Financial Highlights


2021 2020 Reported change Change at constant currency¹ 2019
Revenue (£ million) 108.6 86.8 +25% +29% 102.4
Adjusted Measures
Adjusted² profit before tax (£ million) 25.6 13.4 +92% 26.6
Adjusted² profit before tax % 23.6% 15.4% +8.2pp 26.0%
Adjusted² diluted earnings per share (p) 9.66 5.44 +78% 9.83
Reported Measures 2019
Profit before tax (£ million) 22.0 10.1 +118% 24.3
Profit before tax % 20.2% 11.6% +8.6pp 23.7%
Diluted earnings per share (p) 8.01 3.94 103% 9.83
Net operating cash flow 31.0 21.5 +44% 21.7
Net cash3 (£ million) 73.0 53.8 +36% 64.1
Proposed full year dividend per share (p) 1.95p 1.70p +15% 1.55

Business Highlights

AMS is pleased to report strong financial performance in line with expectations and significant regulatory and clinical progress as it continues to invest in its portfolio of next-generation products.


  • Revenue increased to £108.6 million (2020: £86.8 million) with strong performances reported across all key product categories and territories as levels of elective surgery and wound treatment volumes continued to rebuild towards pre-pandemic levels. This represents an increase of 25% on a reported basis and 29% on a constant currency1 basis
  • Adjusted profit before tax increased by 92% to £25.6 million (2020: £13.4 million) as increased sales volumes drove significant improvements in operational leverage
  • Net cash increased to £73.0 million (2020: £53.8 million) driven by strong trading during the year and robust operational cash flow
  • Investment in R&D increased to £9.3 million (2020: £7.9 million), representing 8.6% of revenues (2020: 9.1%), as progress continued across key projects throughout the Group
  • Surgical Business Unit revenues increased to £64.6 million (2020: £50.2 million), an increase of 34% at constant currency
  • Woundcare Business Unit revenues increased to £44.0 million (2020: £36.6 million), an increase of 23% at constant currency
  • Global LiquiBand® sales increased to £33.1 million (2020: £22.8 million), an increase of 53% at constant currency, with particular strength shown in the US market as end user demand returned and partners rebuilt inventories
  • Reflecting the strong financial performance and Management’s ongoing confidence in the Group’s outlook, the Board proposes an increased final dividend of 1.37p per share (2020: 1.20p)


  • The Seal-G® and Seal-G® MIST clinical study continues to progress well with approximately 25% of patients now recruited. The final results are on track to be released in H2 2022 when they will be used to market the technology during the full commercial launch
  • As previously reported, recruitment for the US clinical trial of LiquiBandFix8® has now been completed and the Premarket Approval (PMA) filing remains on track for H2 2022 once all the patients have completed their 12-month follow up
  • The filing for AMS’ innovative high gelling product with anti-biofilm activity has been submitted for 510(k) approval with the product on track for a US launch in late 2022


  • AMS is announcing today the signing of an agreement to acquire AFS Medical GmbH (“AFS”), an Austrian based distributor of minimally invasive surgical devices including LiquiBandFix8®. The deal is expected to complete in mid-2022, subject to regulatory clearances, and strengthens the Group’s direct surgical sales footprint and capabilities


Commenting on the results Chris Meredith, Chief Executive Officer of AMS, said: “I am delighted with AMS’ financial performance in 2021 which reflects the strength of our product portfolio, the quality of our staff and partners, the expansion of our commercial platform and the commitment of clinicians to use our tissue-healing technologies. The acquisition of AFS enhances our direct selling footprint and capabilities, product portfolio and our plans to increase Fix8® penetration globally and I am delighted to welcome them to the Group. Despite the pandemic continuing to present challenges, trading has started well in the new financial year and I remain confident that our commitment to innovation, investment in R&D and the expansion of our distribution network will deliver significant and robust long-term growth.”



  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. Adjusted profit before tax is shown before exceptional items which were £nil (2020: £0.8 million, 2019: £1.1 million), amortisation of acquired intangible assets which was £3.2 million (2020: £2.3 million, 2019: £1.7 million) and long-term liability expense of £0.4 million (2020: £0.2 million, 2019: credit of £0.3 million) as defined in the Financial Review. Adjusted operating margin is shown before exceptional items and amortisation of acquired intangible assets
  3. Net cash is defined as cash and cash equivalents plus short term investments less bank loans and financial liabilities excluding those relating to IFRS16