Financial Highlights


H1 2022 H1 2021 Reported change Change at constant currency¹
Revenue (£ million) 58.3 50.2 16% 16%
Adjusted Measures
Adjusted² profit before tax (£ million) 13.6 12.4 10%
Adjusted² profit before tax (%) 23.4% 24.6% -1.2pp
Adjusted² diluted earnings per share (p) 5.01 4.64 8%
Reported Measures
Profit before tax (£ million) 12.3 11.2 10%
Profit before tax (%) 21.2% 22.3% -1.1pp
Diluted earnings per share (p) 4.42 4.10 8%
Net operating cash flow (£ million) 12.5 13.7 -8%
Net cash3 (£ million) 75.3 61.1 23%
Interim dividend per share (p) 0.64p 0.58p +10%

Business Highlights

The encouraging start to trading in 2022 continued despite having to manage the increasing macroeconomic challenges of supply chain and inflation. AMS is pleased to report strong growth in revenue and profitability as well as significant regulatory and clinical progress in the Period whilst continuing to invest in developing its next-generation products.


  • Revenue increased by 16% to £58.3 million (2021 H1: £50.2 million) predominately driven by commercial progress and increased pricing to recover inflationary cost increases
  • Gross margins increased to 58.9% (2021 H1: 55.9%) as a result of increased volumes
  • Total investment in R&D increased to £5.4 million (2021 H1: £4.4 million), representing 9.3% (2021 H1: 8.7%) of revenue, as progress was made on key projects across the Group
  • The Group reports a 10% increase in adjusted profit before tax to £13.6 million (2021 H1: £12.4 million) despite increased investment in R&D. Adjusted profit before tax margin of 23.4% remains in line with that generated for the full year 2021
  • Net cash increased to £75.3 million (FY 2021: £73.0 million)driven by strong trading and operational cash flow, partly offset by the acquisition of AFS Surgical
  • Surgical Business Unit revenues increased to £35.9 million (2021 H1: £30.4 million), an increase of 18% at constant currency
  • Woundcare Business Unit revenues increased to £22.4 million (2021 H1: £19.8 million), an increase of 11% at constant currency
  • Given the Group’s strong net cash position and reflecting the Board’s continued confidence in the future, the interim dividend is increased to 0.64p per share (2021 H1: 0.58p)


  • As announced in May 2022, the LiquiBand® XL 510(k) approval has been received and initial orders have been fulfilled in Q3. This approval provides access to a new $60m, long wound sealant market in the US and strengthens our market share across the entire LiquiBand® product portfolio
  • The acquisition of AFS Surgical was completed in the Period and integration is going well. The Board remains excited about the commercial synergies that this acquisition provides. Financial performance continues to be in line with initial expectations
  • 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 Seal-G® and Seal-G® MIST human clinical trials have continued and approximately half of the total of 160 patient procedures have now been completed. Patient recruitment has been slower than initially planned but is now ramping up. With nine sites now actively recruiting patients, procedures are expected to be completed in the first half of 2023


AMS has delivered strong revenue growth in the first half driven by solid underlying performance, management activities to protect margin and the continuing recovery in overseas markets. Trading has continued to progress well in Q3 and AMS remains confident that momentum will continue throughout the second half with the Company on track to meet expectations for the full year.

Commenting on the interim results, Chris Meredith, Chief Executive Officer of AMS, said: “I am pleased to report AMS’s continued robust financial performance in the first half with strong revenue, profitability and cash generation. We have also seen significant regulatory and clinical progress in meeting enhanced regulatory requirements and developing the next generation of innovative products, including the launch of LiquiBand® XL, that we expect to drive further growth over the coming years. This progress has been achieved against a backdrop of challenging macro-economic conditions which is testament to the quality and dedication of the AMS teams involved. The Group’s ongoing, robust financial health makes it well placed to deliver organic and acquisitive growth; reflecting this confidence, the Board has decided to increase the dividend for the first half.”



  1. Constant currency adjusts for the effect of currency movements by re-translating the current period’s performance at the previous period’s exchange rates
  2. Adjusted profit before tax is shown before amortisation of acquired intangible assets which, in 2022 H1, were £1.6 million (2021 H1: £1.6 million) and a £0.3 million credit for a change in long-term liabilities (2021 H1: credit of £0.4 million) as defined in the financial review. Adjusted operating margin is shown before amortisation of acquired intangible assets.
  3. Net cash in 2022 H1 was £75.3 million (2021 H1: £61.1 million) and consists of cash and cash equivalents of £75.3 million (2021 H1: £61.1 million).