Adv Medical Solutns. - Interim Results
16 September 2026
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Interim results for the six months ended 30 June 2026
Winsford, UK, 16 September 2026: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces its unaudited interim results for the six months ended 30 June 2026 (the "Period").
H1
2026
H1
2025
Reported change¹
Change at constant currency²
Surgical Business Unit (£ million)
Advanced Woundcare Business Unit (£ million)
Total group revenue (£ million)
91.4
24.1
115.5
87.9
22.9
110.8
+4%
+5%
+4%
+2%
+5%
+3%
Adjusted Measures
Adjusted3 EBITDA (£ million)
26.3
24.4
+8%
Adjusted3 EBITDA margin %
22.7%
22.0%
+0.7pp
Adjusted3 profit before tax (£ million)
18.1
16.4
+11%
Adjusted3 profit before tax margin %
15.7%
14.8%
+0.9pp
Adjusted4 diluted earnings per share (p)
6.25
5.67
+ 10%
Reported Measures
Profit before tax (£ million)
0.3
8.5
-96%
Profit before tax margin %
0.3%
7.6%
-7.3pp
Diluted earnings per share (p)
(0.03)
2.84
-101%
Net cash inflow from operating activities (£ million)
7.4
15.1
-51%
Net debt 5 (£ million)
(60.3)
(50.1)
+20%
Interim dividend per share (p)
Nil
0.85
-100%
Financial and Operational Highlights:
· Group revenue increased by 4% to £115.5 million and by 3% at constant currency (2025 H1: £110.8 million) with overall growth partially offset by lower Adhesives sales linked to partner order phasing:
o Surgical revenues increased by 4% on a reported basis and 2% on a constant currency basis to £91.4 million (2025 H1: £87.9 million) with growth across the majority of AMS' products categories
§ As reported in the prior year, US LiquiBand® benefited from significant partner order phasing in H1 2025 creating a high comparator for this Period. Consequently, revenues in the Period were 15% lower at reported currency and 14% lower at constant currency vs the comparative period
§ ROW LiquiBand® grew 4% at reported currency and by 3% at constant currency
§ Biosurgical products grew by 4% at reported currency and were flat at constant currency
o Advanced Woundcare revenues increased by 5% at both reported and constant currency, continuing its improved performance following its prior period restructure
· Gross margins increased to 54.5% (2025 H1: 53.5%) predominantly due to an increase in Woundcare gross margins following the restructuring initiatives implemented in Q1 2025
· Adjusted EBITDA increased by 8% to £26.3 million (2025 H1: £24.4 million), with adjusted EBITDA margin of 22.7% (2025 H1: 22.0%), primarily due to additional sales and the gross margin improvement referenced above
· Reported profit before tax decreased to £0.3 million (2025 H1: £8.5 million) and a reported loss after tax of £0.1 million (2025 H1: Profit after tax of £6.2 million) was incurred as a result of £12.4 million (2025: £5.8 million) of exceptional items being incurred in the Period in connection with the Group's operational synergy project and the proposed Acquisition (as defined below).
· Net Debt increased to £60.3 million from 2025 year-end net debt position of £50.5 million (2025 H1: £50.1 million) primarily due to capital investment at the Group's Bangkok and Stafford sites and increased investment in Inventory ahead of the transition stage of the Group's Suture and Biosurgical operational synergy programme
· The Group's operational synergy project for Sutures and Collagen is progressing to plan, with the closure of five sites in Germany and Czechia announced in January 2026 and manufacturing at these sites is expected to cease by the end of March 2027
Outlook
· We are pleased with the Group's performance during the Period, and the Board of Directors of AMS ("the Board") is confident of delivering further progress in the second half
· The Group's competitive position, end-market dynamics, and long-term growth prospects remain strong, and we look forward to realising AMS' further potential as part of H.B. Fuller Company ("H.B. Fuller")
· Following shareholder approval of all resolutions in connection with the recommended cash acquisition of the entire issued and to be issued ordinary share capital of AMS by H.B. Fuller Medical Adhesive Technologies Inc. (a wholly-owned subsidiary of H.B. Fuller) (the "Acquisition"), the scheme of arrangement in connection with the Acquisition (the "Scheme of Arrangement") is currently expected to become Effective (as defined in the circular published by AMS on 20 July 2026 (the "Scheme Document")) in Q4 2026, subject to the satisfaction (or, if applicable, waiver) of the outstanding Conditions (as defined in the Scheme Document), including Conditions 3(a) to (g)
· in relation to Condition 3(a), the Austrian Federal Competition Authority and the Austrian Federal Cartel Prosecutor have waived their right to request an in-depth investigation of the Acquisition;
· in relation to Condition 3(b), the German Federal Cartel Office has issued an unconditional clearance decision;
· in relation to Condition 3(c), the waiting period described in paragraph (i) of that Condition has expired;
· in relation to Condition 3(d), as previously announced, the UK Competition and Markets Authority has indicated in writing that it has no further questions at this stage in relation to the Acquisition; and
· in relation to Condition 3(e), the Austrian Federal Ministry for Economy, Energy and Tourism has issued an unconditional and legally binding clearance decision
· AMS will provide further updates in relation to the Acquisition and satisfaction of the Conditions in due course, as appropriate
Commenting on the interim results, Chris Meredith, CEO of AMS, said: "The last half year has been another period of good progress, and I would like to thank all of AMS' employees, customers and suppliers for their ongoing contribution to our success. We look forward to becoming part of the combined larger medical business within H.B. Fuller and benefiting from enhanced commercial, manufacturing and distribution capabilities that should accelerate the delivery of our strategy and broaden our offering to patients."
- End -
Notes
1 Reported change is calculated using amounts rounded to the nearest £'000.
2 Reconciled in note 19 of the financial information. Constant currency adjusts for the effect of currency movements by re-translating the current period's performance at the previous period's exchange rates.
3 Reconciled in the Financial Review and note 19 of the financial information. Adjusted EBITDA excludes the impact of exceptional items, depreciation, amortisation, interest and taxation. Adjusted profit before tax excludes the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities.
4 Reconciled in note 4 of the financial information. Adjusted diluted earnings per share exclude the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities.
5 Reconciled in note 10 of the financial information. Net debt is calculated as cash and cash equivalents less borrowings as presented in the Statement of Financial Position.
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
Eddie Johnson, Chief Financial Officer
Optimum Strategic Communications
Tel: +44 (0) 20 4566 8543
Mary Clark / Nick Bastin / Isabelle Abdou
AMS@optimumcomms.com
Investec Bank PLC (NOMAD & Joint Broker)
Tel: +44 (0) 20 7597 5970
Gary Clarence / Harry Hargreaves / Nick Prowting
Berenberg (Joint Broker)
Tel: +44 (0)20 3207 7800
Toby Flaux / Detlir Elezi / Yasmina Benchekroun
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®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec 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 seven 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, Connexicon, an Irish tissue adhesives specialist, Syntacoll, a German specialist in collagen-based absorbable surgical implants and Peters Surgical, a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.
AMS' products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS' own direct sales forces in the UK, Germany, Austria, France, Poland, Benelux, India, 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 1,800 employees. For more information, please see www.admedsol.com.
Chief Executive's Review
Surgical Business Unit
Revenue for the Surgical Business Unit increased by 4% on a reported basis and 2% on a constant currency basis in the Period to £91.4 million (2025 H1: £87.9 million).
Surgical Business Unit
2026 H1
£ million
2025 H1
£ million
Reported Growth¹
Growth at constant currency
Advanced Closure
22.4
24.5
-8%
-8%
Internal Fixation and Sealants
4.9
3.6
36%
33%
Suture, Clips and VTO
42.5
38.8
9%
7%
Biosurgical Devices
13.5
13.0
4%
0%
Other Distributed Products
8.1
8.0
1%
-1%
TOTAL
91.4
87.9
4%
2%
Advanced Closure
Advanced Closure
2026 H1
£ million
2025 H1
£ million
Reported Growth¹
Growth at constant currency
Americas
13.4
15.7
-15%
-14%
Rest of World
9.0
8.8
4%
3%
TOTAL
22.4
24.5
-8%
-8%
Global LiquiBand® revenues decreased by 8% on a reported and constant currency basis to £22.4 million (2025 H1: £24.5 million), with the comparator period inflated due to unusually favourable partner order phasing.
Internal Fixation and Sealants
Internal fixation and Sealants revenues increased by 36% at reported currency and 33% at constant currency to £4.9 million (2025 H1: £3.6 million) driven by US sales of LIQUIFIXTM.
Suture, Clips and VTO
Revenue increased by 9% to £42.5 million (2025 H1: £38.8 million) and by 7% on a constant currency basis as the category continued its growth following the transformational acquisition of Peters Surgical.
Biosurgical Devices
Revenue increased by 4% to £13.5 million (2025 H1: £13.0 million) and was flat at constant currency as ongoing underlying growth was offset by phasing of Syntacoll sales.
Other Distributed Products
Revenue remained stable at £8.1 million (2025 H1: £8.0 million) as growth in Austria has been offset by the discontinuation of certain low margin products.
Woundcare
Revenue for the Woundcare Business Unit increased by 5% in the Period to £24.1 million (2025 H1: £22.9 million) on a reported basis and on a constant currency basis.
Woundcare Business Unit
2026 H1
£ million
2025 H1
£ million
Reported Growth¹
Growth at constant currency
Infection and Exudate Management
22.2
21.6
3%
3%
Other Woundcare
1.9
1.3
36%
38%
TOTAL
24.1
22.9
5%
5%
Infection and Exudate Management
Infection and Exudate Management revenue increased by 3% to £22.2 million (2025 H1: £21.6 million) following adverse order phasing in the comparative period.
Other Woundcare
Other Woundcare comprises royalties, fees and Woundcare sealants and membranes. Revenue increased by 36% at reported currency and by 38% at constant currency to £1.9 million (2025 H1: £1.3 million) as lower royalty income was more than offset by an increase in sales of membranes.
US-Iran conflict
While the US-Iran conflict has created some supply chain disruption and has impacted shipping costs in particular, it has not had a material impact on the Group's financial performance. Under current tariff conditions, the previously estimated annual impact of US tariffs of £1-2 million is not expected to significantly change.
Environmental, Social & Governance
The Group Sustainability Team made good progress in the Period, launching a Code of Conduct and training programme across the Group, became a signatory to the UN Global Compact and finalising the Corporate Social Responsibility Directive (CSRD) report for the enlarged Group. We have begun work on creating a detailed action plan to support our carbon reduction initiatives.
We continue to engage in an increasing number of sustainability-related audit requests, ESG evaluations and information requests from customers. Going forward, our EDI Committee (AMS Together) and ESG Rep programme will further engage with employees and ensure our activities reflect our Purpose, Mission and Values. The wide range of activities will help us to adapt our ESG long-term strategy.
Stakeholders
On behalf of the Board, I would like to thank the Group's committed staff, partners and other stakeholders, without whose help and commitment the achievements during the Period would not have been possible.
Financial Review
IFRS reporting
To provide the clearest possible insight into our financial performance and financial position, the Group uses alternative performance measures. Further information on the use of alternative performance measures is detailed in note 19.
Overview
Group revenue has increased by 4% at reported currency to £115.5 million (2025 H1: £110.8 million) and by 3% at constant currency, as summarised in the Chief Executive's Review.
Gross profit increased to £63.0 million (2025 H1: £59.3 million) with gross margin increasing to 54.5% (2025 H1: 53.5%). Overall, the Group's operational performance has seen improved efficiency due to the combined impact of sales growth and related volume benefit on operational performance, the annualised effect of the prior period restructure within Woundcare and related volume efficiencies owing to temporary inventory building. Further accretive margin impacts have been achieved through commercial synergies identified in the Peters acquisition. These include utilising the Group's direct sales presence to increase direct selling and allow access into key markets for the larger product portfolio.
Distribution costs were £2.1 million (2025 H1: £1.6 million) increasing due to sales growth, higher shipping costs due to geopolitical events across the Middle East and the impact of US Tariffs which only partially affect the prior year comparator.
Administration expenses, before exceptional items, were £46.1 million (2025 H1: £44.3 million). Investment in sales and marketing has increased to support further growth, in particular the sales team presence in the US, and direct markets in line with commercial synergy identified in the Peters acquisition. There is continued investment in R&D and higher amortisation of development costs arising from Medical Device Regulation ("MDR") as a large proportion of products have now gained certification from regulatory bodies.
Exceptional items totalling £12.4 million (2025 H1: £3.0 million) have been incurred in the period in relation to the Group's operational synergy project, which includes £2.8 million relating to operational synergy project activities, £3.8 million in respect of provisions for employee termination costs and £3.6 million for asset impairment costs for the related site closures. £2.1 million of costs have been recognised in relation to the proposed Acquisition. Further details are summarised in note 8. Exceptional items primarily relate to the Surgical business unit and the associated benefits of the operational synergy project will be realised within the Surgical business unit.
Investment in R&D has increased to £7.2 million (2025 H1: £6.9 million), which represents 6.2% (2025 H1: 6.2%) of revenue.
H1 2026
H1 2025
£'000
£'000
Total investment in Research and Development, Regulatory and Clinical
7,194
6,910
Of which:
Charged to the profit and loss account
5,171
5,296
Capitalised, to be amortised over 5-10 years
2,023
1,614
Amortisation of acquired intangible assets was £5.2 million (2025 H1: £5.2 million) the same as prior year with no acquisitions in the period.
Adjusted operating profit6, which excludes amortisation of acquired intangibles and exceptional items, increased by 7% to £20.3 million (2025 H1: £18.9 million) whilst the adjusted operating margin increased by 60bps to 17.6% (2025 H1: 17.0%).
6 Reconciled in note 19 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles.
Movement in long-term acquisition liabilities of Sealantis and Connexicon resulted in a net charge of £0.2 million (2025 H1: £0.2 million net credit). No contingent consideration payments were made in the period (2025 H1: £1.1 million).
The Group delivered an 8% increase in adjusted EBITDA of £26.3 million (2025 H1: £24.4 million).
Reconciliation of operating profit to adjusted EBITDA
H1 2026
H1 2025
£'000
£'000
Operating profit
2,684
10,727
Amortisation of acquired intangibles
5,223
5,164
Amortisation of other intangibles
2,019
1,597
Depreciation
3,956
3,912
Exceptional items
12,374
2,988
Adjusted EBITDA
26,256
24,388
Adjusted profit before tax increased by 11% to £18.1 million (2025 H1: £16.4 million). Reported profit before taxation decreased to £0.3 million (2025 H1: £8.5 million) as a result of the significant exceptional items incurred in the period.
Reconciliation of profit before taxation to adjusted profit before tax
H1 2026
H1 2025
£'000
£'000
Profit before taxation
335
8,463
Amortisation of acquired intangibles
5,223
5,164
Exceptional items
12,374
2,988
Movement in long-term acquisition liabilities
192
(232)
Adjusted profit before tax
18,124
16,383
The Group's adjusted effective corporation tax rate is 24%, which removes adjusted items and their tax impact is 24% (2025 H1: 25%) as a result of the Group's main profits arising in the UK where the Group benefits from the UK patent box regime. The Group's reported effective corporation tax rate increased to 144% (2025 H1: 27.2%) as a result of a combination of factors. Low profits in certain jurisdictions impacted by the Group's restructure reduced the Group's reported profit, whilst a potential tax credit of deferred tax liability unwind of acquired intangibles was offset by an equal tax charge from reduced capacity to recognise a deferred tax asset on losses, adversely affecting the effective tax rate.
Adjusted diluted earnings per share, as summarised in note 4 of the financial information, increased by 10% to 6.25p (2025 H1: 5.67p) reflecting the Group's ongoing growth. Diluted earnings per share decreased to -0.03p (2025 H1: 2.84p) whilst basic earnings per share decreased to -0.03p (2025 H1: 2.89p) as a result of significantly more exceptional items incurred in the period reducing reported earnings.
The Board does not intend for AMS to pay an interim dividend following the approval of the resolutions at the Court Meeting and the General Meeting (as those terms are defined in the Scheme Document) in connection with the proposed Acquisition.
Operating result by business segment
Six months ended 30 June 2026
Surgical
Woundcare
£'000
£'000
Revenue
91,406
24,052
Profit from operations
13,554
1,780
Amortisation of acquired intangibles
4,753
470
Adjusted operating profit7
18,307
2,250
Adjusted operating margin
20.0%
9.4%
Adjusted EBITDA8
22,985
3,547
Adjusted EBITDA margin
25.1%
14.7%
Six months ended 30 June 2025
Revenue
87,902
22,867
Profit from operations
12,863
1,379
Amortisation of acquired intangibles
4,694
470
Adjusted operating profit7
17,557
1,849
Adjusted operating margin
20.0%
8.1%
Adjusted EBITDA8
21,895
3,020
Adjusted EBITDA margin
24.9%
13.2%
7 Reconciled in note 5 of the financial information. Excludes the impact of exceptional items and amortisation of acquired intangibles.
8 Reconciled in note 19 of the financial information. Excludes the impact of exceptional items, depreciation, amortisation, interest and taxation.
Surgical
Surgical revenues increased by 4% to £91.4 million (2025 H1: £87.9 million) at reported currency and increased by 2% at constant currency. Adjusted EBITDA margin increased 20bps to 25.1% (2025 H1: 24.9%).
Woundcare
Woundcare revenues increased by 5% to £24.1 million (2025 H1: £22.9 million) at reported currency and 5% at a constant currency. Adjusted EBITDA margin increased by 150 bps to 14.7% (2025 H1: 13.2%), supported by increasing volumes, focus on higher margin opportunities and the impact of the prior period restructure.
Currency
The Group hedges significant currency transaction exposure by using forward contracts and aims to hedge approximately 80% of its estimated transactional exposure for the next 18 months. In the first half of the year, approximately half of sales were invoiced in euros and approximately a quarter were invoiced in US dollars. The remainder of sales are predominantly in pounds sterling, with other currencies across the group not material.
The Group estimates that a 10% movement in the £:US$ or £:€ exchange rate will impact reported pounds sterling revenues by approximately 2.4% (2025 H1: 2.6%) and 4.8% (2025 H1: 4.7%) respectively and in the absence of any hedging this would have an impact on the Group operating margin of 1.4 (2025 H1: 1.6) and 0.1 (2025 H1: 0.2) percentage points respectively. Given the significant cost base in Euro currency, providing a natural hedge, the Euro currency transaction exposure has a minimal impact on Group Operating Margin, and hence the Group only hedge US Dollar currency transaction exposure over the next 18 months.
Cash Flow
Adjusted net cash inflow from operating activities has decreased to £11.0 million (2025 H1: £18.4 million) as a result of the Group's Inventory-build programme, a higher receivables position and higher tax payments in the period. Net cash inflow from operating activities decreased to £7.4 million (2025 H1: £15.1 million) due to significant exceptional items, increased receivable and Inventory levels as well as higher tax payments. Additional information on working capital movements is explained further below in this section.
Reconciliation of Net cash inflow from operating activities to Adjusted net cash inflow from operating activities
(unaudited)
(unaudited)
Six months ended
Six months ended
30 June 2026
30 June 2025
Net cash inflow from operating activities
7,407
15,138
Add back exceptional items
3,636
3,213
Adjusted net cash inflow from operating activities
11,043
18,351
In the first half of 2026, receivables increased by £5.2 million (2025 H1: £2.3 million increase) due to the timing of sales with significant payments received after the period-end in Q3. As a result, debtor days increased to 46 days compared with 45 days at year-end (2025 H1: 49 days) but shows a decrease on a high prior-year comparator.
Trade and other payables excluding non-current liabilities decreased to £30.5 million against the year-end position of £31.0 million. Creditor days of 34 days decreased compared to the year-end position of 35 days and previous period reporting (2025 H1: 35 days).
Inventory levels increased by £5.3 million (2025 H1: £6.8 million increase) as the Group has built Inventory to ensure the continuity of supply to customers as the Suture and Biosurgical restructure approaches the implementation phase, and manufacturing sites close. Inventory cover for the period as a result has increased to 8.4 months of supply in comparison to 7.4 months at year-end (2025 H1: 6.6 months).
At the end of the Period, net debt has increased to £60.3 million (2025 H1: £50.1 million) as summarised in note 10. The increase from the year-end position of £50.5 million is due to the Group investing heavily in its operational synergy project including incurring significant exceptional costs as well as additional capital expenditure.
Within the period the Group utilised a further £7.0 million on the revolving credit facility, with a further £17.0 million available to the group if required to support working capital needs in the future.
In the period, the group invested £9.5 million in capital equipment, R&D and regulatory costs (2025 H1: £4.1 million) a large increase from the prior period due to a large site extension at the Group's primary Suture manufacturing facility in Bangkok; additional converting lines within Woundcare at the Stafford site linked to a long-term commercial deal and new product development progress in particular for the Freeze Dried Bone Substitute project.
Tax payments increased to £4.7 million (2025 H1: £2.3 million) as a result of additional tax payments in Germany following the acceptance of multiple years of tax returns which have been accepted and closed in the current period by the tax authorities.
Dividends of £4.4 million (2025 H1: £nil) were paid in the period. The prior period dividend was paid in July 2025, outside of the comparator period.
Interest payments were £3.0 million (2025 H1: £2.5 million) an increase due to accrued interest at the end of 2025 being paid in the period. The underlying decrease in finance costs is as a result of UK base rate cuts and on average lower levels of borrowings throughout the period, albeit not at the reporting date.
CONDENSED CONSOLIDATED INCOME STATEMENT
(unaudited)
(unaudited)
(audited)
Six months ended 30 June 2026
Six months ended 30 June 2025
Year ended 31 December 2025
Before
Exceptional
Before
Exceptional
Before
Exceptional
Exceptional
Items
Exceptional
Items
Exceptional
Items
Items
Note 8
Total
Items
Note 8
Total
Items
Note 8
Total
Note
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Revenue from continuing operations
5
115,458
-
115,458
110,769
-
110,769
228,936
-
228,936
Cost of sales
(52,491)
-
(52,491)
(51,515)
-
(51,515)
(106,798)
-
(106,798)
Gross profit
62,967
-
62,967
59,254
-
59,254
122,138
-
122,138
Distribution costs
(2,095)
-
(2,095)
(1,586)
-
(1,586)
(3,847)
-
(3,847)
Administration costs
(46,084)
(12,374)
(58,458)
(44,278)
(2,988)
(47,266)
(90,495)
(5,805)
(96,300)
Other income
270
-
270
325
-
325
671
-
671
Operating profit
15,058
(12,374)
2,684
13,715
(2,988)
10,727
28,467
(5,805)
22,662
Finance income
28
-
28
358
-
358
211
-
211
Finance costs
(2,377)
-
(2,377)
(2,622)
-
(2,622)
(5,090)
-
(5,090)
Profit before taxation
12,709
(12,374)
335
11,451
(2,988)
8,463
23,588
(5,805)
17,783
Income tax
7
(3,672)
3,188
(484)
(2,990)
685
(2,305)
(8,892)
1,204
(7,688)
Profit/(Loss) for the Period
9,037
(9,186)
(149)
8,461
(2,303)
6,158
14,696
(4,601)
10,095
Profit/(Loss) for the Period attributable to equity holders of the parent
9,121
(9,186)
(65)
8,508
(2,303)
6,205
14,555
(4,601)
9,954
Non-controlling interest
(84)
-
(84)
(47)
-
(47)
141
-
141
Earnings per share
Basic
4
4.21p
(4.24p)
(0.03p)
3.96p
(1.07p)
2.89p
6.75p
(2.13p)
4.62p
Diluted
4
4.12p
(4.14p)
(0.03p)
3.89p
(1.05p)
2.84p
6.62p
(2.09p)
4.52p
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
(unaudited)
(audited)
Six months ended
30 June 2026
Six months ended
30 June 2025
Year ended
31 December 2025
£'000
£'000
£'000
(Loss)/Profit for the period
(149)
6,158
10,095
Exchange differences on translation of foreign operations
(3,954)
3,505
8,028
(Loss)/gain arising on cash flow hedges
(974)
4,136
1,664
Deferred tax change arising on cash flow hedges
162
(739)
(306)
Other comprehensive (loss)/income for the period
(4,766)
6,902
9,386
Total comprehensive (loss)/income for the period
(4,915)
13,060
19,481
Total comprehensive (loss)/income for the year attributable equity holders of the parent
(4,831)
13,107
19,340
Total comprehensive (loss)/ income for the year attributable to Non-controlling interest
(84)
(47)
141
(unaudited)
(unaudited)
(audited)
30 June 2026
30 June 2025
31 December 2025
Note
£'000
£'000
£'000
Assets
Non-current assets
Intangible assets
86,190
94,329
92,731
Goodwill
11
111,404
118,953
112,693
Property, plant and equipment
49,050
46,573
48,750
Trade and other receivables
1,184
1,080
1,219
Derivative financial assets
-
910
12
Deferred tax assets
203
1,268
-
248,031
263,113
255,405
Current assets
Inventories
75,357
62,019
70,047
Trade and other receivables
52,873
50,093
47,654
Derivative financial assets
577
2,045
1,213
Current tax assets
1,764
827
2,436
Cash and cash equivalents
13,558
19,339
18,015
144,129
134,323
139,365
Total assets
392,160
397,436
394,770
Liabilities
Current liabilities
Trade and other payables
30,624
32,752
30,951
Derivative financial liabilities
175
-
-
Provisions
3,844
-
-
Borrowings
10
10,846
9,470
11,370
Current tax liabilities
600
1,290
4,293
Lease liabilities
2,953
3,208
3,332
49,042
46,720
49,946
Non-current liabilities
Other non-current liabilities
5,143
4,264
4,814
Derivative financial liabilities
152
-
-
Borrowings
10
63,060
59,956
57,101
Deferred tax liabilities
10,956
19,821
13,085
Lease liabilities
8,507
9,741
9,720
87,818
93,782
84,720
Total liabilities
136,860
140,502
134,666
Net assets
255,300
256,934
260,104
Equity
Share capital
13
11,037
10,961
10,977
Share premium
39,232
37,691
37,844
Other reserves
13
23,743
18,795
20,686
Hedging reserve
106
2,957
918
Translation reserve
(225)
(794)
3,729
Retained earnings
180,206
186,632
184,637
Equity attributable to equity holders of the parent
254,099
256,242
258,791
Non-controlling interests
13
1,201
692
1,313
Total equity
255,300
256,934
260,104
CONDENSED CONSOLIDATED Statement of Changes in Equity
Share
Share
Other
Hedging
Translation
Retained
Total attributable
Non-controlling
capital
premium
reserve
reserve
reserve
earnings
to owners
Interest
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
At 1 January 2026 (audited)
10,977
37,844
20,686
918
3,729
184,637
258,791
1,313
260,104
Consolidated loss for the period to 30 June 2026
-
-
-
-
-
(65)
(65)
(84)
(149)
Other comprehensive loss
-
-
-
(812)
(3,954)
-
(4,766)
(4,766)
Total comprehensive loss
-
-
-
(812)
(3,954)
(65)
(4,831)
(84)
(4,915)
Share-based payments
-
-
2,225
-
-
-
2,225
2,225
Excess Deferred tax on share-based payments
-
-
827
-
-
-
827
827
Share options exercised
60
1,388
5
-
-
-
1,453
1,453
Changes in non-controlling interest
-
-
-
-
-
-
-
(28)
(28)
Dividends paid (Note 9)
-
-
-
-
-
(4,366)
(4,366)
-
(4,366)
At 30 June 2026 (unaudited)
11,037
39,232
23,743
106
(225)
180,206
254,099
1,201
255,300
Share
Share
Other
Hedging
Translation
Retained
Total attributable
Non-controlling
capital
premium
reserve
reserve
reserve
earnings
to owners
Interest
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
At 1 January 2025 (audited)
10,892
37,525
16,625
(440)
(4,299)
180,474
240,777
739
241,516
Consolidated profit for the period to 30 June 2025
-
-
-
-
-
6,158
6,158
-
6,158
Other comprehensive income
-
-
-
3,397
3,505
-
6,902
-
6,902
Total comprehensive income
-
-
-
3,397
3,505
6,158
13,060
-
13,060
Share-based payments
-
-
1,900
-
-
-
1,900
-
1,900
Excess Deferred tax on share-based payments
-
-
237
-
-
-
237
-
237
Share options exercised
69
166
33
-
-
-
268
-
268
Changes in non-controlling interest
-
-
-
-
-
-
-
(47)
(47)
Dividends paid (Note 9)
-
-
-
-
-
-
-
-
-
At 30 June 2025 (unaudited)
10,961
37,691
18,795
2,957
(794)
186,632
256,242
692
256,934
Share
Share
Other
Hedging
Translation
Retained
Total attributable
Non-controlling
capital
premium
reserve
reserve
reserve
earnings
to owners
Interest
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
At 1 January 2025 (audited)
10,892
37,525
16,625
(440)
(4,299)
180,474
240,777
739
241,516
Consolidated profit for the year to 31 December 2025
-
-
-
-
-
9,954
9,954
141
10,095
Other comprehensive loss
-
-
-
1,358
8,028
-
9,386
-
9,386
Total comprehensive (loss)/income
-
-
-
1,358
8,028
9,954
19,340
141
19,481
Share-based payments
-
-
4,140
-
-
-
4,140
-
4,140
Excess Deferred tax on share-based payments
-
-
(128)
-
-
-
(128)
-
(128)
Share options exercised
85
319
49
-
-
-
453
-
453
Changes in non-controlling interest
-
-
-
-
-
-
-
433
433
Dividends paid (Note 9)
-
-
-
-
-
(5,791)
(5,791)
-
(5,791)
At 31 December 2025 (audited)
10,977
37,844
20,686
918
3,729
184,637
258,791
1,313
260,104
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(unaudited)
(audited)
Six months
Six months
Year
ended
ended
ended
30 June 2026
30 June 2025
31 December 2025
Note
£'000
£'000
£'000
Cash flows from/(used in) operating activities
Operating profit
2,684
10,727
22,662
Adjustments for:
Depreciation
3,956
3,912
8,036
Amortisation - acquired intangible assets
5,223
5,164
10,313
- software intangibles
358
300
655
- development costs
1,661
1,297
2,393
Impairment of fixed assets
2,961
-
-
Impairment of intangible assets
698
-
-
Increase in inventories
(6,074)
(7,068)
(13,267)
(Decrease)/Increase in trade and other receivables
(5,483)
1,017
5,036
Increase/(decrease) in trade and other payables
3,924
208
(2,048)
Share-based payments expense
2,225
1,900
4,140
Taxation paid
(4,726)
(2,319)
(5,333)
Net cash inflow from operating activities
7,407
15,138
32,587
Cash flows from investing activities
Purchase of software
(64)
(160)
(1,111)
Capitalised development costs
(2,023)
(1,614)
(4,131)
Purchases of property, plant and equipment
(7,424)
(2,351)
(7,358)
Proceeds from disposal of property, plant and equipment
67
-
54
Interest received
26
135
207
Acquisitions (net of cash acquired)
-
-
72
Payment of contingent consideration
-
(1,064)
(1,064)
Net cash used in investing activities
(9,418)
(5,054)
(13,331)
Cash flows from financing activities
Dividends paid
9
(4,366)
-
(5,791)
Repayment of principal under lease liabilities
(1,915)
(1,659)
(3,885)
Repayment of borrowings
10
-
-
(5,000)
Net movement in short-term borrowings
10
6,327
(3,687)
(576)
Issue of equity shares
1,419
172
329
Interest paid
(3,018)
(2,490)
(4,045)
Net cash used in financing activities
(1,553)
(7,664)
(18,968)
Net (decrease)/increase in cash and cash equivalents
(3,564)
2,420
288
Cash and cash equivalents at the beginning of the period
18,015
17,039
17,039
Effect of foreign exchange rate changes
(893)
(120)
688
Cash and cash equivalents at the end of the period
13,558
19,339
18,015
Notes Forming Part of the 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 plc. The consolidated financial statements of the Company for the six months ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the design, development and manufacture of innovative tissue-healing technology for sale into the global medical device market.
2. Basis of preparation
The information for the period ended 30 June 2026 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2025 has been delivered to the Registrar of Companies. The auditor reported on those accounts; their report was unqualified, did not draw attention to any matters of emphasis without qualifying the report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The individual financial statements for each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the functional currency of the Company and the presentation currency for the consolidated financial statements. All revenue relates to external customers.
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 apart from the adoption of the following new or amended IFRS accounting standards and Interpretations issued by the International Accounting Standards Board (IASB):
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures
Annual Improvements to IFRS Accounting Standards - Amendments to:
· IFRS 1 First-time Adoption of International Financial Reporting Standards;
· IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
· IFRS 9 Financial Instruments;
· IFRS 10 Consolidated Financial Statements; and
· IAS 7 Statement of Cash flows
No revised standards adopted in the current period have had a material impact on the Group's financial statements.
The unaudited condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the United Kingdom. These condensed interim accounts should be read in conjunction with the annual accounts of the Group for the year ended 31 December 2025. The critical accounting judgements and key sources of estimation uncertainty for the period ended 30 June 2026 are aligned to those disclosed in the Annual Report and Accounts for the year ended 31 December 2025.
The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with IFRS accounting standards as adopted by the United Kingdom.
4. Earnings per share
(unaudited)
(unaudited)
(audited)
Six months
Six months
Year
ended
ended
ended
30 June 2026
30 June 2025
31 December 2025
Number of shares
'000
'000
'000
Weighted average number of ordinary shares
220,011
218,153
218,766
Basic weighted average number of shares held by Employee Benefit Trust
(3,222)
(3,222)
(3,222)
Weighted average number of ordinary shares for the purposes of basic earnings per share
216,789
214,931
215,544
Effect of dilutive potential ordinary shares: share options, deferred annual bonus, Share Incentive Plan, LTIPs
4,835
3,856
4,465
Weighted average number of ordinary shares for the purposes of diluted earnings per share
221,624
218,787
220,009
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the period.
Diluted EPS is calculated on the same basis as basic EPS but with the further adjustment to the weighted average shares in issue to reflect the effect of all potentially dilutive share options. The number of potentially dilutive share options is derived from the number of share options and awards granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period.
Adjusted earnings per share
Adjusted EPS is calculated after adding back amortisation of acquired intangible assets, exceptional items and movement in long-term acquisition liabilities and is based on earnings of:
(unaudited)
(unaudited)
(audited)
Six months
Six months
Year
ended
ended
ended
30 June 2026
30 June 2025
31 December 2025
£'000
£'000
£'000
Earnings
Profit for the period attributable to equity holders of the parent
(65)
6,205
9,954
Exceptional items
12,374
2,988
5,805
Amortisation of acquired intangible assets
5,223
5,164
10,313
Movement in long-term acquisition liabilities
192
(232)
42
Tax impact of adjusted items
(3,864)
(1,723)
(290)
Adjusted profit for the period attributable to equity holders of the parent
13,860
12,402
25,824
pence
pence
pence
Basic EPS
(0.03)
2.89
4.62
Diluted EPS
(0.03)
2.84
4.52
Adjusted basic EPS
6.39
5.77
11.98
Adjusted diluted EPS
6.25
5.67
11.74
The denominators used are the same as those detailed above for both basic and diluted earnings per share.
The adjusted diluted EPS information is considered to provide an alternative representation of the Group's trading performance, consistent with the view of management.
5. Segment information
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 mainly investments and related revenue, corporate assets, head office expenses and exceptional items. These are the measures reported to the Group's Chief Executive for the purposes of resource allocation and assessment of segment performance.
Business segments
The principal activities of the business units are as follows:
Surgical
Selling, marketing and innovation of the Group's surgical products either sold directly by our sales teams or by distributors.
Woundcare
Selling, marketing and innovation of the Group's advanced Woundcare products supplied under partner brands, bulk materials and the ActivHeal® brand predominantly to the UK NHS as well as bio diagnostics products following the acquisition of Raleigh.
Segment information about these Business Units is presented below:
Six months ended
30 June 2026
Surgical
Woundcare
Consolidated
(unaudited)
£'000
£'000
£'000
Revenue
91,406
24,052
115,458
Result
Adjusted segment operating profit
18,307
2,250
20,557
Amortisation of acquired intangibles
(4,753)
(470)
(5,223)
Segment operating profit
13,554
1,780
15,334
Unallocated expenses
(276)
Exceptional items
(12,374)
Operating profit
2,684
Finance income
28
Finance costs
(2,377)
Profit before taxation
335
Tax
(484)
Profit for the period
(149)
At 30 June 2026
(unaudited)
Surgical
Woundcare
Consolidated
Other information
£'000
£'000
£'000
Capital additions/(disposals):
Software intangibles
60
4
64
Development
1,761
262
2,023
Property, plant and equipment
6,352
1,072
7,424
Depreciation and amortisation
(9,431)
(1,767)
(11,198)
Balance sheet
Assets
Segment assets
333,593
58,567
392,160
Unallocated assets
-
Consolidated total assets
333,593
58,567
392,160
Liabilities
Segment liabilities
108,187
24,614
132,801
Unallocated liabilities
4,059
Consolidated total liabilities
108,187
24,614
136,860
Six months ended
30 June 2025
Surgical
Woundcare
Consolidated
(unaudited)
£'000
£'000
£'000
Revenue
87,902
22,867
110,769
Result
Adjusted segment operating profit
17,557
1,849
19,406
Amortisation of acquired intangibles
(4,694)
(470)
(5,164)
Segment operating profit
12,863
1,379
14,242
Unallocated expenses
(527)
Exceptional items
(2,988)
Operating profit
10,727
Finance income
358
Finance costs
(2,622)
Profit before taxation
8,463
Tax
(2,305)
Profit for the period
6,158
At 30 June 2025
(unaudited)
Surgical
Woundcare
Consolidated
Other information
£'000
£'000
£'000
Capital additions/(disposals):
Software intangibles
130
30
160
Development
1,376
238
1,614
Property, plant and equipment
2,741
(390)
2,351
Depreciation and amortisation
(9,032)
(1,641)
(10,673)
Balance sheet
Assets
Segment assets
340,561
56,875
397,436
Unallocated assets
-
Consolidated total assets
340,561
56,875
397,436
Liabilities
Segment liabilities
118,671
20,828
139,499
Unallocated liabilities
1,003
Consolidated total liabilities
118,671
20,828
140,502
Year ended
31 December 2025
Surgical
Woundcare
Consolidated
(audited)
£'000
£'000
£'000
Revenue
183,451
45,485
228,936
Result
Adjusted segment operating profit
35,903
3,852
39,755
Amortisation of acquired intangibles
(9,373)
(940)
(10,313)
Segment operating profit
26,530
2,912
29,442
Exceptional items
(975)
Unallocated expenses
(5,805)
Operating profit
22,662
Finance income
211
Finance costs
(5,090)
Profit before taxation
17,783
Tax
(7,688)
Profit for the year
10,095
At 31 December 2025
(audited)
Surgical
Woundcare
Consolidated
Other information
£'000
£'000
£'000
Capital additions/(disposals):
Software intangibles
995
116
1,111
Development
3,522
609
4,131
Property, plant and equipment
6,877
481
7,358
Depreciation and amortisation
(18,141)
(3,256)
(21,397)
Balance sheet
Assets
Segment assets
340,828
53,942
394,770
Unallocated assets
-
340,828
53,942
394,770
Liabilities
Segment liabilities
112,655
21,306
133,961
Unallocated liabilities
705
Consolidated total liabilities
112,655
21,306
134,666
Geographical segments
Segment revenue is based on the geographical location of customers. Segment assets are based on the country by which the legal entity resides.
(unaudited)
(unaudited)
(audited)
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
Segmental Revenue
£'000
£'000
£'000
United Kingdom
11,235
8,516
19,675
Germany
16,977
14,916
30,993
France
13,193
13,242
25,055
Rest of Europe
31,821
28,402
62,468
United States of America
25,337
27,403
53,893
Rest of World
16,895
18,290
36,852
115,458
110,769
228,936
The following table provides an analysis of the Group's total non-current assets by geographical location:
(unaudited)
(unaudited)
(audited)
30 June 2026
30 June 2025
31 December 2025
Segmental Assets
£'000
£'000
£'000
United Kingdom
45,708
46,803
46,173
Germany
63,233
66,144
67,903
France
89,688
99,598
93,468
Rest of Europe
26,490
29,456
28,089
Rest of world
22,912
21,112
19,772
248,031
263,113
255,405
6. Financial Instruments' fair value disclosures
It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts.
The Group held the following financial instruments at fair value at 30 June 2026 which are categorised as a Level 2 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements. The fair value amounts presented below are the difference between the market value of equivalent instruments at the Statement of Financial Position date determined using the mid-market price and the contract value of the instruments. No profits or losses are included in operating profit in the year (30 June 2025: £nil, 31 December 2025: £nil) in respect of FVTPL contracts.
The following table details the forward foreign currency contracts outstanding as at the period end:
Ave. exchange rate
Foreign currency
Fair value
As at
As at
As at
As at
As at
As at
As at
As at
As at
30 June
30 June
31 December
30 June
30 June
31 December
30 June
30 June
31 December
2026
2025
2025
2026
2025
2025
2026
2025
2025
USD: £1
USD: £1
USD: £1
USD'000
USD'000
USD'000
£'000
£'000
£'000
Cash flow hedges
Sell US dollars
Less than 3 months
1.25
1.23
1.30
10,000
9,000
10,000
436
734
265
3 to 6
months1.31
1.26
1.29
10,000
9,000
9,000
83
561
245
7 to 12 months
1.34
1.30
1.28
16,000
18,000
21,000
(117)
750
703
Over 12 months
1.35
1.28
1.34
15,000
18,000
16,000
(152)
910
12
51,000
54,000
56,000
250
2,955
1,225
Derivative financial instruments receivable
577
2,955
1,225
Derivative financial instruments payable
(327)
-
-
7. Taxation
The income tax expense for the period to 30th June 2026 has been recorded by initially applying the estimated effective tax rate for the full year before exceptional items against the profit for the period before exceptional items. Additional tax expenses has been recognised against those exceptional items incurred in the period to 30th June 2026 due to their one-off nature.
The Group's adjusted effective corporation tax rate reduced to 24% (2025 H1: 25%) as a result of the Group's main profits arising in the UK where the Group benefits from the UK patent box regime. The Group's reported effective corporation tax rate increased to 144% (2025 H1: 27.2%) as a result of a combination of factors. Low profits in certain jurisdictions impacted by the Group's restructure reduced the Group's reported profit whilst the Group recorded intangible asset amortisation against which a non-cash deferred tax credit was not available, adversely affecting the effective tax rate.
8. Exceptional items
As noted in the Financial Review, exceptional items totalling £12.4 million (2025 H1: £3.0 million) have been incurred in the period. These costs have been deemed exceptional items as the Group's operational synergy projects are significant in nature and cost, will continue for a fixed term until summer 2027 following the closure of relevant sites and will yield significant benefits in future periods. Therefore, the Group's performance has been summarised including and excluding these costs to give additional information to the users of the financial statements.
(unaudited)
(unaudited)
(audited)
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
Exceptional items:
£'000
£'000
£'000
Operational synergy project activities
2,786
2,504
5,145
Employee termination costs
3,844
484
660
Asset impairment
3,659
-
-
H.B. Fuller related transaction costs
2,085
-
-
Total exceptional items
12,374
2,988
5,805
Operational synergy project activities related costs predominately relate to the costs of an internal dedicated integration team and their associated project costs and certain other relevant project activities. These costs relate to the Group's Suture and Collagen operational synergy programme which is progressing to plan with four sites in Germany and one site in Czechia expected to cease manufacturing by the end of March 2027. Up to the end of 2025, these costs related to integration-related costs, which predominately related to consultancy services to lead the integration project as well as the costs of an internal dedicated integration team and other relevant integration activities.
Employee termination costs relate to costs incurred to close certain sites. In line with the accounting policy, a provision for future termination costs to be incurred are included where the Group has formed a detailed plan, has started to carry out detailed plan, costs can be reliable measured and where the Group has clearly communicated with relevant stakeholders affected by the planned restructure. Communication to relevant stakeholders took place in January 2026.
Impairment of assets include impairment of tangible assets at the sites expected to close where carrying value exceeds recoverable value for land, buildings, plant and machinery. Impairment of intangible assets are for previously capitalised regulatory certification costs for a Suture product line no longer continuing under the new planned operational structure, which is now deemed to have nil carrying value, and hence impaired.
H.B. Fuller related transaction costs include costs for external legal services relating to the proposed Acquisition. Additionally, £0.5 million of additional social security accruals arose due to the higher share price following H.B. Fuller's offer to acquire the Group. Given the unique and significant nature of the transaction, these costs have been deemed exceptional in nature.
9. Dividends
(unaudited)
(unaudited)
(audited)
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
Amounts recognised as distributions to equity holders in the period:
£'000
£'000
£'000
Final dividend for the year ended 31 December 2024 of 1.83p per ordinary share (2023: 1.66p)
-
-
3,954
Interim dividend for the year ended 31 December 2025 of 0.85p per ordinary share (2024: 0.77p)
-
-
1,837
Final dividend for the year ended 31 December 2025 of 2.01p per ordinary share (2024: 1.83p)
4,366
-
-
4,366
-
5,791
The final dividend for the year ended 31 December 2024 was paid 17 July 2025 resulting in £nil dividend being recognised in the first half of 2025.
10. Net debt
(unaudited)
(unaudited)
(audited)
30 June 2026
30 June 2025
31 December 2025
The following table provides an analysis of the Group's net (debt)/cash
£'000
£'000
£'000
Cash and cash equivalents
13,558
19,339
18,015
Facility A borrowings
(54,714)
(59,627)
(54,757)
Facility B borrowings
(12,932)
(3,943)
(5,973)
Accrued interest
(28)
(35)
(759)
Other debt
(6,232)
(5,821)
(6,982)
Net debt
(60,348)
(50,087)
(50,456)
Net debt includes cash and cash equivalents and borrowings as a non-IFRS measure as an additional measure of the Group's financial position.
The Group's borrowings primarily relate to a credit facility from a syndicate comprising HSBC & NatWest which includes a £55 million long term loan (Facility A) with annual repayments of £5 million per year and a £30 million revolving credit facility (Facility B). At the reporting date, £13 million of the revolving credit facility was utilised, leaving flexibility to draw a further £17 million to support working capital needs in the future. Interest on both is based on SONIA plus a margin of +1.50% based on the Group's net leverage. The Group expects to use its positive operational cash flow to repay these facilities over time. The facilities run until April 2028 following the exercise of a one-year extension in the period.
The loan has covenants in place meaning the Group needs to comply with the following financial conditions: a) Interest cover in respect of any relevant period shall not be less than 4.0:1.0 and b) Net leverage in respect of each relevant period shall not exceed 3.0:1.0.
Interest cover is 14.6 (2025 H1: 8.3) and calculated as a ratio of EBITDA to net finance charge in respect of any relevant period. Net leverage is 1.2 (2025 H1: 1.1) and calculated as a ratio of total net debt on the last day of that relevant period to Adjusted EBITDA in respect of that relevant period. Given significant headroom, the Group expects facility margin to remain at +1.50% for the remainder of the loan term.
Other debt primarily relates to long standing debt factoring facility in France which provides short term, flexible, euro funding.
11. Goodwill
(unaudited)
(unaudited)
(audited)
30 June 2026
30 June 2025
31 December 2025
Movement in Goodwill
£'000
£'000
£'000
Balance at the beginning of the period
112,693
116,884
116,884
Other movements
(1,289)
2,069
(4,191)
Balance at the end of the period
111,404
118,953
112,693
12. Contingent liabilities
As at the end of the period, contingent consideration arising on acquisitions were measured at discounted fair value of £3.1 million (30 June 2025: £2.8 million, 31 December 2025 £2.9 million). A maximum potential earnout of €4 million relating to the 2023 acquisition of Connexicon has been recognised at fair value of £1.6 million (30 June 2025: £1.5 million, 31 December 2025: £1.6 million). The earn-out relating to the 2019 acquisition of Sealantis is based on a percentage of sales and is recognised at a fair value of £1.5 million (30 June 2025: £1.3 million, 31 December 2025: £1.3 million). Contingent consideration arising on business combinations are categorised as a Level 3 measurement in the fair value hierarchy under IFRS 13 Fair Value Measurements.
During the period, £nil (2025 H1: £1.1 million) earn-out payments were made in respect of prior acquisitions.
Subject to the completion of the proposed Acquisition, the Group expects further transaction costs of approximately £15 million relating to financial, legal and other advice.
The Directors are not aware of any additional contingent liabilities faced by the Group as at 30 June 2026 (30 June 2025: £nil, 31 December 2025: £nil).
13. Equity
Share capital as at 30 June 2026 amounted to £11,037,000 (30 June 2025: £10,961,000, 31 December 2025: £10,977,000). During the period the Group issued 1,692,879 shares in respect of Share Options, LTIPS and the Share Incentive Plan.
Other reserves include a merger reserve, share-based payments reserve, Share-based payments deferred tax reserve and Investment in own shares reserve. The merger reserve represents Advanced Medical Solutions Limited's share premium account arising from merger accounting. The Investment in own shares relates to shares held in trust on behalf of employees in respect of the Share Incentive Plan.
A non-controlling interest in an Algeria based manufacturer and distributor of Sutures, arose as a result of the 2024 acquisition of Peters Surgical whilst a non-controlling interest in an Indonesian Suture manufacturing and distribution operation arose in H2 2025.
14. 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 and considered whether there are any factors that indicate a deterioration in trading performance beyond 12 months from the date of approval of the condensed consolidated financial statements. The forecasts used are based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the current economic environment.
The Group has used sensitivity analysis on the Group's forecasted performance, using a 10% sales reduction scenario which is felt to reflect a significant deterioration of trading. The results show that the Group is able to continue its operations for a period of at least 12 months from the date of approval of the condensed consolidated financial statements.
With regards to the Group's financial position, it had cash and cash equivalents at 30 June 2026 of £13.6 million and £17 million available under a revolving credit facility as summarised in note 10. The facilities run until April 2028.
AMS operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, long-term market growth is expected. 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.
The Group's borrowing facilities are subject to standard change of control clauses which may be activated due to the proposed Acquisition. H.B. Fuller has obtained committed bridge financing to fund the Acquisition and ensure sufficient capital is available.
After taking the above into consideration, the Directors have reached the 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 condensed consolidated financial statements.
15. Principal risks and uncertainties
Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 32-38 of the Annual Report and Accounts for the year ended 31 December 2025. There have been no significant changes since the last annual report.
16. Seasonality of sales
There are no significant factors affecting the seasonality of sales between the first and second half of the year.
17. Events after the balance sheet date
On 25th June 2026, it was announced that the boards of directors of H.B. Fuller and AMS had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of AMS by H.B. Fuller Medical Adhesive Technologies Inc.
On 12th August 2026, shareholder approval for the Scheme of Arrangement was obtained at the Court Meeting and the General Meeting (as those terms are defined in the Scheme Document). Completion of the Acquisition remains subject to the satisfaction (or, if applicable, waiver) of the outstanding Conditions (as defined in the Scheme Document), including Conditions 3(a) to (g).
This subsequent event is considered a non-adjusting event, with no impact on the value of financial assets and liabilities at the reporting date, 30 June 2026.
18. Copies of the interim results
Copies of the interim results can be obtained from the Group's registered office at Premier Park, 33 Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3RT and are available on our website "www.admedsol.com".
19. Additional alternative performance measure
To provide the clearest possible insight into our financial performance and financial position, the Group uses alternative performance measures. These measures are not defined in International Financial Reporting Standards (IFRS) and are, therefore, considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate.
AMS uses such measures consistently at the half-year and full-year and reconciles them as appropriate. The measures used in this statement includes constant currency revenue growth which allows the impact of exchange rate volatility to be separately identified and is reconciled below.
Adjusted operating profit, adjusted profit before tax and adjusted EBITDA allow the impact of exceptional items, amortisation, and the movement in long-term acquisition liabilities to be separately identified. Adjusted operating profit is reconciled below whilst adjusted profit before tax and adjusted EBITDA are reconciled in the Financial Review.
Adjusted earnings per share is reconciled in note 4 allowing the impact of exceptional items, amortisation, and the movement in long-term acquisition liabilities to be separately identified.
Adjusted income tax as reconciled below shows the income tax expense after removing the tax impact of adjusted items.
Net debt/cash is an additional non-GAAP measure used to provide a useful overview of the Group's financial position as reconciled in note 10.
Reconciliation of constant currency
Constant currency performance is measured by re-translating 2026 revenues at the previous year's exchange rates.
Surgical Business Unit
2026 H1
Re-translated
£ million2025 H1
Reported
£ millionChange at constant currency
Advanced Closure
22.5
24.5
-8%
Internal Fixation and Sealants
4.8
3.6
33%
Sutures, clips and VTO
41.6
38.8
7%
Biosurgical Devices
13.0
13.0
0%
Other Distributed
8.0
8.0
-1%
Total
89.9
87.9
2%
Woundcare Business Unit
2026 H1
Re-translated
£ million2025 H1
Reported
£ millionChange at constant currency
Infection and Exudate Management
22.2
21.6
3%
Other Woundcare
1.9
1.3
38%
Total
24.1
22.9
5%
Reconciliation of operating profit to adjusted operating profit
(unaudited)
(unaudited)
Six months ended
Six months ended
30 June 2026
30 June 2025
£'000
£'000
Operating profit
2,684
10,727
Amortisation of acquired intangibles
5,223
5,164
Exceptional items
12,374
2,988
Adjusted operating profit
20,281
18,879
Reconciliation of Segment EBITDA to Adjusted EBITDA
(unaudited)
(unaudited)
Six months ended
Six months ended
30 June 2026
30 June 2025
£'000
£'000
Adjusted Surgical segment EBITDA
22,985
21,895
Adjusted Woundcare segment EBITDA
3,547
3,020
Unallocated expenses
(276)
(527)
Adjusted EBITDA
26,256
24,388
Adjusted EBITDA is reconciled to operating profit in the Financial review.
Reconciliation of reported income tax to adjusted income tax
(unaudited)
(unaudited)
Six months ended
Six months ended
30 June 2026
30 June 2025
£'000
£'000
Income tax
484
2,305
Tax on exceptional items
3,188
685
Movement in deferred tax on acquired intangibles
636
1,094
Tax on other adjusted items
40
(55)
Adjusted income tax
4,348
4,029
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