Financial Highlights


2022 2021 Reported change Change at constant currency¹
Revenue (£ million) 124.3 108.6 14% 10%
Adjusted Measures
Adjusted² profit before tax (£ million) 28.5 25.6 11%
Adjusted² profit before tax margin (%) 22.9% 23.6% -0.7pp
Adjusted² diluted earnings per share (p) 10.47 9.66 8%
Reported Measures
Profit before tax (£ million) 25.9 22.0 18%
Profit before tax margin (%) 20.8% 20.2% 0.6pp
Diluted earnings per share (p) 9.3 8.01 16%
Net operating cash flow (£ million) 26.9 31.0 -13%
Net cash3 (£ million) 82.3 73.0 13%
Proposed full year dividend per share (p) 2.15p 1.95p +10%

Business Highlights (including post period end):

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


  • Group revenue increased to £124.3 million (2021: £108.6 million), an increase of 14% or 10% at constant currency, driven by commercial progress, foreign exchange tailwinds and higher pricing to recover inflationary cost increases
  • Adjusted profit before tax increased by 11% to £28.5 million (2021: £25.6 million) as the business continued to manage the majority of inflationary pressure through selling price increases
  • Net cash increased to £82.3 million (2021: £73.0 million) driven by strong trading and robust operational cash flow
  • Investment in R&D increased to £12.3 million (2021: £9.3 million), representing 9.9% of revenues (2021: 8.6%), as the Group accelerates investment in new products and Medical Device Regulation (“MDR”)
  • Surgical Business Unit revenues increased to £74.9 million (2021: £64.6 million), an increase of 16% and of 12% at constant currency
  • Woundcare Business Unit revenues increased to £49.5 million (2021: £44.0 million), an increase of 13% and of 8% at constant currency
  • Reflecting the strong financial performance and management’s ongoing confidence in the Group’s outlook, the Board proposes an increased final dividend of 1.51p per share (2021: 1.37p) bringing the total proposed dividend to 2.15p per share (2021: 1.95p)



  • Good engagement and progress with the FDA on our US LiquiBandFix8® Pre-Market Approval (PMA) with approval on track for H2 2023
  • The Seal-G®and Seal-G® MIST clinical study continues to progress well with over 80% of patients now recruited. The final results are on track to be released in H1 2023 when they will be used to market the technology during the commercial launch
  • LiquiBand® XL was approved and launched in the US during H2 2022. Initial market response is very positive and underpins confidence in the product
  • Completed the acquisition of AFS Medical GmbH (“AFS”), an Austria-based distributor of minimally invasive surgical devices for an initial cash purchase price of €4.5 million with a further cash deferred consideration of up to €1.5 million based on delivery of 2022-2024 EBITDA targets
  • On 1st February 2023, AMS announced that it had acquired Connexicon Medical Ltd (Connexicon), a tissue adhesive technology specialist, for an initial, upfront payment of €7 million with further deferred payments dependent on delivery of certain research & development, regulatory and commercial milestones between 2023 and 2027. The acquisition strengthens AMS’s position in the $300 million global medical adhesive market, providing significant new commercial opportunities


Commenting on the results Chris Meredith, Chief Executive Officer of AMS, said: “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. 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 R&D and acquisitions that will further strengthen our established portfolios while continuing to penetrate new markets, maintaining robust growth in the long-term.”



  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 amortisation of acquired intangible assets which was £3.4 million (2021: £3.2 million) and the movement in long-term liabilities recognised on acquisitions which was a credit £0.8 million (2021: £0.4 million debit).
  3. Net cash consists of cash and cash equivalents with nil debt (2021: £nil debt)