Consort Medical pleased with underlying results

Single source drug and delivery device company Consort Medical issued its audited results for the year ended 30 April on Thursday, with underlying revenue rising 5.8% to £311.1m, or 4.4% at constant exchange rates.

The London-listed firm said its underlying EBIT was £42.7m, up 6.8% or 5.3% at constant currencies, while profit before tax was 7.3% higher at £38.2m.

Adjusted basic earnings per share fell 0.9% to 64.5p.

On a statutory basis, profit before tax fell 21% to £17.3m, with basic earnings per share sliding 28.8% to 32.9p.

On the operational front, Consort said it saw continued growth across its range of drug delivery devices, and provided ongoing support to Mylan on the potential launch of its generic Advair programme.

It said it saw “good progress” in developing its ‘Syrina’ / ‘Vapoursoft’ auto-injectors for a global biopharmaceutical customer, and had further interest from other “significant” potential customers.

An agreement with a major biopharmaceutical customer was made, to begin industrialisation activities for facilities, production processes and tooling for a potential product launch of the Syrina / Vapoursoft auto-injector.

Record volumes were manufactured at Consort’s German and Italian facilities, with investments being made in new production lines to support growth, and the company being formally awarded a “significant” multi-year active pharmaceutical ingredient supply contract for a new product at its Cramlington facility.

It was also awarded finished dose and packaging contracts, with the renewal of long-term contracts with existing customers.

New customers were also won on its semi-continuous processing line, with technology installed in the firm’s Queenborough site.

“Consort has delivered another year of good underlying revenue and profit growth in both divisions,” said chief executive Jon Glenn.

“Bespak has continued to grow its respiratory business while making significant progress on its innovative Syrina / VapourSoft auto-injectors.

“Aesica is growing sales and margins supported by new API, finished dose and packaging contracts in a streamlined business structure.”

Glenn said the company was continuing to deliver its organic growth strategy, while considering potential acquisitions that would allow access to new geographic markets and complementary technologies.

“The board is confident of Consort's future prospects supported by a robust financial position and a strong development pipeline.

“The board's expectations for the current financial year remain unchanged.”