(Alliance News) - Advanced Medical Solutions Group PLC on Wednesday reported a steady performance in the first half of the year, as it lifted dividend payments.
In the first half of 2022, the Winsford-based surgical dressings said revenue was 16% higher year-on-year at GBP58.3 million from GBP50.2 million. This was mostly down to commercial progress and higher pricing to mitigate inflationary pressures, the company explained.
Pretax profit rose 10% to GBP12.3 million from GBP11.2 million.
Shares in AMS were 4.8% higher at 273.55 pence each in London on Wednesday morning.
During the period, AMS saw the approval of its LiquiBand XL product, granting it access to a USD60 million long wound sealant market in the US. It also completed the acquisition of AFS Surgical, with integration progressing well and the financial performance continuing to fall in line with expectations.
The firm increased its interim dividend to 0.64p, up 10% from 0.58p a year before.
"The group's ongoing, robust financial health makes it well placed to deliver organic and acquisitive growth," said Chief Executive Officer Chris Meredith.
It has continued to trade well in the third quarter, and remains confident of meeting full year expectations.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Advanced Medical Solutions Group (AMS)