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Advanced Medical Solutions HY Pre-tax Profit Drops

Advanced Medical Solutions Group plc (AMS.L) reported that its profit before tax for the six months ended 30 June 2020 dropped to 4.3 million pounds from 11.2 million pounds in the prior year.

The Group generated adjusted profit before tax of 5.3 million pounds compared to 12.8 million pounds in the previous year.

Profit attributable to equity holders of the parent for the period was 3.65 million pounds, down from 8.77 million pounds in the prior year. Earnings per share decreased by 59% to 1.68 pence from 4.06 pence in the previous year.

Adjusted earnings per share decreased by 55% to 2.16 pence from 4.80 pence in the prior year.

Revenue decreased by 19% at reported and constant currency to 39.3 million pounds from last year.

The company plans to pay an interim dividend of 0.50 pence per share on 23 October 2020 to shareholders on the register at the close of business on 25 September 2020. The Board expects to return to dividend growth in the near future, as business returns to normal.

The company expects the sales impact of COVID-19 to gradually reduce in the second half of 2020 and as it moves into 2021, as global lockdowns are eased and a version of normality returns.

The company noted that it is starting to see signs of recovery in most markets.

Second half trading to date in 2020 is in line with Board expectations that were communicated in July 2020

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