Last checked at 5 Jul 2016 07:00
5 July 2016 |
Advanced Medical Solutions Group plc
("AMS", the "Company" or the "Group")
Trading Update
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a leading developer and manufacturer of advanced products for the global surgical and wound care markets, today announces a trading update covering the six-month period 1 January to 30 June 2016.
The Board confirms that trading for the six-month period is in line with the Board's expectations. Based upon the exchange rates as at 23 June 2016, it currently expects revenue to be ahead (primarily as a result of currency effects) and profitability to be in line with current market expectations for the full year 2016.
Referendum vote to leave the EU and Foreign Exchange effects
There has been no immediate impact on the Company's day-to-day operations following the UK's referendum vote to leave the European Union. However, as Sterling weakens against the US Dollar and the Euro, the Group's revenues will improve. Approximately 30% of the Group's sales are in US dollars and 30% of its sales are in Euros.
The Group hedges significant transaction exposure and aims to have 70% of its estimated transactional exposure for the next twelve months, on a rolling basis, hedged. Consequently, the benefit of weak Sterling is unlikely to be significant in the short term.
The Group's main transactional exposure is to the US dollar as the Group is more naturally hedged against the Euro because of its European operations and cost base.
Chris Meredith, Chief Executive Officer of AMS, commented: "The Board is pleased with the ongoing strong performance of the business and we are on track for the full year. We remain focused on our strategic objectives whilst delivering innovation to patients and surgeons."
The Group expects to publish its Interim Results for the period to 30 June 2016 in September 2016.
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For further information, please visit our new website 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) 20 3709 5700 |
Mary-Jane Elliott / Jonathan Birt / Matthew Neal / Hendrik Thys | AMS@consilium-comms.com |
Investec Bank PLC (NOMAD & Broker) | Tel: +44 (0) 20 7597 5970 |
Gary Clarence / Daniel Adams / Patrick Robb |
About Advanced Medical Solutions Group plc - see www.admedsol.com
AMS is a world-leading independent developer and manufacturer of innovative and technologically advanced products for the global surgical, wound care and wound closure markets, focused on quality outcomes for patients and value for payors. AMS has a wide range of products that include silver alginates, alginates, foams, tissue adhesives, sutures and haemostats, 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 more than 70 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 Company has 510 employees. For more information please see www.admedsol.com.