)	(unaudited)	(audited)
	30 June 2026	30 June 2025	31 December 2025
Segmental Assets	£'000	£'000	£'000
United Kingdom	45,708	46,803	46,173
Germany	63,233	66,144	67,903
France	89,688	99,598	93,468
Rest of Europe	26,490	29,456	28,089
Rest of world	22,912	21,112	19,772
	248,031	263,113	255,405

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 2026 which are categorised as a Level 2 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements. The fair value amounts presented below are the difference between the market value of equivalent instruments at the Statement of Financial Position date determined using the mid-market price and the contract value of the instruments. No profits or losses are included in operating profit in the year (30 June 2025: £nil, 31 December 2025: £nil) in respect of FVTPL contracts.

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

	Ave. exchange rate			Foreign currency			Fair value
	As at	As at	As at	As at	As at	As at	As at	As at	As at
	30 June	30 June	31 December	30 June	30 June	31 December	30 June	30 June	31 December
	2026	2025	2025	2026	2025	2025	2026	2025	2025
	USD: £1	USD: £1	USD: £1	USD'000	USD'000	USD'000	£'000	£'000	£'000
Cash flow hedges
Sell US dollars
Less than 3 months	1.25	1.23	1.30	10,000	9,000	10,000	436	734	265
3 to 6 months	1.31	1.26	1.29	10,000	9,000	9,000	83	561	245
7 to 12 months	1.34	1.30	1.28	16,000	18,000	21,000	(117)	750	703
Over 12 months	1.35	1.28	1.34	15,000	18,000	16,000	(152)	910	12
				51,000	54,000	56,000	250	2,955	1,225

Derivative financial instruments receivable	577	2,955	1,225
Derivative financial instruments payable	(327)	-	-

7.      Taxation

The income tax expense for the period to 30^th June 2026 has been recorded by initially applying the estimated effective tax rate for the full year before exceptional items against the profit for the period before exceptional items. Additional tax expenses has been recognised against those exceptional items incurred in the period to 30^th June 2026 due to their one-off nature.

The Group's adjusted effective corporation tax rate reduced to 24% (2025 H1: 25%) as a result of the Group's main profits arising in the UK where the Group benefits from the UK patent box regime. The Group's reported effective corporation tax rate increased to 144% (2025 H1: 27.2%) as a result of a combination of factors. Low profits in certain jurisdictions impacted by the Group's restructure reduced the Group's reported profit whilst the Group recorded intangible asset amortisation against which a non-cash deferred tax credit was not available, adversely affecting the effective tax rate.

8.      Exceptional items

As noted in the Financial Review, exceptional items totalling £12.4 million (2025 H1: £3.0 million) have been incurred in the period. These costs have been deemed exceptional items as the Group's operational synergy projects are significant in nature and cost, will continue for a fixed term until summer 2027 following the closure of relevant sites and will yield significant benefits in future periods. Therefore, the Group's performance has been summarised including and excluding these costs to give additional information to the users of the financial statements. 

	(unaudited)	(unaudited)	(audited)
	Six months ended	Six months ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
Exceptional items:	£'000	£'000	£'000
Operational synergy project activities	2,786	2,504	5,145
Employee termination costs	3,844	484	660
Asset impairment	3,659	-	-
H.B. Fuller related transaction costs	2,085	-	-
Total exceptional items	12,374	2,988	5,805

Operational synergy project activities related costs predominately relate to the costs of an internal dedicated integration team and their associated project costs and certain other relevant project activities. These costs relate to the Group's Suture and Collagen operational synergy programme which is progressing to plan with four sites in Germany and one site in Czechia expected to cease manufacturing by the end of March 2027. Up to the end of 2025, these costs related to integration-related costs, which predominately related to consultancy services to lead the integration project as well as the costs of an internal dedicated integration team and other relevant integration activities.

Employee termination costs relate to costs incurred to close certain sites. In line with the accounting policy, a provision for future termination costs to be incurred are included where the Group has formed a detailed plan, has started to carry out detailed plan, costs can be reliable measured and where the Group has clearly communicated with relevant stakeholders affected by the planned restructure. Communication to relevant stakeholders took place in January 2026.

Impairment of assets include impairment of tangible assets at the sites expected to close where carrying value exceeds recoverable value for land, buildings, plant and machinery. Impairment of intangible assets are for previously capitalised regulatory certification costs for a Suture product line no longer continuing under the new planned operational structure, which is now deemed to have nil carrying value, and hence impaired.

H.B. Fuller related transaction costs include costs for external legal services relating to the proposed Acquisition. Additionally, £0.5 million of additional social security accruals arose due to the higher share price following H.B. Fuller's offer to acquire the Group.  Given the unique and significant nature of the transaction, these costs have been deemed exceptional in nature.

9.      Dividends

	(unaudited)	(unaudited)	(audited)
	Six months ended	Six months ended	Year ended
	30 June 2026	30 June 2025	31 December 2025
Amounts recognised as distributions to equity holders in the period:	£'000	£'000	£'000
Final dividend for the year ended 31 December 2024 of 1.83p per ordinary share (2023: 1.66p)	-	-	3,954
Interim dividend for the year ended 31 December 2025 of 0.85p per ordinary share (2024: 0.77p)	-	-	1,837
Final dividend for the year ended 31 December 2025 of 2.01p per ordinary share (2024: 1.83p)	4,366	-	-
	4,366	-	5,791

The final dividend for the year ended 31 December 2024 was paid 17 July 2025 resulting in £nil dividend being recognised in the first half of 2025.

10.     Net debt

	(unaudited)	(unaudited)	(audited)
	30 June 2026	30 June 2025	31 December 2025
The following table provides an analysis of the Group's net (debt)/cash	£'000	£'000	£'000
Cash and cash equivalents	13,558	19,339	18,015
Facility A borrowings	(54,714)	(59,627)	(54,757)
Facility B borrowings	(12,932)	(3,943)	(5,973)
Accrued interest	(28)	(35)	(759)
Other debt	(6,232)	(5,821)	(6,982)
Net debt	(60,348)	(50,087)	(50,456)

Net debt includes cash and cash equivalents and borrowings as a non-IFRS measure as an additional measure of the Group's financial position.

The Group's borrowings primarily relate to a credit facility from a syndicate comprising HSBC & NatWest which includes a £55 million long term loan (Facility A) with annual repayments of £5 million per year and a £30 million revolving credit facility (Facility B). At the reporting date, £13 million of the revolving credit facility was utilised, leaving flexibility to draw a further £17 million to support working capital needs in the future. Interest on both is based on SONIA plus a margin of +1.50% based on the Group's net leverage. The Group expects to use its positive operational cash flow to repay these facilities over time. The facilities run until April 2028 following the exercise of a one-year extension in the period.

The loan has covenants in place meaning the Group needs to comply with the following financial conditions: a) Interest cover in respect of any relevant period shall not be less than 4.0:1.0 and b) Net leverage in respect of each relevant period shall not exceed 3.0:1.0.

Interest cover is 14.6 (2025 H1: 8.3) and calculated as a ratio of EBITDA to net finance charge in respect of any relevant period. Net leverage is 1.2 (2025 H1: 1.1) and calculated as a ratio of total net debt on the last day of that relevant period to Adjusted EBITDA in respect of that relevant period. Given significant headroom, the Group expects facility margin to remain at +1.50% for the remainder of the loan term.

Other debt primarily relates to long standing debt factoring facility in France which provides short term, flexible, euro funding.

11.     Goodwill

	(unaudited)	(unaudited)	(audited)
	30 June 2026	30 June 2025	31 December 2025
Movement in Goodwill	£'000	£'000	£'000
Balance at the beginning of the period	112,693	116,884	116,884
Other movements	(1,289)	2,069	(4,191)
Balance at the end of the period	111,404	118,953	112,693

12.     Contingent liabilities

As at the end of the period, contingent consideration arising on acquisitions were measured at discounted fair value of £3.1 million (30 June 2025: £2.8 million, 31 December 2025 £2.9 million). A maximum potential earnout of €4 million relating to the 2023 acquisition of Connexicon has been recognised at fair value of £1.6 million (30 June 2025: £1.5 million, 31 December 2025: £1.6 million). The earn-out relating to the 2019 acquisition of Sealantis is based on a percentage of sales and is recognised at a fair value of £1.5 million (30 June 2025: £1.3 million, 31 December 2025: £1.3 million). Contingent consideration arising on business combinations are categorised as a Level 3 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements.

During the period, £nil (2025 H1: £1.1 million) earn-out payments were made in respect of prior acquisitions.

Subject to the completion of the proposed Acquisition, the Group expects further transaction costs of approximately £15 million relating to financial, legal and other advice.

The Directors are not aware of any additional contingent liabilities faced by the Group as at 30 June 2026 (30 June 2025: £nil, 31 December 2025: £nil).

13.    Equity

Share capital as at 30 June 2026 amounted to £11,037,000 (30 June 2025: £10,961,000, 31 December 2025: £10,977,000). During the period the Group issued 1,692,879 shares in respect of Share Options, LTIPS and the Share Incentive Plan.

Other reserves include a merger reserve, share-based payments reserve, Share-based payments deferred tax reserve and Investment in own shares reserve. The merger reserve represents Advanced Medical Solutions Limited's share premium account arising from merger accounting. The Investment in own shares relates to shares held in trust on behalf of employees in respect of the Share Incentive Plan.

A non-controlling interest in an Algeria based manufacturer and distributor of Sutures, arose as a result of the 2024 acquisition of Peters Surgical whilst a non-controlling interest in an Indonesian Suture manufacturing and distribution operation arose in H2 2025.

14.    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 and considered whether there are any factors that indicate a deterioration in trading performance beyond 12 months from the date of approval of the condensed consolidated financial statements. The forecasts used are based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment.

The Group has used sensitivity analysis on the Group's forecasted performance, using a 10% sales reduction scenario which is felt to reflect a significant deterioration of trading. The results show that the Group is able to continue its operations for a period of at least 12 months from the date of approval of the condensed consolidated financial statements.

With regards to the Group's financial position, it had cash and cash equivalents at 30 June 2026 of £13.6 million and £17 million available under a revolving credit facility as summarised in note 10. The facilities run until April 2028.

AMS operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, long-term market growth is expected. 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.

The Group's borrowing facilities are subject to standard change of control clauses which may be activated due to the proposed Acquisition. H.B. Fuller has obtained committed bridge financing to fund the Acquisition and ensure sufficient capital is available.

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.

15.    Principal risks and uncertainties

Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 32-38 of the Annual Report and Accounts for the year ended 31 December 2025. There have been no significant changes since the last annual report.

16.    Seasonality of sales

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

17.    Events after the balance sheet date

On 25^th June 2026, it was announced that the boards of directors of H.B. Fuller and AMS had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of AMS by H.B. Fuller Medical Adhesive Technologies Inc.

On 12^th August 2026, shareholder approval for the Scheme of Arrangement was obtained at the Court Meeting and the General Meeting (as those terms are defined in the Scheme Document). Completion of the Acquisition remains subject to the satisfaction (or, if applicable, waiver) of the outstanding Conditions (as defined in the Scheme Document), including Conditions 3(a) to (g).

This subsequent event is considered a non-adjusting event, with no impact on the value of financial assets and liabilities at the reporting date, 30 June 2026.

18.    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".

 

19.     Additional alternative performance measure

To provide the clearest possible insight into our financial performance and financial position, the Group uses alternative performance measures. These measures are not defined in International Financial Reporting Standards (IFRS) and are, therefore, considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate.

AMS uses such measures consistently at the half-year and full-year and reconciles them as appropriate. The measures used in this statement includes constant currency revenue growth which allows the impact of exchange rate volatility to be separately identified and is reconciled below.

Adjusted operating profit, adjusted profit before tax and adjusted EBITDA allow the impact of exceptional items, amortisation, and the movement in long-term acquisition liabilities to be separately identified. Adjusted operating profit is reconciled below whilst adjusted profit before tax and adjusted EBITDA are reconciled in the Financial Review.

Adjusted earnings per share is reconciled in note 4 allowing the impact of exceptional items, amortisation, and the movement in long-term acquisition liabilities to be separately identified.

Adjusted income tax as reconciled below shows the income tax expense after removing the tax impact of adjusted items.

Net debt/cash is an additional non-GAAP measure used to provide a useful overview of the Group's financial position as reconciled in note 10. 

Reconciliation of constant currency

Constant currency performance is measured by re-translating 2026 revenues at the previous year's exchange rates.

Surgical Business Unit	2026 H1 Re-translated £ million	2025 H1 Reported £ million	Change at constant currency
Advanced Closure	22.5	24.5	-8%
Internal Fixation and Sealants	4.8	3.6	33%
Sutures, clips and VTO	41.6	38.8	7%
Biosurgical Devices	13.0	13.0	0%
Other Distributed	8.0	8.0	-1%
Total	89.9	87.9	2%

Woundcare Business Unit	2026 H1 Re-translated £ million	2025 H1 Reported £ million	Change at constant currency
Infection and Exudate Management	22.2	21.6	3%
Other Woundcare	1.9	1.3	38%
Total	24.1	22.9	5%

Reconciliation of operating profit to adjusted operating profit
	(unaudited)	(unaudited)
	Six months ended	Six months ended
	30 June 2026	30 June 2025
	£'000	£'000
Operating profit	2,684	10,727
Amortisation of acquired intangibles	5,223	5,164
Exceptional items	12,374	2,988
Adjusted operating profit	20,281	18,879

Reconciliation of Segment EBITDA to Adjusted EBITDA
	(unaudited)	(unaudited)
	Six months ended	Six months ended
	30 June 2026	30 June 2025
	£'000	£'000
Adjusted Surgical segment EBITDA	22,985	21,895
Adjusted Woundcare segment EBITDA	3,547	3,020
Unallocated expenses	(276)	(527)
Adjusted EBITDA	26,256	24,388

Adjusted EBITDA is reconciled to operating profit in the Financial review.

Reconciliation of reported income tax to adjusted income tax
	(unaudited)	(unaudited)
	Six months ended	Six months ended
	30 June 2026	30 June 2025
	£'000	£'000
Income tax	484	2,305
Tax on exceptional items	3,188	685
Movement in deferred tax on acquired intangibles	636	1,094
Tax on other adjusted items	40	(55)
Adjusted income tax	4,348	4,029

 

END