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Advanced Medical Solutions Group PLC on Wednesday said profit and revenue were up as both its business divisions saw growth in 2022.
The Cheshire, England-based developer and maker of tissue-healing technology reported pretax profit for 2022 of £25.9 million, increasing 18% from £22.0 million in 2021, driven by the increase of selling prices in order to manage inflationary pressure.
Revenue was £124.3 million, up 14% from £108.6 million a year ago. Advanced Medical said the growth in revenue was due to commercial progress, foreign exchange tailwinds and higher pricing to recover inflationary cost increases.
The company noted that it surgical business revenue increased by 16% to £74.9 million, from £64.6 million, while its woundcare business saw a 13% increase to £49.5 million, from £44.0 million in 2021.
The firm declared a final dividend of 1.51 pence per share, bringing the total dividend to 2.15p, up from 1.95p in 2021. Advanced Medical said the dividend increase reflects its confidence in the company’s prospects.
Chief Executive Officer Chris Meredith said: ‘I am pleased with the resilience that our business has shown in delivering another period of strong financial performance in the current challenging economic conditions, and we are on track to meet 2023 expectations.’
‘AMS is committed to investing in R&D and acquisitions that will further strengthen our established portfolios while continuing to penetrate new markets, maintaining robust growth in the long-term.’
Advanced Medical shares fell 7.7% to 246.43 pence each in London on Wednesday morning.
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