LONDON (ShareCast) - (Sharecast News) - Medical technology company Advanced Medical Solutions reported a "robust" financial performance, in line with expectations, in its preliminary results on Wednesday.
The AIM-traded firm, which specialises in tissue-healing technologies, reported a 14% rise in group revenue to £124.3m year-on-year.

Adjusted profit before tax increased 11% to £28.5m for the 12 months ended 31 December, while net cash rose to £82.3m from £73m at the end of 2021.

AMS attributed the growth to commercial progress, foreign exchange tailwinds, and higher pricing to recover inflationary cost increases.

It said the surgical business unit saw revenues increase 16% to £74.9m, while the wound care business unit's revenues expanded by 13% to £49.5m.

The company also increased its investment in research and development, allocating £12.3m to the initiative, representing 9.9% of revenues.

Reflecting the strong financial performance, the board proposed an increased final dividend of 1.51p per share, bringing the total proposed dividend to 2.15p per share, up from 1.95p in 2021.

"I am pleased with the resilience that our business has shown in delivering another period of strong financial performance in the current challenging economic conditions, and we are on track to meet 2023 expectations," said chief executive officer Chris Meredith.

"The investments we have made in our in-house and acquired technologies have strengthened the quality and breadth of our portfolio enabling us to deliver returns across a broader range and validate our growth strategy.

"AMS is committed to investing in research and development and acquisitions that will further strengthen our established portfolios while continuing to penetrate new markets, maintaining robust growth in the long-term."

At 1303 GMT, shares in Advanced Medical Solutions Group were down 8.24% at 245p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE