LONDON (ShareCast) - AIM-listed Advanced Medical Solutions reported that group revenue rose 53 per cent to 52.6m pounds in the year ended December 31st, supported by strong performance in its own brand business, Branded Direct.

Within the Branded Direct business, ActivHeal brand achieved a 29% increase in revenues, LiquiBand in the UK grew by 5.0% and direct sales of RESORBA's sutures, collagen and dental products into the German domestic market grew by 5.0% compared with 2011. Advanced Medical Solutions acquired RESORBA in December 2011.

Adjusted profit before tax was up 85% at the group to £12.1m and adjusted fully diluted earnings per share were up 24% to 5.30p. Reported fully diluted earnings per share were up 53% to 4.66p.

Chairman announces he will step down

Dr Don Evans announced his intention to step down as Chairman later in the year after more than a decade and a half with the group.

“In my 16 years with AMS I have seen the complete transformation of the group, and I know that I will be leaving a business in excellent shape for future growth," Evans said.

Commenting on the financial results Evans, said: "2012 was an important year for AMS following the acquisition of RESORBA in late December 2011.

“Group revenues and profits both saw strong growth as a result, not just from the new business we acquired but also from many of our existing operations which continued the excellent progress of the last few years.

"With the group now reorganised and more focused to deliver growth across our four new business units, we remain positive about our prospects."

Advanced Medical Solutions develops and manufactures advanced wound care dressing technologies for the management of chronic and acute wounds.

The group’s share price was up 6.82% to 70.50p at 09:58 on Wednesday.

MF

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