Advanced Medical Solutions Group plc
(“AMS” or the “Group” or the “Company”)
Unaudited preliminary results for the year ended 31 December 2025
~ Record full year sales and adjusted EBITDA with strong organic growth ~
~ Successful integration of recent acquisitions ~
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces its unaudited preliminary results for the year ended 31 December 2025.
Financial Summary:
| 2025 | 2024 | Reported change¹ | Change at constant currency2 | |
| Surgical Business Unit (£ million) | 183.5 | 135.8 | 35% | 36% |
| Advanced Woundcare Business Unit (£ million) | 45.4 | 41.7 | 9% | 9% |
| Total Group revenue (£ million) | 228.9 | 177.5 | +29% | +29% |
| Adjusted Measures | ||||
| Adjusted3 EBITDA (£ million) | 49.9 | 40.2 | +24% | |
| Adjusted3 EBITDA margin | 21.8% | 22.6% | -0.8pp | |
| Adjusted3 profit before tax (£ million) | 33.9 | 29.4 | +15% | |
| Adjusted3 profit before tax margin | 14.8% | 16.6% | -1.8pp | |
| Adjusted4 diluted earnings per share (p) | 11.74 | 10.45 | +12% | |
| Reported Measures | ||||
| Profit before tax (£ million) | 17.8 | 9.8 | +81% | |
| Profit before tax margin | 7.8% | 5.5% | +2.3pp | |
| Diluted earnings per share (p) | 4.52 | 3.25 | +39% | |
| Net operating cash flow (£ million) | 32.6 | 19.5 | +67% | |
| Net (debt)/cash5 (£ million) | (50.5) | (55.8) | -10% | |
| Proposed full year dividend per share (p) | 2.86 | 2.60 | +10% |
Commenting on the results, Chris Meredith, Chief Executive Officer of AMS, said: “I am proud to report that we have delivered on our key strategic objectives for 2025. The strength of our expanded portfolio, our growing global presence, and the commercial synergies across the Group, have all contributed to another year of robust growth. This strong performance has enabled us to increase our dividend for the year by 10%.
“Our robust and advancing R&D pipeline reinforces our confidence in carrying this momentum forward. The integration of operations continues to progress well, and we remain firmly on track to fully consolidate the business and improve operational efficiency next year. As we look ahead, we are strongly positioned to continue building on this foundation and accelerate our long term growth.”
Operational and Financial Highlights
- Group revenue increased by 29% to £228.9 million (2024: £177.5 million), driven by the full year impact of the July 2024 acquisition of Peters Surgical and continued growth across key product categories. Overall performance was in line with management expectations and included a strong performance from the existing AMS business (excluding Peters) that delivered 10% constant currency growth, with a good performance from Adhesives and Biosurgical categories and a good recovery in the Woundcare business.6
- Surgical Business Unit revenues increased to £183.5 million (2024: £135.8 million), an increase of 36% at constant currency.
- Global LiquiBand® revenues increased by 10% to £47.8 million (2024: £43.4 million) and 12% at constant currency, with good performances in the US and the Rest of the World, where commercial synergies continue to support growth in areas such as specialist cardiovascular markets.
- Biosurgical devices grew by 23% to £27.8 million (2024: £22.6 million) and 22% at constant currency, driven by increased demand for antibiotic-loaded collagen and growth in dental devices.
- Suture, Clips and VTO (Vascular Temporary Occlusion) revenues grew by 64% at constant and reported currency to £82.7 million (2024: £50.4 million).
- Advanced Woundcare Business Unit revenues increased by 9% to £45.5 million (2024: £41.8 million), driven by strong growth in Customer-branded and Bulk materials and the increasing traction of partners’ products in the market.
- Surgical Business Unit revenues increased to £183.5 million (2024: £135.8 million), an increase of 36% at constant currency.
- Following the acquisitions of Peters Surgical and Syntacoll, operational synergies are on track and commercial synergies are already contributing to growth. LiquiBand XL® started to gain traction among specialist cardiovascular surgeons for sternotomy closure, IFABOND® transitioned to direct sales in the UK and LiquiBandFix8® transitioned to direct sales in France. Other AMS legacy products started to access new direct sales territories in Austria, Poland, Czech and India.
- Adjusted EBITDA increased by 24% to £49.9 million (2024: £40.2 million) and reported profit before tax increased by 81% to £17.8 million (2024: £9.8 million) as a result of organic growth from the existing AMS business and the inclusion of the first full year of Peters’ results.
- Net debt on 31 December 2025 was reduced to £50.5 million (2024: £55.8 million). Significant investment in the Group’s transformation project, including a number of exceptional items largely relating to the restructuring of our manufacturing function, together with capital expenditure and inventory increases, partly offset the pace of deleveraging in the year.
- Reflecting management’s ongoing confidence in the Group’s outlook, the Board proposes an increased final dividend of 2.01p per share (2024: 1.83p), bringing the total proposed dividend to 2.86p per share (2024: 2.60p), up 10%.
Summary & Outlook
- AMS delivered record 2025 results and enters 2026 with strong commercial momentum, a clearer operating platform and a robust pipeline that supports multi‑year growth.
- AMS reported record Group revenue of £228.9m, up 29%, with strong organic growth across core categories and the first full-year contribution from Peters Surgical. Surgical remained the key driver of performance, growing 36% at constant currency, while Woundcare returned to growth following its restructuring. Adjusted EBITDA increased 24% to £49.9m, and net debt reduced to £50.5m.
- Integration of Peters Surgical continues to progress well, with commercial synergies already contributing and operational synergies on track for delivery from 2027. The Group’s innovation pipeline remains a major strategic strength, with multiple product approvals expected from 2026 onwards across adhesives, sutures, collagen technologies and bone substitutes.
- The Board expects continued strong growth in Surgical and modest growth in Woundcare as long‑term supply agreements take effect. Strong cash generation and disciplined capital allocation are expected to support further deleveraging while maintaining investment in innovation and manufacturing optimisation.
- In respect to the current Middle East conflict, AMS has a limited footprint in the region and minimal exposure. Sales and margin in the region is not significant, and currently seems stable.
- The Board is confident of delivering full year 2026 revenue and EBITDA in line with current market expectations7 and believes that AMS is well positioned to drive sustained growth and long-term value creation.
Notes
1. Reported change is calculated using amounts rounded to the nearest £’000
2. Constant currency removes the effect of currency movements by re-translating the current year’s performance at the previous year’s exchange rates
3. Reconciled in the Financial Review / note 18. Adjusted EBITDA excludes the impact of exceptional items, depreciation, amortisation, finance costs and taxation. Adjusted profit before tax excludes the impact of exceptional items, amortisation of acquired intangibles and movement in long-term acquisition liabilities. Exceptional items are detailed in the Financial Review.
4. Reconciled in note 4 of the financial information. Adjusted diluted earnings per share exclude the impact of exceptional items, amortisation of acquired intangibles, movement in long-term acquisition liabilities and the tax impact of adjusted items.
5. Reconciled in note 9 of the financial information. Net debt is calculated as cash and cash equivalents less borrowings
6. Organic AMS Group revenues excluding Peters Surgical are reconciled in note 18.
7. AMS believes that current consensus market expectations for the year ended 31 December 2026 is revenue of £245.3m and Adjusted EBITDA of £55.2m