Advanced Medical Solutions Group (AMS) H1 2026 earnings summary

Executive summary

• Group revenue rose 4% year-over-year to £115.5 million, with growth in both Surgical (+4%) and Advanced Woundcare (+5%) business units.

• Adjusted EBITDA increased 8% to £26.3 million, and adjusted profit before tax rose 11% to £18.1 million.

• Reported profit before tax fell sharply to £0.3 million due to £12.4 million in exceptional items related to operational synergies and acquisition costs.

• The Board remains confident in delivering further progress in H2 and highlights strong long-term growth prospects.

• Acquisition by H.B. Fuller is progressing, with regulatory clearances obtained and completion expected in Q4 2026.

Financial highlights

• Group revenue: £115.5m (+4% year-over-year); Surgical: £91.4m (+4%); Woundcare: £24.1m (+5%).

• Adjusted EBITDA: £26.3m (+8%); margin 22.7% (+0.7pp).

• Adjusted profit before tax: £18.1m (+11%); margin 15.7% (+0.9pp).

• Reported profit before tax: £0.3m (-96%); diluted EPS: -0.03p (vs 2.84p prior year).

• Net cash inflow from operating activities: £7.4m (-51%); net debt: £60.3m (+20%).

• Interim dividend: Nil (vs 0.85p prior year).

Outlook and guidance

• Board expects further progress in H2 2026, citing strong competitive position and market dynamics.

• Acquisition by H.B. Fuller expected to complete in Q4 2026, pending final conditions.