Advanced Medical Solutions Group (AIM:AMS), the AIM-listed tissue-healing technology specialist, reported revenue of £115.5 million for the six months ended 30 June, up 4% from £110.8 million a year earlier.
Adjusted EBITDA rose 8% to £26.3 million, with margin improving to 22.7% from 22.0%, helped by gross margins climbing to 54.5% following Woundcare restructuring completed in early 2025.
Reported pre-tax profit fell to £0.3 million from £8.5 million, tipping the group to a £0.1 million loss after tax, driven by £12.4 million of exceptional costs linked to its operational synergy programme and the proposed acquisition by H.B. Fuller.
The Surgical Business Unit grew revenue 4% to £91.4 million, though US LiquiBand sales fell 15% against a comparator period inflated by partner order phasing; Advanced Woundcare revenue rose 5% to £24.1 million, continuing its recovery since last year's restructure.
Net debt increased to £60.3 million from £50.5 million at the last year-end, reflecting capital spending at the group's Bangkok and Stafford sites and higher inventory ahead of its Sutures and Biosurgical synergy programme, which includes closing five sites in Germany and Czechia by the end of March 2027.
Shareholders have approved H.B. Fuller's cash acquisition of AMS, with the scheme of arrangement expected to become effective in the fourth quarter, following clearances from German, UK and Austrian competition authorities.
"We look forward to becoming part of the combined larger medical business within H.B. Fuller and benefiting from enhanced commercial, manufacturing and distribution capabilities," said chief executive Chris Meredith.
News Intelligence what this means for the company
AMS reported 4% revenue growth to £115.5m in H1 2026 with improving adjusted margins, but reported pre-tax profit collapsed to £0.3m from £8.5m due to £12.4m in exceptional costs tied to the H.B. Fuller acquisition and operational restructuring. The deal, approved by shareholders, is on track for Q4 completion pending regulatory clearances from German, UK and Austrian authorities.
The operational performance—4% revenue growth and 8% adjusted EBITDA growth with margin expansion—shows the underlying business is improving post-restructure. However, the acquisition's completion in Q4 will end AMS as a standalone investment; the material question for shareholders is whether the deal terms (£695m cash) fairly value the company's trajectory, not the interim trading update.
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