Last checked at 16 Dec 2014 07:00
16 December 2014
Advanced Medical Solutions Group plc
("AMS", the "Company" or the "Group")
Pre-Close Trading Update
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS.L), the surgical and advanced woundcare specialist company, today announces an update on trading prior to its close period for the year ending 31 December 2014.
The Group continues to make good progress, as highlighted in the 2014 Interim Results announcement on 10 September 2014, and, despite revenue being impacted by currency, the Board expects revenue and profitability for the full year 2014 to be in line with current market expectations.
The Group also announces it has agreed a new five year £30 million multi-currency revolving credit facility with an accordion option under which AMS can request up to an additional £20 million on the same terms. The previous facility was due to expire in 2015 so the Company is taking advantage of favourable credit conditions to put in place a more suitable facility to support the Group's growth ambitions. The new facility is provided jointly by the Group's existing bankers, HSBC, as well as The Royal Bank of Scotland PLC, and replaces the existing £4 million facility. It is unsecured on the assets of the Group and is currently undrawn. The Company has continued to increase its net cash position which was £10.2 million as at 30 June 2014.
Chris Meredith, Chief Executive Officer of AMS, said:
"The Group continues to deliver strong organic growth and, with available cash funds and the new bank facility, is in a strong position to deliver further growth."
The Group expects to publish its Preliminary Results for the year to 31 December 2014 on Wednesday 4 March 2015.
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For further information, please visit www.admedsol.com or contact:
Advanced Medical Solutions Group plc | Tel: +44 (0) 1606 545508 |
Chris Meredith, Chief Executive Officer Mary Tavener, Group Finance Director | |
Consilium Strategic Communications | Tel: +44 (0) 3709 5702 |
Mary-Jane Elliott / Jonathan Birt / Matthew Neal / Ivar Milligan | |
Investec Bank plc (NOMAD & Broker) | Tel: +44 (0) 20 7597 5970 |
Gary Clarence / Daniel Adams / Patrick Robb |
About Advanced Medical Solutions Group plc
Founded in 1991, AMS is a leader in the development and manufacture of innovative and technologically advanced products for the US$20 billion global wound care and wound closure market. AMS has a wide range of products based on technologies that include alginates, silver alginates, foams, collagens, cyanoacrylate adhesives and sutures.
AMS manufactures wound care products for an extensive list of Original Equipment Manufacturer ("OEM") customers around the world, but the majority of the Group's revenues now come from its own brands - ActivHeal® wound care products in the UK to the NHS, LiquiBand® cyanoacrylate products primarily in the UK, Europe and the USA, and RESORBA® sutures and haemostat products primarily in Europe. AMS develops innovative products from its R&D pipeline which it commercialises globally, either directly or through partnerships with its OEM customers.
AMS's products are sold globally via a network of regional or multinational partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, the Czech Republic and Russia. With 465 employees operating under four distinct business units (Branded Direct, Branded Distributed, OEM and Bulk Materials) that match its multiple products and routes-to-market, AMS's products are manufactured from two sites in the UK, one in the Netherlands, two in Germany and one in the Czech Republic. For more information please see www.admedsol.com