Final Results

Mar 7, 2012

Advanced Medical Solutions Group plc
(“AMS” or the “Group”)

RNS Number : 8329Y
Advanced Medical Solutions Grp PLC
07 March 2012
 



Embargoed until: 0700

7 March 2012

 

Advanced Medical Solutions Group plc

(“AMS” or the “Group”)

 

Preliminary Results for the year ended 31 December 2011

 

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the global medical technology company, today announces its unaudited preliminary results for the year ended 31 December 2011.

 

Financial Highlights:

Revenue up 8% to £34.4 million (2010: £31.9 million) at actual currency and 9% at constant currency¹

Operating margin (pre-exceptional items²) up 190 basis points to 18.6% (2010: 16.7%)


Operating margin (post-exceptional items²) down 20 basis points to 13.4% (2010: 13.6%)

Operating profit (pre-exceptional items²) up 20% to £6.4 million (2010: £5.3 million)

Operating profit (post-exceptional items²) up 6% to £4.6 million (2010: £4.3 million)

Basic earnings per share (pre-exceptional items²) up 11% to 4.26p (2010: 3.83p)

Basic earnings per share (post-exceptional items²) decreased 2% to 3.10p (2010: 3.17p)

Cash inflow from operating activities (pre-exceptional items²) of £5.5 million (2010: £8.1 million)

Cash inflow from operating activities (post-exceptional items²) of £4.9 million (2010: £7.1 million)

Following the acquisition of RESORBA, net debt³ was £13.4 million at 31 December 2011 (2010: net funds £3.9 million)

Proposed final dividend of 0.305p per share, making a total dividend for the year of 0.45p per share (2010: 0.38p), an increase of 18%

 

Business Highlights:

Foam revenues up 49%, driven by successful new product developments and including a customer product launch

Foam revenues up 49%, driven by successful new product developments and including a customer product launch

Silver alginate revenues up 5% excluding de-stocking by a major partner (down 2% including de-stocking)

LiquiBand® revenues in Europe and the UK up 13%, maintaining our significant market positions in these geographies

End-user sales of LiquiBand® US have increased over threefold in 2011 compared with 2010

Successful €63.8 million acquisition in December of RESORBA, a German  woundcare and wound closure business, financed by new debt and equity

New Winsford site delivers efficiency and margin gains in its first year

 

Commenting on the results Dr. Don Evans, Chairman of AMS, said:

“2011 was another year of strong revenue and profit growth for AMS. There were outstanding performances from both ActivHeal® and foam, and we are delighted with the progress we have made with LiquiBand® in the US after only two years. The Group has, of course, been transformed by the recent acquisition of RESORBA® which we expect to add significant value, not just financially but also strategically. Prospects for 2012 look good and we look forward to the future with considerable optimism.”

 

– End –

1

Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s  exchange rates

2

Exceptional costs of £1.8 million were incurred in relation to the RESORBA® acquisition (2010: exceptional costs of £1.0 million were incurred on the Winsford facility)

3

Net debt is defined as debt less cash, cash equivalents and short term investments

 

 

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




Tavistock Communications

Tel: +44 (0) 20 7920 3150

John West / Chris Munden / Andrew Dunn




Investec Bank plc

Tel: +44 (0) 20 7597 5970

Gary Clarence / Daniel Adams / Patrick Robb


 

About Advanced Medical Solutions Group plc – see www.admedsol.com 

 

Founded in 1991, AMS is a leader in the development and manufacture of innovative and technologically advanced products for the US$15 billion global wound care market. These products are sold in countries across the globe either directly or through strategic partners and distributors.

 

AMS’s advanced woundcare products are based on an extensive range of technologies including alginates, silver alginates and hydrophilic polyurethane foams. These and other products pioneer the concept of moist wound healing, allowing wounds to heal faster and with less pain and scarring. They protect the wound, deal with tissue fluids, provide an optimal environment for healing to occur and, in the case of silver alginates, include a safe and effective broad-spectrum anti-microbial agent for infection control. AMS’s advanced woundcare products are sold globally on an Original Equipment Manufacturer basis and, in the UK, direct to the NHS under the ActivHeal® brand.

 

AMS’s wound closure and sealants products are based on cyanoacrylate adhesive (“superglue”) technology developed for medical applications. Tissue adhesives offer significant benefits over conventional ways of closing wounds following trauma or surgical incision. They are simple to use, non-invasive, help to reduce the risk of infection, minimise trauma to the patient and provide good clinical and cosmetic outcomes. The technology is also ideally suited to protecting skin from breakdown or for use as a skin sealant to help prevent infection of surgical sites. AMS’s wound closure and sealants products are primarily sold under the LiquiBand® brand via a network of distributors.

 

In December 2011, AMS acquired RESORBA, a German based woundcare and wound closure business. RESORBA® is a 75 year old manufacturer and distributor of sutures and collagen products for surgical disciplines, with direct sales capabilities from sites in Germany, the Czech Republic and Russia, targeting surgeons working in hospitals and private practices, and oral surgery. RESORBA® has a range of its own technologies and brands, and also distributes a range of complementary, third-party products, including AMS’s LiquiBand® tissue adhesive, which it has distributed in Germany for the previous eight years.

 

 

 

 

Chairman’s Statement

 

I am pleased to report another year of significant progress. We have again delivered strong revenue and profit growth, and 2011 concluded with the acquisition of RESORBA, a long established, profitable woundcare and wound closure business headquartered in Germany. As the acquisition completed on 22 December 2011, RESORBA® had no effect on the 2011 trading results but impacted the 2011 income statement in relation to £1.8 million of exceptional costs incurred in respect of the transaction.

 

Financial Highlights

Group revenue was up 8% to £34.4 million, profit from operations before exceptional items was up 20% to £6.4 milion, and pre-tax profit before exceptional items was up 21% to £6.4 million.

 

We have again produced strong levels of operating cash, with a net cash inflow from operations (pre-exceptional items) of £5.5 million. Following the acquisition of RESORBA® in December 2011, which was financed by a well-received placing and a new term loan, we ended 2011 with net debt of £13.4 million.

 

Key Business Achievements

We have seen further gains across all areas of our Advanced Woundcare business, including ActivHeal® where the combined offering of quality products with significant cost savings for the NHS continue to drive strong sales growth. Our foam products are also seeing sustained, significant growth.

 

In Wound Closure and Sealants, we are very pleased with the continued progress of LiquiBand® in the US. All too often, new product launches see a reduction in second year sales after the initial surge of evaluations and trials settles down. However, we have been able to sustain a level of ex-factory sales that was broadly similar to 2010 and, with end market sales up three-fold year-on-year, we believe we have a platform for strong growth this year.

 

Our new Winsford facility was officially opened at the beginning of 2011 and we can confirm that our target of achieving a minimum 2% gross margin improvement in Advanced Woundcare by the end of calendar 2013 is well on track.

 

Dividend

AMS remains strongly cash generative and we remain confident in our ability to continue paying dividends on a progressive basis. Given the Group’s strong performance in 2011 and the Board’s confidence in the medium to long term prospects for the Group, the proposed final dividend will be 0.305p per share, making a total dividend for the year of 0.45p per share, an 18% increase on 2010. If approved at the Annual General Meeting on 12 June 2012, this will be paid on 15 June 2012 to shareholders on the register at the close of business on 18 May 2012.

 

Employees

On behalf of the Board and our shareholders, I would like to thank AMS employees for all their hard work last year. I would also like to welcome all RESORBA® employees to the Group.

 

Outlook

We continue to be confident about the prospects for our existing business, with the outlook for LiquiBand® and ActivHeal® being especially encouraging. 2012 has started well and it is also pleasing to report that the silver alginate partner that had previously been de-stocking has now returned to previous order patterns.

 

The acquisition of RESORBA® at the end of 2011 provides us with further commercial opportunities and more direct control of our sales channels. Integration is proceeding well and RESORBA® is expected to be earnings per share enhancing in its first full year.

 

2012 promises to be a pivotal year for us with over half of our revenue now expected to be generated from our own brands. We are very positive about the future prospects of the Group.

 

 

 

Dr. Don Evans

Chairman

 

 

 

 

Chief Executive’s Statement

 

I am delighted to report that, during my first year as Chief Executive Officer, AMS has achieved further strong organic growth. Our broadened range of foam woundcare products have performed strongly, ActivHeal® has had another outstanding year and LiquiBand® has performed well, both in the US and in other markets. 

 

This time last year, I set out my vision for AMS together with an overview of the strategy we have put in place to build a significant, global medical devices business. The key parts of the strategy that I outlined were to build on our brand portfolio, to increase our penetration of the Operating Room, and to supplement organic growth through further licensing and acquisition activities.

 

We had expected to progress these aims through several steps over a number of years but the acquisition of RESORBA® in December 2011 has enabled us to address many key elements in a single deal. Amongst other benefits, we now have direct access to the Operating Room segment in Europe’s largest surgical market (Germany), additional technologies that we can leverage into other markets using our regulatory and global distribution expertise, and a greatly enhanced own-brand portfolio that significantly increases the Group’s direct control over its sales channels.

 

2011

 

Advanced Woundcare

 

Revenues from our Advanced Woundcare range of products increased by 10% in 2011 to £27.7 million (2010: £25.2 million). This compares very favourably with advanced woundcare market growth rates which are generally estimated to have been less than 3% in 2011.

 

We have continued to provide technical and clinical support to our silver alginate product partners, and the growth in the US that we reported at the interims has continued. However, the de-stocking by one major partner in the UK and Europe that we previously highlighted did continue in the second half of 2011 and has only recently started to unwind. Nevertheless, overall, our partners’ global market share continues to close the gap to the market leader.

 

We are seeing clear benefits from the capital investment in our medical foam plant in the Netherlands, which has not only increased capacity but will also enable us to further develop our foam technology base. A number of new foam product designs were launched in 2011, and these will be supplemented later this year by the launch of a major upgrade to our foam product range, involving trilaminate dressings.

 

Our strategy of increasingly focusing on higher margin business across the Group means that sales of some lower margin woundcare products were down in 2011, and this trend will continue to some extent in 2012. Partly offsetting these reductions were a number of new customer launch orders for roll stock foam.

 

The attractions of our ActivHeal® range of products continue to resonate within the NHS with its combined messages of cost-savings without any compromise to clinical outcome or patient care. The rebrand in late 2010 has helped to successfully establish ActivHeal® as a product of first choice for an increasing number of nurses. All of these factors combined to deliver an impressive performance in 2011.

 

2011 was the first full year of operations at the Winsford facility and I am particularly pleased by the seamless transition and by the clear efficiency and margin benefits that we are already seeing.

 

 

Wound Closure and Sealants

 

Overall Wound Closure and Sealants revenues were flat at £6.7 million (2010: £6.7 million).

 

2010 saw the first 12 months of LiquiBand® sales in the US and we were delighted to have achieved a volume market share of 5% by the end of that year. It is, however, fair to say that, notwithstanding the extremely positive response from end-users, we were cautious about 2011 as many new product launches see a dip in their second year when the numbers of evaluations and trials naturally decrease after the initial surge.

 

We are therefore very pleased to report that LiquiBand® revenues in the US in 2011 were largely unchanged from the year before, reflecting not only the absolute and comparative quality of our products but also their price competitiveness against the market leader. All of these factors have led to a large proportion of evaluation and trial sales being followed up with firm orders, and end-user sales increased over threefold in 2011 compared with 2010. As a result, LiquiBand® now has a full year market volume share of 5% in the US hospital market and 8% in the non-hospital or alternative site market.

 

In our other markets, 2011 was another good year for LiquiBand®, with non-US revenues up 13%. We have maintained our market leading positions in the UK and Europe Emergency Room, and our partners in both Canada and Japan are gradually gaining a position in those markets, albeit at small levels.

 

As we have previously flagged, sales of InteguSeal®, through our marketing partner Kimberly-Clark, have been disappointing but they only account for about 1% of total revenues.

 

Research & Development

 

A key focus of our in-house R&D last year was on our new foam technology platform. We launched a number of new sizes and shapes in 2011, which have been well received, and we will shortly be launching a total range upgrade, involving modern, market leading, three-layer (trilaminate) dressings.

 

Our development work with Sinclair IS Pharma on their Delmopinol® ‘anti-biofilm’ technology is continuing. Results so far confirm its potential efficacy in breaking down biofilms in chronic wounds but there is still more work to do. Nevertheless, we remain optimistic that, subject to no unforeseen or insurmountable issues being identified, a first product could be ready for launch in 2013.

 

Our development agreement with Surgical Innovations on a laparoscopic device for delivering adhesive internally has moved on apace, and we now have a working prototype device that takes our internal adhesive programme a step nearer to market launch, which we are still targetting for 2013 in Europe.

 

Outlook

 

The acquisition of RESORBA® has key strategic benefits on a number of fronts, including:

 

substantially increasing our own-brand portfolio, giving us far more direct control over our own sales channels whilst improving our gross margins;

acquiring a direct sales force focused on the operating room which gives us an in-house distribution channel for our growing portfolio of surgically focused products, including InteguSeal®, a number of LiquiBand® products, our internal adhesive programme (when it launches) and a range of surgical dressings that are in plan to develop;

adding a number of RESORBA® products (e.g. sutures) and technologies (e.g. collagen) where we expect to be able to use our regulatory expertise to gain relevant approvals in the US and elsewhere, and distribute through our global partner base;

adding a new opportunity in dental/oral surgery where we have already begun the process of preparing for regulatory approval for LiquiBand®; and

giving us increasing leverage in targeting customers, both via partners and directly, with our significantly expanded product portfolio.

 

All of these are in line with our previously stated strategic aims and, although we have much to do to fully integrate RESORBA, we are excited about the additional opportunities we now have to accelerate the growth of AMS.

 

Advanced Woundcare

 

All indications are that ActivHeal® will continue its strong progress in 2012 and, with the launch of a trilaminate range of foam products later this year, we also anticipate further significant sales improvement in this segment. We are confident that this upgrade will move us up the value curve, while bringing the added future benefit of being an excellent delivery system for a number of actives.

 

In our silver alginate range, prospects in the US continue to be good, the de-stocking we saw last year in Europe and the UK has ended, and we are optimistic about the prospects for a number of product upgrades we expect to launch through our partners.

 

However, with an increasing emphasis on the higher margin products in our woundcare business, we anticipate further falls in revenue from some lower margin products. We would also not expect the level of foam roll-stock launch orders we received in 2011 to be repeated in 2012.

 

With the new woundcare products that we now have from RESORBA, together with the  trilaminate range of foam products that we plan to launch later this year, and the continuing efficiency benefits of the Winsford site, we are confident that our overall woundcare profitability will improve.

 

Wound Closure and Sealants

 

In the US adhesive market, there have been a number of developments in recent months involving initiatives by both AMS and others which were to be expected. We are confident that our overall competitive position remains unaffected and we continue to be very optimistic about our ability to increase our share of this key market.

 

The US market leader launched a new closure product at the end of 2011 which now involves a single application but still has a much longer setting time than LiquiBand®. Whilst somewhat later than anticipated we had always expected this competitive response to the arrival of LiquiBand® in the US market but we remain confident of the continuing technical superiority and price competitiveness of our product for wound closure.

 

Given the significant market opportunity and the competition’s increasing focus on the liquid bandage application for tissue adhesives, we launched LiquiBand® Flex into the US market at the beginning of 2012. This addition to our range meets the need for a protective, anti-microbial liquid bandage, to ‘paint’ over wounds that have been closed by sutures or staples, expanding our offering and strengthening our competitive position.

 

Two major distributors have recently launched or are about to launch their own liquid bandage products based on existing technology they have licensed in. One of these has been available for a few years in the US market under its original brand and was ‘re-launched’ in 2011 under the distributor’s own brand. The other, involving one of our partners, has not yet launched but is expected to do so this year. Notwithstanding these developments, we are as confident of the technical superiority and price competitiveness of LiquiBand® Flex as we are of our other LiquiBand® wound closure products. It is too early for market data to record the level of initial LiquiBand® Flex sales but initial responses from users have been very positive.

 

As part of our strategy to increase our penetration of the operating room, and maximise value through retained ownership of the brand, we have expanded on our strategy to target the surgical segment of the US adhesive market by establishing partnerships with a number of smaller, specialised regional distributors whose sales teams have an operating room focus. We have already established four such relationships with distributors for LiquiBand® Flex and we expect to add a few more in the coming months to complete our US geographic access. We believe this approach will not only deliver greater control and higher margins but should also enable us to channel more of our products through this more specialised route in the future as our surgically focused product list increases.

 

 

In a similar vein but on a direct basis, we have also established a small UK team of our own surgically focused sales representatives who will take direct responsibility for promoting LiquiBand® surgical products, together with RESORBA’s® range of surgical sutures and collagen-based dressings.

 

Outside our existing markets, we have started the process of getting regulatory approval for LiquiBand® in China and are in early stage discussions with potential partners. We expect to use RESORBA’s® expertise to initiate the same process in Russia.

 

In relation to InteguSeal®, we remain confident about its potential and we continue to investigate options for delivering this product more effectively to the market. In this regard, we now have a direct surgically focused sales channel that we can exploit in Germany through RESORBA, and we hope to advise on other initiatives during 2012.

 

Licensing and Acquisitions

 

While the acquisition of RESORBA® is a significant transaction that will take time to fully integrate, and we are focused on this, we will continue to examine other acquisition opportunities which would add value to our overall business. We also continue to evaluate complementary technology licensing opportunities, particularly in woundcare, where we can take advantage of our innovation and manufacturing expertise.

 

Prospects for 2012

 

AMS has been significantly enhanced by the acquisition of RESORBA® at the end of 2011. Integration is progressing well and we are excited about the potential that RESORBA’s® operating room access brings for a number of our existing products, together with a range of their brands and technologies that we intend to leverage across our global distribution channels. RESORBA® also produces a significant shift in our business mix, where more than half of our revenues will now come from direct sales of our own brands.

 

2012 has started well across all our existing businesses and we are confident of achieving another year of strong progress.

 

 

Chris Meredith

Chief Executive Officer

 

 

 

 

Financial Review

 

The acquisition of RESORBA® was completed on 22 December 2011. With only three days of trading between completion and the end of the year and with no significant one-off events occurring in this period, the results for RESORBA® for this three day period have not been included in the consolidated results for the Group for 2011. The income statement was, however, impacted by £1.8 million of exceptional expense relating to the costs of the acquisition, and the balance sheet and the cash flow statement are also affected.

 

Income Statement

 

Revenues

 

Total Group revenue increased by 8% in 2011 to £34.4 million (2010: £31.9 million) at actual currency, and by 9% at constant currency.

 

Total advanced woundcare revenues increased by 10% to £27.7 million (2010: £25.2 million).

 

The main drivers of growth were ActivHeal®, which increased sales by 73%, and our foam products which increased by 49%. The latter benefited from a large launch order from one customer which we do not anticipate will be repeated in 2012.  

 

Sales of our silver alginate range of products increased by 7% in the US compared with last year, although this was countered by a similar decrease in Europe and the UK due to continued de-stocking by one of our partners. Our overall silver alginate sales fell by 2% although this would have been an increase of 5% without the de-stocking effect.

 

Total wound closure and sealants revenues were flat at £6.7 million (2010: £6.7 million).

 

As discussed earlier, sales of LiquiBand® in the US were similar to the 2010 level while, outside the US, LiquiBand® continues to perform well in the UK and Europe, where sales increased by 13%.

 

Sales of InteguSeal® declined by 37% and are now approximately 1% of revenues.

 

Geographic breakdown of revenues

 

Europe (excluding the UK) is our largest market and, following the acquisition of RESORBA, this weighting will increase further. In 2011, European revenues increased by 13%, mainly due to the sales of foam. In the UK, revenues rose by 11% due to the strong performance of ActivHeal® and LiquiBand® while, in the US, sales of LiquiBand® held firm and were at a similar level to last year. Revenues from the Rest of the World remain small and are at a slightly lower level compared to last year.

 

Profit from operations

 

Profit from operations (pre-exceptional items) increased by 20% to £6.4 million (2010: £5.3 million) and our operating margin (pre-exceptional items) improved by 190 basis points to 18.6% (2010: 16.7%).

 

Advanced woundcare contributed £6.2 million (pre-exceptional items of nil) (2010: £4.7 million pre-exceptional items of £1.0 million), with an operating margin of 22.4%, up by 360 basis points (2010: 18.8%). Approximately 180 basis points of this improvement resulted from operational efficiencies at the new Winsford site, with the remainder coming from improvements in sales mix.

 

Wound closure and sealants contributed £1.4 million (2010: £1.6 million) to profit from operations, with an operating margin that decreased by 310 basis points to 21.1% (2010: 24.2%). This was largely due to the investment made to support the sale of LiquiBand® in the US with clinical studies and marketing papers.

 

Administration costs for the Group (pre-exceptional items) increased by 5% to £9.7 million (2010: £9.3 million), mainly due to investment in marketing LiquiBand® and in supporting our partners with clinical papers on our silver alginate products.

 

Research and Development spend as a percentage of sales was unchanged from 2010 at 4%, and is expected to be over 5% in 2012, although some of this spend will be capitalised. This increased level of spend, together with the capitalisation of costs, reflects the timing of projects.

 

Exceptionals

 

There were exceptional costs of £1.8 million in 2011 associated with the RESORBA® acquisition, compared to £1.0 million in 2010 associated with the move into the Winsford facility. An additional £0.5 million of exceptional costs are anticipated in 2012 as a result of the integration of RESORBA.

 

Profit from operations (post-exceptional items) was £4.6 million, an increase of 6% (2010: £4.3 million).

 

Other income

 

£0.2 million of other income was earned in the year (2010: £0.2 million). This was associated with fees earned on development projects.

 

Profit before tax

 

The Group’s 2011 profit before tax (pre-exceptionals) was £6.4 million, an increase of 21% (2010: £5.3 million). Profit before tax (post-exceptionals) was 7% higher at £4.6 million (2010: £4.3 million).

 

Tax

 

A corporation tax charge of £0.3 million, calculated at the statutory rate of 25.5%, has been recognised in the accounts for the year in respect of the taxable profits of our Dutch company. Profits generated in the Group’s UK companies in the year were covered by surplus tax losses brought forward.

 

The Group holds a deferred tax asset on the balance sheet in respect of tax losses incurred in the UK of £2.8 million (2010: £2.3 million), and has a further £10.5 million (2010: £19.1 million) of tax losses that have not been recognised.

 

It is currently anticipated that corporation tax in the UK will start to be recognised on one of our UK entities in 2012 but, due to surplus tax losses elsewhere in the Group, corporation tax is not expected to be paid across the whole of our UK operations until 2014.

 

Our newly acquired business, RESORBA, pays tax in Germany at 31.5% and this will be reflected in our 2012 accounts.

 

In 2012 we anticipate that the blended rate of tax for the Group will be approximately 16%.

 

Profit after tax, earnings per share and dividends

 

Profit after tax (pre-exceptional items) was £6.7 million (2010: £5.8 million) and, on this basis, fully adjusted basic earnings per share increased by 11% to 4.26p (2010: 3.83p). Fully diluted earnings per share (pre-exceptional items) also increased by 11% to 4.17p (2010: 3.77p).

 

On 20 December 2011 the Group issued 47.2 million new ordinary shares to finance the acquistion of RESORBA. Excluding the impact of the new share issue, adjusted basic earnings per share would have increased by 12% to 4.29p (2010: 3.83p) and fully diluted earnings per share (pre-exceptional items) would have increased 11% to 4.20p (2010: 3.77p).

 

The Group’s profit after tax (post-exceptional items) was unchanged at £4.8 million (2010: £4.8 million), resulting in adjusted basic earnings per share of 3.10p (2010: 3.17p) and fully diluted earnings per share of 3.04p (2010: 3.12p).

 

The Board is proposing a final dividend of 0.305p per share, to be paid on 15 June 2012 to shareholders on the register at the close of business on 18 May 2012. This follows the interim dividend of 0.145p per share that was paid on 4 November 2011, and makes the total dividend for the year 0.45p per share (2010: 0.38p), an 18% increase on 2010, reflecting the confidence of the Board in the Group’s prospects.

 

Cash flow and balance sheet

 

The Group had a cash inflow from operating activities (pre-exceptional items) of £5.5 million (2010: £8.1 million), and £4.9 million (2010: £7.1 million) post-exceptional items of £0.6 million which had been paid in 2011 (2010: £1.0 million). The cash conversion ratio (pre-exceptional items) was 47% for the year (2010: 79%) reflecting the higher levels of working capital in the business at the end of the year.

 

Working capital, excluding the effect of assets acquired from RESORBA, increased in the year by £2.2 million, reflecting the phasing of business in the last quarter of the year. Inventory increased by £0.9 million to £3.4 million (2010: £2.5 million). Trade and other receivables increased by £3.0 milion to £9.0 million (2010: £6.0 million), with debtor days increasing to 65 (2010: 52). Trade and other payables increased by £1.7 million with creditor days of 62 (2010: 71). The Group’s debtor days have increased as result of the business mix in the US and generally slower payments in the UK. The Group had insignificant bad debts in 2011.

 

The Group invested £2.2 million in capital equipment and software in 2011 (2010: £3.7 million). Investments have been made in upgrading our woundcare dressings converting capability and on our business information systems, and a similar level of capital expenditure is expected in 2012. £0.3 million of Research and Development was capitalised in 2011 (2010: £0.2 million). With a number of projects well developed, there will be an increased level of capitalisation in 2012.

 

£2.9 million (2010: £2.9 million) of goodwill has been recognised on the balance sheet in relation to Corpura B.V. which was acquired in 2009. There was no impairment in goodwill upon review as at 31 December 2011.

 

The balance sheet acquired with the acquisition of RESORBA® has been recognised at fair value in line with IFRS. An exercise has been undertaken to value the intangible assets acquired which has resulted in a value of £11.8 million for brands, intellectual property (IP), know-how and contracts which will be amortised over periods of 1-15 years relating to IP acquired. Some of the acquired IP is considered to have an indefinite life, and this will be subject to an annual impairment review.

 

The provisional goodwill resulting from the acquisition of RESORBA® is £36.5 million which will be subject to annual impairment tests. Formal valuations on the land and properties are to be undertaken which may result in further adjustments to the valuation of goodwill.

 

In December 2011, in connection with the acquisition of RESORBA, the Group entered into a €25 million amortising term loan facility with HSBC with a final maturity of 31 July 2015. This facility carries an annual interest rate of EURIBOR plus a margin of 1.5-2.5% depending on the Group’s net debt to EBITDA ratio. All of the €25 million was drawn down as at 31 December 2011.

 

In December 2011, the Group also entered into an £8 million revolving credit facility with HSBC with a final maturity of 31 July 2015. This facility is for general working capital purposes, and carries an annual interest rate of LIBOR plus a margin of 1.5-2.5% depending on the Group’s net debt to EBITDA ratio. This facility replaces the Group’s previous revolving credit facility with Lloyds TSB Bank. As at 31 December 2011, and at the date of this report, this new facility was undrawn.

 

To partly finance the acquisition of RESORBA, the Group issued 47.2 million new ordinary shares in December 2012 at a price of £0.72 per share, raising £34.0 million before acquisition and placing expenses of £3.2 million. £1.8 million of the latter has been expensed to the income statement as an exceptional item, £0.4 million has been capitalised as a cost of debt and £1.0 million has been debited to share premium. In addition, a combined total of 1.0 million new ordinary shares were subscribed for by a Director of AMS and by senior management of both AMS and RESORBA, raising an additional £0.7 million.

 

The Group had net debt of £13.4 million as at 31 December 2011 (2010: net funds of £3.9 million). Within these balances, cash and cash equivalents were £7.1 million (2010: £4.1 million).

 

Mary Tavener

Group Finance Director

 

4   cash conversion ratio is defined as cash generated from operating activities before exceptional items including spend on property, plant and equipment, software and capitalised research and development but excluding spend on acquisitions as a ratio of profit from operations before exceptional items

 

 

 

 

CONSOLIDATED INCOME STATEMENT

 



(Unaudited)

Year ended 31 December 2011

(Audited)

Year ended 31 December 2010



Before

exceptional

items

Exceptional

items

(note 6)

Total

Before

exceptional

items

Exceptional

items

(note 6)

Total


£’000

£’000

£’000

£’000

£’000

£’000

Revenue from continuing operations

4

34,353

34,353

31,881

31,881

Cost of sales

(18,153)

(18,153)

(17,144)

(17,144)

Gross profit


16,200

16,200

14,737

14,737

Distribution costs


(314)

(314)

(307)

(307)

Administration costs


(9,714)

(1,807)

(11,521)

(9,263)

(1,001)

(10,264)

Other income


226

226

173

173

Profit from operations

4, 5

6,398

(1,807)

4,591

5,340

(1,001)

4,339

Finance income


75

75

12

12

Finance costs

(79)

(79)

(60)

(60)

Profit before taxation


6,394

(1,807)

4,587

5,292

(1,001)

4,291

Income tax

263

263

542

542

Profit attributable to equity holders of the parent


6,657

(1,807)

4,850

5,834

(1,001)

4,833

Earnings per share – basic

7

4.26p

(1.16p)

3.10p

3.83p

(0.66p)

3.17p

Earnings per share – diluted

4.17p

(1.13p)

3.04p

3.77p

(0.65p)

3.12p

 

The above results relate to continuing operations.

 

 

Consolidated Statement of Comprehensive Income

 


(Unaudited)

Year ended

31 December 2011

(Audited)

Year ended

31 December 2010


£’000

£’000

Profit for the year

4,850

4,833

Exchange differences on translation of foreign operations

(158)

(257)

Gain / (loss) arising on cash flow hedges

134

(76)

Other comprehensive income for the year

(24)

(333)

Total comprehensive income for the year attributable to equity holders of the parent

4,826

4,500

 

 

 

Consolidated Statement of Financial Position

 

At 31 December 2011

(Unaudited)

 

2011

(Audited)

Restated

2010


£’000

£’000

Assets



Non-current assets



Acquired intellectual property rights

12,658

1,062

Software intangibles

816

16

Development costs

951

771

Goodwill

39,259

2,878

Property, plant and equipment

16,954

12,828

Deferred tax assets

3,524

2,756

Trade and other receivables

21

19


74,183

20,330

Current assets



Inventories

6,714

2,498

Trade and other receivables

11,098

6,035

Current tax assets

408

Cash and cash equivalents

7,122

4,122


25,342

12,655

Total assets

99,525

32,985

Liabilities



Current liabilities



Trade and other payables

8,300

3,798

Current  tax liabilities

264

Other taxes payable

272

424

Other loans

18

Obligations under finance leases

21

19


8,857

4,259

Non-current liabilities



Trade and other payables

625

677

Other loans

20,472

226

Deferred tax liabilities

3,353

Obligations under finance leases

6

23


24,456

926

Total liabilities

33,313

5,185

Net assets

66,212

27,800

Equity



Share capital

10,176

7,740

Share premium

31,704

306

Share-based payments reserve

779

442

Investment in own shares

(40)

(37)

Share-based payments deferred tax reserve

631

397

Other reserve

1,531

1,531

Hedging Reserve

32

(102)

Translation reserve

(141)

17

Retained earnings

21,540

17,506

Equity attributable to equity holders of the parent

66,212

27,800

For 2010 the translation reserve of 2010 has been re-stated to reclassify the impact of hedging

 


Consolidated Statement of Changes in Equity

 

Attributable to equity holders of the Group

Share

capital

Share

premium

Share

based

payments

Investment

in own

shares

Share based

payments

deferred tax

Other

reserve

Restated

Hedging

reserve

Restated

Translation

reserve

Retained

earnings

Total


£’000

£’000

£’000

£’000

£’000

£’000

£’000

£’000

£’000

£’000

At 1 January 2010

7,248

99

502

(27)

576

1,531

(26)

274

12,673

22,850

Consolidated profit for the year to 31 Dec 2010

4,833

4,833

Other comprehensive income

(76)

(257)

(333)

Total comprehensive income

(76)

(257)

4,833

4,500

Share based payments

282

282

Issue of share capital

5

5

Share options exercised

487

207

(342)

(179)

173

Shares purchased by EBT

(191)

(191)

Shares sold by EBT

181

181

At 31 December 2010

7,740

306

442

(37)

397

1,531

(102)

17

17,506

27,800

Consolidated profit for the year to 31 Dec 2011

4,850

4,850

Other comprehensive income

134

(158)

(24)

Total comprehensive income

0

0

0

0

0

0

134

(158)

4,850

4,826

Share based payments

337

234

571

Issue of share capital

(share premium net of expenses of £988,000)

2,411

31,316

33,727

Share options exercised

25

82

107

Shares purchased by EBT

(75)

(75)

Shares sold by EBT

72

72

Dividends paid

(816)

(816)

At 31 December 2011 (Unaudited)

10,176

31,704

779

(40)

631

1,531

32

(141)

21,540

66,212

 

For 2010 the translation reserve has been restated to reclassify the impact of hedging.

 


Consolidated Statement of Cash Flows

 



(Unaudited)

Year ended

31 December

2011

(Audited)

Year ended

31 December

2010


Note

£’000

£’000

Cash flows from operating activities




Profit from operations


4,591

4,339

Adjustments for:




Depreciation


1,115

1,077

Amortisation – intellectual property rights


168

168

                     – development costs


85

121

                     – software intangibles


12

23

(Increase)/decrease  in inventories


(936)

676

(Increase)/decrease in trade and other receivables


(3,029)

880

(Increase)/decrease in trade and other payables


2,574

(502)

Share based payments expense


337

282

Net cash inflow from operating activities


4,917

7,064

Cash flows from investing activities




Purchase of software


(812)

(5)

Capitalised research and development


(266)

(167)

Purchases of property, plant and equipment


(1,461)

(3,685)

Interest received


75

12

Acquisition of subsidiary

10

(53,130)

(1,255)

Net cash used in investing activities


(55,594)

(5,100)

Cash flows from financing activities




Dividends paid


(816)

Finance lease 


(20)

(19)

Repayment of secured loan


(251)

(18)

New bank loan raised


20,921

Debt issue costs


(56)

Issue of equity shares


33,902

359

Shares purchased by EBT


(75)

(191)

Shares sold by EBT


72

181

Interest paid


(68)

(54)

Net cash from financing activities


53,609

258

Net increase in cash and cash equivalents


2,932

2,222

Cash and cash equivalents at the beginning of the year


4,122

1,992

Effect of foreign exchange rate changes


68

(92)

Cash and cash equivalents at the end of the year


7,122

4,122

 

 

 

 

Notes Forming Part of the Condensed Consolidated Financial Statements

 

1.

Reporting Entity

Advanced Medical Solutions Group plc (“the Company”) is a public limited company incorporated and domiciled in England and Wales (registration number 2867684). The Company’s registered address is Premier Park, 33 Road One, Winsford Industrial Estate, Cheshire, CW7 3RT.

 

The Company’s ordinary shares are traded on the AIM market of the London Stock Exchange. The financial statements of the Company for the twelve months ended 31 December 2011 comprise the Company and its subsidiaries (together referred to as the “Group”).

 

The Group is primarily involved in the design, development and manufacture of novel high performance polymers (both natural and synthetic) for use in advanced woundcare dressings and medical adhesives and sutures for closing and sealing tissue, for sale into the global medical device market.

 

2.

Basis of Preparation

These condensed consolidated financial statements have been prepared in accordance with the accounting policies set out in the annual report for the year ended 31 December 2010. For 2010 the translation reserve has been restated to reclassify the impact of hedging.

 

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRSs. The Group expects to publish full financial statements that comply with IFRSs in May 2012.

 

The financial information set out in the announcement does not constitute the Group’s statutory accounts for the years ended 31 December 2011 or 31 December 2010. The financial information for the year ended 31 December 2010 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditor reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain a statement under s498 (2) or (3) Companies Act 2006. The audit of the statutory accounts for the year ended 31 December 2011 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Group’s annual general meeting.

 

The financial statements have been prepared on the historical cost basis of accounting except as disclosed in the accounting policies set out in the annual report for the year ended 31 December 2010.

 

3.

Accounting policies

The same accounting policies, presentations and methods of computation are followed in the condensed set of financial statements as applied in the Group’s latest annual audited financial statements.  The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

4.

Segment information

For management purposes, the Group is organised into two business units, advanced woundcare and wound closure and sealants. These divisions are the basis on which the Group reports its segment information.

 

Inter-segment pricing is determined on an arm’s length basis.

 

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise RESORBA, corporate assets and head office expenses.  These are the measures currently reported to the Group’s Chief Executive for the purpose of resource allocation and assessment of segment performance.

 

Business segments

The principal activities of the advanced woundcare business unit are the research, development, manufacture and distribution of novel, high performance polymers for use as wound dressings.

 

The principal activities of the wound closure and sealants business unit are the research, development, manufacture and distribution of medical adhesives and products for closing and sealing tissue.

Segment information about these businesses is presented below:

 

 

(Unaudited)

Year ended 31 December 2011

Advanced

woundcare

Wound closure &

sealants

Consolidated


£’000

£’000

£’000

Revenue




External sales

27,688

6,665

34,353

Total revenue

27,688

6,665

34,353

 

There are no inter segment sales.

 

Result




Segment result

6,213

1,406

7,619

Unallocated expenses



(3,028)

Profit from operations



4,591

Finance income



75

Finance costs



(79)

Profit before tax



4,587

Tax



263

Profit for the year



4,850





(Unaudited)

At 31 December 2011

Advanced

woundcare

Wound closure &

sealants

Consolidated

Other Information

£’000

£’000

£’000

Capital additions:




Software intangibles

808

4

812

Research & development

245

21

266

Property, plant and equipment

1,296

98

1,394

Depreciation and amortisation

1,022

358

1,380

Balance sheet




Assets




Segment assets

32,812

5,370

38,183

Unallocated  assets



61,343

Consolidated total assets



99,525

Liabilities




Segment liabilities

5,373

664

6,037

Unallocated liabilities



27,276

Consolidated total liabilities



33,313

 

The assets and liabilities of RESORBA® are shown as unallocated at present, whilst the Directors are in the process of reviewing the ongoing business segments.

 

 

(Audited)

Year ended 31 December 2010

 Advanced woundcare

Wound closure & sealants

Consolidated


£’000

£’000

£’000

Revenue




External sales

25,197

6,684

31,881

Total revenue

25,197

6,684

31,881

 

There are no inter-segment sales.

 

Result




Segment result

3,735

1,620

5,355

Unallocated  expenses



(1,016)

Profit from operations



4,339

Finance income



12

Finance costs



(60)

Profit before tax



4,291

Tax



542

Profit for the year



4,833





(Audited)

At 31 December 2010

Advanced woundcare

Wound closure & sealants

Consolidated

Other Information

£’000

£’000

£’000

Capital additions:




Software intangibles

5

1

6

Research & development

162

5

167

Property, plant and equipment

3,514

144

3,658

Depreciation and amortisation

1,020

369

1,389

Balance sheet




Assets




Segment assets

25,856

6,053

31,909

Unallocated  assets



1,076

Consolidated total assets



32,985

Liabilities




Segment liabilities

3,946

944

4,890

Unallocated liabilities



295

Consolidated total liabilities



5,185

 

Geographical segments

The advanced woundcare and wound closure and sealants segments operate mainly in the UK, with a sales office located in the USA. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.

 

The following table provides an analysis of the Group’s sales by geographical market, irrespective of the origin of the goods/services, based upon location of the Group’s customers:

 

 


(Unaudited)

Year ended

31 December 2011

(Audited)

Year ended

31 December 2010


£’000

£’000

United Kingdom

9,225

8,323

Europe excluding United Kingdom

15,660

13,819

United States of America

9,005

9,154

Rest of World

463

585


34,353

31,881

 

5.        Profit from operations

 


(Unaudited)

Year ended

31 December 2011

(Audited)

Year ended

31 December 2010


£’000

£’000

Profit from operations is arrived at after charging/(crediting):



Depreciation of property, plant and equipment

1,115

1,077

Amortisation of:



–  acquired intellectual property rights

168

168

–  software intangibles

12

23

–  development costs

85

121

Operating lease rentals

– plant and machinery

211

184


– land and buildings

840

1,023

Research and development costs expensed to the income statement

1,255

1,289

Cost of inventories recognised as expense

17,775

16,427

Staff costs

10,211

10,223

Net foreign exchange loss/(gain)

13

(63)

 

6.

Exceptional items

 

During 2011 the Group acquired the entire share capital of the RESORBA® group (see note 10); exceptional expenditure of £1,807,000 was incurred in respect of the acquisition of RESORBA.

 

During 2010 the Group completed the rationalisation of its two existing sites in Winsford into a new facility, incurring exceptional costs of £1,001,000 in respect of the site move.

 

7.

Earnings per share

 

The calculation of the basic and diluted earnings per share is based on the following data:

 


(Unaudited)

Year ended

31 December 2011

(Audited)

Year ended

31 December 2010


£’000

£’000

Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent



– pre-exceptional items

6,657

5,834

– post-exceptional items

4,850

4,833

 

 

 

Number of shares

‘000

‘000

Weighted average number of ordinary shares for the purposes of basic earnings per share

156,398

152,366

Effect of dilutive potential ordinary shares:



share options, deferred share bonus, LTIPs

3,165

2,538

Weighted average number of ordinary shares for the purposes of diluted earnings per share

159,563

154,904

 

Earnings per share

pence

pence

Basic  – pre-exceptional items

4.26p

3.83p

Post-exceptional items

3.10p

3.17p

Diluted – pre-exceptional items

4.17p

3.77p

Post-exceptional items

3.04p

3.12p

 

8.

Dividends

 

The Company is proposing a final dividend of 0.305p per share payable on 15 June 2012 to shareholders on the register on 18 May 2012.

 

9.

Tax

 

 


(Unaudited)

Year ended

31 December 2011

(Audited)

Year ended

31 December 2010


£’000

£’000

a)   Analysis of credit for the year



Current tax:



Corporation tax:

(272)

29

Deferred tax

535

513

Taxation

263

542

b)  Factors affecting tax credit for the year   



The tax assessed for the year is lower than the standard rate of corporation tax in the UK 26.5% (2010:28%) as explained below:



Profit before taxation

4,857

4,291

Profit multiplied by the standard rate of corporation tax in the UK

1,216

1,201

Effects of:



Overseas tax rate versus UK corporate tax rate

(5)

Expenses not deductible for tax purposes

614

112

Depreciation for period (less)/more than capital allowances

114

(288)

Utilisation and recognition of trading losses

(1,801)

(755)

Research and development relief

(220)

(235)

Share-based payments

(181)

(577)

 

Taxation

(263)

(542)

 


The Finance Act 2011, which was substantively enacted in July 2011, included provisions to reduce the rate of corportion tax to 26% with effect from 1 April 2011 and 25% with effect from 1 April 2012.  Accordingly deferred tax balances have been revalued to the lower rate of 25% in these accounts.

 

The Government has announced that it intends to further reduce the rate of corporation tax to 24% with effect from 1 April 2013 and 23% from 1 April 2014.  As this legislation was not substantively enacted by 31 December 2011, the impact of the anticipated rate change is not reflected in the tax provisions reported in these accounts.

 

In addition to the amount charged to the income statement and other comprehensvie income, the Group has recognised directly in equity. Excess tax deductions related to share-based payments on exercised options, together with changes in excess deferred tax deductions related to share-based payments, totalling £234,000 deficit (2010: surplus £179,000).

 

10.

Acquisition of subsidiary

 

 

Identifiable net assets acquired

(Unaudited)

Book value

 

Fair value


£’000

£’000

Intellectual property

5,544

11,764

Property, plant and equipment

3,870

3,870

Inventories

3,280

3,280

Trade and other receivables

2,064

2,064

Cash and cash equivalents

1,263

1,263

Trade and other payables

(1,413)

(1,413)

Deferred tax liability

(1,571)

(3,354)


13,037

17,474

Goodwill

16,212 

36,450

Total consideration


53,924

 

Satisfied by:

£’000

Cash: Paid on 22 December 2011

52,869

Post closing adjustment: cash to be paid from escrow

368

Equity instruments (954,000 ordinary shares in AMS Group plc)

687


53,924

 

Net cash flow arising on acquisition

£’000

Cash consideration

53,924

Post closing adjustment: cash to be received from escrow in 2012

469

Cash acquired

(1,263)


53,130

 


The goodwill arising on the acquisition of RESORBA is attributable to the assembled workforce and the implied workforce.

 

The fair value of financial assets includes receivables (predominately trade receivables) with a fair value of £2.1 million and a gross contractual value of £2.1 million. The best estimate at acquisition date of the contractual cash flows not to be collected are £nil.

 

Total costs for the transaction amounted to £3,244,000, of which, £1,807,000 was included in administration expenses ( exceptional items), £449,000 was capitalised as the cost of debt, and £988,000 was off-set against share premium as the cost of raising equity.

 

RESORBA® contributed £nil to revenue and £nil to profit before tax for the period between the date of acquisition and 31 December 2011.

 

If the acquisition of RESORBA® had been completed on the first day of the financial year ended 31 December 2011, group revenues for the period would have been £52,537,000 and the group profit attributable to equity holders of the parent would have been £6,222,000.

 

11.

Going Concern

 

In carrying out their duties in respect of going concern, the Directors have carried out a review of the Group’s financial position and cash flow forecasts for the next 12 months. These have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment.

 

With regards to the Group’s financial position, it had cash and cash equivalents at the year-end of £7.1 million, and a €25 million term loan repayable by 31 July 2015 which was fully drawn down. The Group also has in place a revolving credit facility of £8 million, which has not been drawn down and expires on 31 July 2015.

 

While the current economic environment is uncertain, AMS operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, market growth is predicted. The Group has a number of long-term contracts with customers across different geographic regions and also with substantial financial resources, ranging from government agencies through to global healthcare companies.

 

Having taken the above into consideration the Directors have reached a conclusion that the Group is well placed to manage its business risks in the current economic environment. Accordingly, they continue to adopt the going concern basis in preparing the preliminary announcement.

 

12.

Approval

 

This statement was approved by the Directors on 6 March 2012. A copy can be obtained from the

Secretary at the Company’s Head Office, Premier Park, 33 Road One, Winsford Industrial Estate,

Winsford, Cheshire CW7 3RT.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

FR SSMEEMFESESD

For further information, please contact:

Advanced Medical Solutions Group plc

Tel: 44 (0) 1606 545508

Chris Meredith, Chief Executive Officer

Eddie Johnson, Chief Financial Officer

Michael King, Investor Relations

Consilium Strategic Communications

Tel: 44 (0) 20 3709 5700

Matthew Neal / Lucy Featherstone

Investec Bank PLC (NOMAD & Broker)

Tel: 44 (0) 20 7597 5970

Gary Clarence / David Anderson

HSBC Bank PLC (Broker)

Tel: 44 (0) 20 7991 8888

Sam McLennan / Joe Weaving / Stephanie Cornish

About Advanced Medical Solutions Group plc

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand®, RESORBA®, LiquiBandFix8® and Seal-G®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal® brand as well as under white label. Since 2019, the Group has made five acquisitions: Sealantis, an Israeli developer of innovative internal sealants; Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business and Connexicon, an Irish tissue adhesives specialist.

AMS's products, manufactured in the UK, Germany, France, the Netherlands, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, Austria, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 800 employees. For more information, please see admedsol.com.

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