Advanced Medical Solutions Group (AMS) H1 2025 earnings summary

Executive summary

• Revenue grew 66% at constant currency to £110.8m in H1 2025, driven by acquisitions and strong organic growth.

• Integration of Peters Surgical and Syntacoll is progressing well, delivering commercial and operational synergies.

• LiquiBand and biosurgical portfolios delivered robust global growth, with US and international expansion.

• Woundcare restructuring completed, now delivering double-digit margins from Q2 2025.

• Outlook for H2 2025 and beyond remains positive, with new product launches and expanded geographic reach.

Financial highlights

• Revenue increased by 66% at constant currency to £110.8m for H1 2025.

• Adjusted EBITDA rose 42% to £24.4m; adjusted pre-tax profit up 11% to £16.4m.

• Net debt reduced to £50.1m from £55.8m at year-end, reflecting strong cash generation.

• Interim dividend increased 10% to 0.85p per share.

• EBITDA margin declined to 22.0% from 25.3% due to lower-margin acquisitions.

Outlook and guidance

• Full-year 2025 revenue and EBITDA expected in line with consensus and Board expectations.

• Net debt expected to be ~1x EBITDA by end 2025, approaching 0.1x by end 2027.

• US regulatory progress for suture and biosurgical products to underpin medium-term growth; US suture launches now expected in 2026 and 2027.

• Continued product launches and geographic expansion planned, especially in underpenetrated markets.

• Strong H2 order book, with supply chain issues being resolved and continued momentum in key products.