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Interim Results

Consort Medical revenues up

06 December 2016 07:51

Consort Medical reports continued strong underlying growth in earnings in the six months to the end of October and says significant new pipeline contracts gives increased confidence for the longer term outlook.

Group revenue increased to £144.9m from £135.5m - growth of 2.0% underlying, 6.9% reported

* Bespak underlying revenue growth 4.3% and EBIT growth of 5.7%

* Aesica underlying1 revenue growth 0.5% and EBIT growth of 14.1%

Other highlights:

- Improvement in Aesica operational performance increases operating margin 160 bps to 7.8% - on course for double digit margins goal

- 13% growth in adjusted basic EPS at constant exchange rates reflecting operational leverage and performance

- Strong underlying1 cash generation partially offset by currency headwinds and special items cashflow

- Interim dividend increased 5% to 7.09p, reflecting the board's confidence in the Group's prospects

Chief executive Jon Glenn said: "Consort has continued to deliver strong underlying growth in earnings whilst adding further important contract wins that build our pipeline momentum. In particular, the recent landmark master development agreement for Syrina/VapourSoft and the launch of UCB's Cimzia autoinjector underpin our longer term growth prospects.

"We continue to focus on the organic development of our business, and will continue to consider further inorganic opportunities - whether adding a competency or geographic opportunity - where they present a compelling case for enhancing sustainable shareholder value. With a robust financial position and a strong development pipeline, the Board remains highly confident of Consort's future prospects."

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