AGM and Trading Update
For immediate release: 2 June 2010
Advanced Medical Solutions Group plc
(“AMS” or “the Company”)
Annual General Meeting and Trading Update
Winsford, UK:Advanced Medical Solutions Group plc (AIM: AMS), the global medical technology company, will hold its Annual General Meeting at 12:00 today. Dr. Geoffrey Vernon, the Company’s Chairman, will make the following comments on current trading:
“I am pleased to report that the strong start to the year, highlighted in the Preliminary announcement in March, has continued during the first half and that trading is substantially ahead of this time last year and in line with current market expectations for the full year ending 31 December 2010.
The management team is focusing on a number of key initiatives in order to facilitate continued growth, and I am pleased to update shareholders on these as follows:
· initial traction with LiquiBand® in the US continues to be very positive with three further distribution partners added in addition to Cardinal Health. These include the largest pharmaceutical distributor in North America, which importantly gives us coverage in the Alternate Site (mainly non-hospital) as well as the Acute Care (mainly hospitals and medical practices) market for tissue adhesives. We have also received registration of our LiquiBand® trademark in the US;
· we continue to broaden our global distribution network for LiquiBand® and have now received regulatory approval for the full product range in both Japan and Canada. The products have been launched by a local partner in Japan and we are actively reviewing options for distribution in Canada;
· we continue to see good progress with our silver alginate range worldwide and with our ActivHeal® value range in the UK. We have taken advantage of the pressure on budgets in the NHS to reinforce the positioning of ActivHeal® for use with routine wounds, offering Trusts significant savings and enabling the use of silver dressings on infected wounds where they are specifically indicated;
· our foam strategy is progressing well at all levels. The Corpura business acquired last October is performing strongly and is now fully integrated into our advanced woundcare business segment. We are upgrading our foam manufacturing processes with a number of advanced foam products now moving through our R & D programme; and
· the move into our new facility at Winsford continues on schedule and on budget. One of the two existing facilities has now been vacated, returned to the Landlord and all of its processes have been transferred and are now operational in the new facility.
Given these developments, the Board remains very positive about the outlook for 2010 and, as previously indicated, intends to confirm the payment of a maiden dividend for the full 2010 financial year, which would be payable in 2011.”
For further information, please visit www.admedsol.com or contact:
Advanced Medical Solutions Group plc
Don Evans, Chief Executive Officer Tel: +44 (0) 1606 545508
Mary Tavener, Finance Director
Chris Meredith, Chief Operating Officer
John West / Chris Munden Tel: +44 (0) 20 7920 3150
Investec Bank plc
Gary Clarence / Daniel Adams Tel: +44 (0) 20 7597 5970
Notes to Editors:
AMS advanced woundcare products are based on an extensive range of technologies including alginates, silver alginates and hydrophilic polyurethane foam. 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 and provide an optimal environment for healing to occur. The inclusion of silver adds a proven effectiveness against antibiotic resistant bacteria.
AMS 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 employs 240 people in three locations (Winsford, Plymouth and the Netherlands). The business is profitable and cash generative and the Board recently announced that its intention is to recommend a maiden dividend for the year ended 31st December 2010.
In 2009, AMS delivered a 19% increase in revenues, a 51% increase in operating profit before exceptionals, and a strong, debt-free, year-end balance sheet. The business has an experienced management team, whose stated aim is to grow the business both organically and by exploring selective acquisition opportunities.
This information is provided by RNS