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Trading statements

AMS on course

05 July 2016 08:04

Advanced Medical Solutions Group says trading for the six months to the end of June was i line with the board's expectations. Based upon the exchange rates as at 23 June, the group currently expects revenue to be ahead (primarily as a result of currency effects) and profitability to be in line with current market expectations for the full year 2016.

The group says there has been no immediate impact on its day-to-day operations following the UK's referendum vote to leave the European Union. However, as sterling weakens against the US dollar and the euro, the group's revenues will improve. Approximately 30% of the group's sales are in US dollars and 30% of its sales are in euros. The group hedges significant transaction exposure and aims to have 70% of its estimated transactional exposure for the next twelve months, on a rolling basis, hedged. Consequently, the benefit of weak Sterling is unlikely to be significant in the short term. The group's main transactional exposure is to the US dollar as the group is more naturally hedged against the Euro because of its European operations and cost base.

Chief executive Chris Meredith said: "The board is pleased with the ongoing strong performance of the business and we are on track for the full year. We remain focused on our strategic objectives whilst delivering innovation to patients and surgeons." The group expects to publish its results for the six months to 30 June in September.

At 8:04am: (LON:AMS) Advanced Medical Solutions Group PLC share price was -0.62p at 196.13p

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