Advanced Medical Solutions Group reported Wednesday profit increased by more than a tenth on an uptick in revenue driven by sales in its branded division.
For the year ended 31 December 2018, pre-tax profits rose 12% to £28.4m and revenue increased 6% to £102.68m.
Branded revenues were up 12% to £62.1m from £55.2m a year earlier and OEM revenues fell 3% to £40.5m from £41.7m a year earlier.
The company proposed a dividend of 0.90p a share, taking the total dividend for the year to 1.32p per share, up 20% from last year.
The group continued with its previously outlined long-term growth strategy and objectives and trading in the current financial year had begun in line with the board's expectations, the company said.
'2018 was AMS's 17th consecutive year of growth with strong financial and strategic progress across the Group,' said Chief Executive Officer of AMS.
'Our solid revenue growth was driven by sales in our Branded division which included LiquiBand® topical tissue adhesives further increasing market share a further 2%, and the growth of our Internal Adhesives and Biosurgical devices.'
'We have further reaffirmed our commitment to innovation through the acquisition of Sealantis which now opens up the large internal sealants market for the Group. We are well positioned to take advantage of market opportunities across our product portfolio, and we continue to actively review M&A opportunities.'
At 9:20am: (LON:AMS) Advanced Medical Solutions Group PLC share price was -0.5p at 305p