ADVANCED MEDICAL SOLUTIONS GROUP PLC Resilience, innovation and growth
Annual Report & Accounts 2022
A B O U T A M S
Advanced Medical Solutions Group plc is a world-leading specialist in tissue- healing technologies.
"Given the current challenging economic conditions, I am delighted with the resilience that our business has shown in delivering another period of strong financial performance."
Chris Meredith, Chief Executive Officer
Company Overview | Governance | ||
01 | Highlights | 48 | Board of Directors |
02 | AMS at a Glance | 50 | Senior Management Team |
04 | Why Invest in AMS | 52 | Corporate Governance Report |
Strategic Report | 58 | Nomination Committee Report | |
61 | Audit Committee Report | ||
06 | Our Business Model | ||
65 | Remuneration Committee Report | ||
08 | Year in Review | ||
76 | Directors' Report | ||
10 Chief Executive's Q&A
12 | Market and Business Overview | Financial Statements | |
14 | Our Strategy | 79 | Independent Auditor's Report |
18 | Key Performance Indicators | 87 | Consolidated Income Statement |
20 | Operating Review - Surgical Business Unit | 88 | Consolidated Statement of |
22 | Operating Review - Woundcare Business Unit | Comprehensive Income | |
24 | s172 (Stakeholder Engagement) | 89 | Consolidated Statement of Financial Position |
28 | Environmental, Social and Governance | 90 | Consolidated Statement of Changes in Equity |
40 | Financial Review | 91 | Consolidated Statement of Cash Flows |
43 | Risk Management | 92 | Notes Forming Part of the |
Consolidated Financial Statements | |||
123 | Company Statement of Financial Position | ||
124 | Company Statement of Changes in Equity | ||
125 | Notes to the Company Financial Statements | ||
130 | Five Year Summary | ||
130 | Alternative Performance Measures | ||
131 | Advisors |
O v e r v ie wS t r at eg i c R ep o r t G ov er n a n c e F i n a n c i a l S tat e m en t s
H I G H L I G H T S
Group revenue (£ million)
£124.3m
2021: £108.6m Change: +14% (+10% at constant currency1)
2020: £86.8m
Profit before tax margin
(%)
20.8%
2021: 20.2% Change: +0.6pp
2020: 11.6%
Profit before tax (£ million)
£25.9m
2021: £22.0m Change: +18%
2020: £10.1m
Diluted earnings per share
(p)
9.30p
2021: 8.01p Change: +16%
2020: 3.94p
Adjusted2 diluted earnings per share
(p)
10.47p
2021: 9.66p Change: +8%
2020: 5.44p
Net cash3 (£ million)
£82.3m
2021: £73.0m Change: +13%
2020: £53.8m
Adjusted2 profit before tax margin
(%)
22.9%
2021: 23.6% Change: -0.7pp
2020: 15.4%
Net operating cash flow (£ million)
£26.9m
2021: £31.0m Change: -13%
2020: £21.5m
Adjusted2 profit before tax (£ million)
£28.5m
2021: £25.6m Change: +11%
2020: £13.4m
AMS is pleased to report robust financial performance in line with expectations and significant regulatory and clinical progress, as we continue to invest in our portfolio of next-generation products.
Proposed full-year dividend per share (p)
2.15p
2021: 1.95p Change: +10%
2020: 1.70p
FinancialOperational
Post-period end
- Strong revenue and profit growth despite challenging macro- economic conditions.
- Investment in R&D increased to £12.3 million (2021: £9.3 million), 9.9% of revenues, accelerating investment in key projects, including the Medical Devices Regulation.
- Surgical Business Unit revenues increased to £74.9 million (2021: £64.6 million).
- Woundcare Business Unit revenues increased to £49.5 million (2021: £44.0 million).
- Good progress with FDA on US LiquiBandFix8® Pre-Market Approval (PMA), with approval on track for H2 2023.
- Seal-G® and Seal-G® MIST clinical study progressing well with over 80% of patients recruited. Final results are on track for H1 2023 for use in marketing during
the commercial launch. - LiquiBand® XL was launched in the US and received a positive market response.
- Completed the acquisition of AFS Medical GmbH, an Austria-based distributor of minimally invasive surgical devices.
- Acquisition of Connexicon Medical Ltd, a tissue adhesive technology specialist, in February 2023 for an initial upfront payment of
€7 million with further deferred payments dependent on delivery of key milestones. The acquisition strengthens our position in the $300 million global medical adhesive market and provides significant commercial opportunities.
- Constant currency removes the effect of currency movements by re-translating the current year's performance at the previous year's exchange rates.
- Adjusted profit before tax is shown before amortisation of acquired intangible assets which was £3.4 million (2021: £3.2 million) and the movement in long-term liabilities
recognised on acquisitions which was a credit of £0.8 million (2021: £0.4 million debit) and exceptional items which were £nil (2021: £nil), as reconciled in the Financial Review (see pages 40 to 42). - Net cash consists of cash and cash equivalents with nil debt (2021: £nil debt).
Annual Report & Accounts 2022 Advanced Medical Solutions Group plc | 01 |
A M S A T A G L A N C E
What we are:
Headquartered in the UK, we are a world- leading specialist in tissue-healing technologies employing over 800 people in 12 locations.
Our Mission:
- To develop.
- To make a real difference.
- To add value.
Our Vision:
A world where the outcome of every patient can benefit from our products and a company where every employee feels invested and valued.
9
Manufacturing and R&D locations
1. Winsford, UK HQ
2. Plymouth, UK
3. Stafford, UK
4. Etten Leur, Netherlands
5. Nuremberg, Germany
6. Domazlice, Czech Republic
7. Neustadt, Germany
8. Haifa, Israel
9. Nantes, France
10. Vienna, Austria
11. Dublin, Ireland
12. Moscow, Russia1
Key for Map:
R&D
Manufacturing
Sales
1. Small legacy sales office contributing less than 1% of operating profit.
11
1 | 7 |
3
2 4
5 610
9
02 Advanced Medical Solutions Group plc Annual Report & Accounts 2022
O v e r v ie wS t r at eg i c R ep o r t G ov er n a n c e F i n a n c i a l S tat e m en t s
>800
Employees
12>80
Countriessoldinto
£124.3m
GroupSales
Our Cultural Values:
Care
Respects colleagues, encourages and values all contributions
Focuses on the bigger picture
Open minded and takes appropriate action
Fair
Takes accountability and responsibility
Transparent and open in our communication and actions
Acts as a team player to deliver outcomes
Dare
Demonstrates determination & persistence
Uses critical thinking and creativity to find solutions
Finds value added improvements
>100
Distribution Partners
8
Annual Report & Accounts 2022 Advanced Medical Solutions Group plc | 03 |
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Disclaimer
Advanced Medical Solutions Group plc published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 15:57:02 UTC.
