About AMS

Advanced Medical Solutions Group plc is a world-leading specialist in tissue-healing technologies.

Our Mission: To develop.

To make a real difference. To add value.


Company Overview


1 Highlights

52 Board of Directors

  • 96 Consolidated Statement of Cash Flows

    2 Our Business Model

    54 Senior Management Team

    4 Why Invest in AMS

    56 Corporate Governance Report

  • 97 Notes Forming Part of the Consolidated Financial Statements

    Strategic Report

    • 5 Chief Executive's Q&A

      62 Nomination Committee Report

  • 131 Company Statement of Financial Position

    • 8 Market and Business Overview

      65 Audit Committee Report

  • 132 Company Statement of Changes in Equity

    • 10 Our Strategy

      69 Remuneration Committee Report

  • 133 Notes to the Company Financial Statements

    • 12 Strategy in Action


      Directors' Report

  • 139 Five Year Summary

    • 20 Key Performance Indicators

    • 22 Operating Review - Surgical Business Unit

      Financial Statements

    • 24 Operating Review - Woundcare Business Unit

      • 84 Independent Auditor's Report

  • 139 Alternative Performance Measures

  • 140 Advisors

  • 26 s172 (Stakeholder Engagement)

    • 92 Consolidated Income Statement

  • 32 Environmental, Social and Governance

    • 92 Consolidated Statement of Comprehensive Income

  • 44 Financial Review

    • 93 Consolidated Statement of Financial Position

  • 47 Risk Management

  • 94 Consolidated Statement of Changes in Equity



Group revenue (£ million)

Diluted earnings per share (p)

Adjusted2 profit before tax (%)




2020: £86.8m Change: +25%

2020: 3.94p Change: +103%

2020: 15.4% Change: +8.2pp

(+29% at constant currency1)

2019: 8.72p

2019: 26.0%

2019: £102.4m

Profit before tax (%)

Adjusted2 diluted earnings per share (p)

Net operating cash flow (£ million)




2020: 11.6% Change: +8.6pp

2020: 5.44p Change: +78%

2020: £21.5m Change: +44%

2019: 23.7%

2019: 9.83p

2019: £21.7m

Profit before tax (£ million)

Net cash3 (£ million)

Adjusted2 profit before tax (£ million)




2020: £10.1m Change: +118%

2020: £53.8m Change: +36%

2020: £13.4m Change: +92%

2019: £24.3m

2019: £64.1m

2019: £26.6m

Proposed full-year dividend per share (p)


2020: 1.70p Change: +15%

2019: 1.55p

Post-period end

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.


  • • Strong performances across all key product categories and territories as volumes rebuild towards pre-pandemic levels.

  • • Investment in R&D increased to £9.3 million (2020: £7.9 million), representing 8.6% of revenues, progressing key projects.

  • • Surgical Business Unit revenues increased to £64.6 million (2020: £50.2 million).

  • • Woundcare Business Unit revenues increased to £44.0 million (2020: £36.6 million).

  • • Global LiquiBand® sales increased to £33.1 million (2020: £22.8 million), with especially strong growth in the US.


  • • Seal-G® and Seal-G® MIST clinical study progressing well with approximately 25% of patients recruited. Final results on track for H2 2022 to be used to market the technology during full commercial launch.

  • • Recruitment for the LiquiBandFIX8® US clinical trial completed and the Premarket Approval (PMA) filing remains on track for 2022.

  • • Submitted 510(k) for innovative high gelling product with anti-biofilm activity which is on track for a US launch at the end of 2022.

  • • Signed an agreement to acquire AFS Medical GmbH ('AFS'), an Austrian based distributor of minimally invasive surgical devices, strengthening our direct surgical sales footprint and capabilities.

  • • Deal expected to complete in mid-2022 subject to regulatory clearance.

  • • The Group is reviewing activities in the small legacy sales office in Moscow that has historically contributed approx. 1% of operating profit.

  • 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.

  • * For further information on Alternative Performance Measures see page 139.

OverviewStrategic ReportGovernanceFinancial Statements


Our Business Model

Our Mission

To develop. To make a real difference. To add value.

Achieved through Our Value Chain

Routes to market

Flexible routes to market incorporating our direct sales teams, global network of distributors and OEM partners.

For information see Our Supply Chain on page 29

02 Advanced Medical Solutions Group plc Annual Report & Accounts 2021

Our Strategic Pillars

Delivering for Our Stakeholders


Exploiting the opportunities arising from having a broad product range sold into large addressable markets via multiple routes to market and across multiple geographies.


Strengthening our portfolio by developing or acquiring market-leading, high quality products and investing in people to deliver innovation.

Operational Excellence

Continuously improving our operations to drive out cost and improve margin, focus on what our customers need and value and minimise operational risk.


Investing in recruiting and developing talent while embedding our Care, Fair, Dare values.

OverviewStrategic ReportGovernanceFinancial Statements

For information see Our Strategy on pages 10 and 11

For information on Our Stakeholders see pages 26 to 29


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Advanced Medical Solutions Group plc published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 13:46:26 UTC.