**Summary of Advanced Medical Solutions Group PLC Interim Results (H1 2025):**
**Financial Performance**
**Revenue Growth** Total group revenue increased by 63% to £110.8 million (66% at constant currency), driven by organic growth and the transformative acquisition of Peters Surgical in 2024, which contributed £34.3 million. Excluding Peters Surgical, revenue grew by 13% (14% at constant currency).
**Surgical Business Unit** Revenue surged by 81% to £87.9 million, with Peters Surgical contributing £34.3 million. Organic growth in the existing AMS business was 13% (14% at constant currency).
**Advanced Woundcare Business Unit** Revenue increased by 17% to £22.9 million, recovering from prior declines, supported by strong OEM partner orders.
**Adjusted EBITDA** Rose by 42% to £24.4 million, with a margin of 22.0%.
**Adjusted Profit Before Tax** Increased by 11% to £16.4 million, with a margin of 14.8%.
**Reported Profit Before Tax** Grew by 49% to £8.5 million.
**Net Debt** Decreased to £50.1 million from £55.8 million at the 2024 year-end, driven by strong cash generation.
**Interim Dividend** Increased by 10% to 0.85p per share.
**Operational Highlights**
**Integration Progress** Successful integration of Peters Surgical and Syntacoll, with operational and commercial synergies on track. Expected annual operational synergies of £10 million and incremental revenue synergies of £5-10 million within five years.
**Product Performance**
**LiquiBand®** US sales grew by 14% (18% at constant currency), supported by renegotiated distribution agreements. ROW sales grew by 10% (11% at constant currency).
**Biosurgical Products** Grew by 37% (40% at constant currency), driven by manufacturing efficiencies and integration of Syntacoll.
**Advanced Woundcare** Restructuring completed, with a focus on higher-margin products and double-digit operating margin expected from Q2 onwards.
**Regulatory Progress** Advancement in US regulatory programs for Biosurgical and Suture products, with planned launches in 2026-2027.
**Outlook**
**Growth Expectations** Sustained growth across the enlarged Surgical portfolio, supported by end-user demand, product innovation, and geographic expansion.
**Woundcare** Now cash-generative with stable margins post-restructuring.
**Leverage Reduction** On track to reduce leverage to approximately 1x EBITDA by year-end 2025, with further rapid deleveraging thereafter.
**Full Year 2025** Revenue and EBITDA expected to be in line with consensus expectations.
**CEO Commentary**
Chris Meredith, CEO, highlighted strong revenue growth, the resilience of the diversified portfolio, and progress in integration and regulatory programs. He emphasized the potential for significant earnings growth over the medium to long term, driven by commercial synergies, product launches, and market expansion.
**Conclusion**
Advanced Medical Solutions Group PLC delivered robust H1 2025 results, underpinned by organic growth and strategic acquisitions. The company is well-positioned for sustained growth, margin expansion, and long-term value creation, with a focus on integration, innovation, and regulatory advancements.