Consort Medical Plc (LSE:CSRT) Full year results

Consort Medical plc (LSE: CSRT) (“Consort”, “Consort Medical” or the “Group”), a leading, global, single source drug and delivery device company, today announces its audited results for the year ended 30 April 2017.

Financial Highlights

1 CER – at constant exchange rates; FY2016 actuals retranslated at average rate in FY2017. 2 Before special items of £13.7m that include amortisation of acquired intangible assets, reorganisation costs, advisory and acquisition costs (2016: £21.0m).

· Consort Medical has continued to deliver profitable growth on a reported basis with operating leverage yielding an 8.3% increase in EBIT on 6.2% higher sales

· Underlying Group EBIT, at constant exchange rates, was 4.1% higher on 2.0% of sales growth.

· Bespak grew revenues by 3.3% and EBIT by 3.9% delivering a further 10bps margin improvement to 21.6%

· Aesica recorded a significant improvement in operational performance with EBIT increasing by 17.7% and a further 60 bps improvement in EBIT margin to 8.0%

· Adjusted basic EPS 13.1% higher than FY2016 at 65.1p

· Final proposed dividend increased 5.2% to 13.21p, reflecting the good financial performance and the Board’s confidence in the Group’s prospects

· Net debt reduced to £92.6m (FY2016: £97.0m) with good cash generation following further investments in the business. Gearing (Net debt: EBITDA) reduced to 1.7x

Operational Highlights

· Landmark deal for Bespak with the first full development agreement for Syrina® / Vapoursoft® device application with a leading global biopharmaceutical company

· Successfully launched second Bespak injectable device with the UCB Cimzia® AutoClicks® prefilled pen in the UK and other European markets

· Launched AstraZeneca’s Bevespi Aerosphere® in the US. Bespak awarded significant new multi-year agreement for the scale-up and supply of its proprietary pMDI valves and actuators

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· On course for double-digit operating margins at Aesica including contract extensions with one of Aesica’s largest customers and additional new contract wins

· Aesica now routinely supplying commercial product using the first semi-continuous processing line and technology installed at the Queenborough site. Discussions underway with a number of pharma customers to use this technology

· Aesica is an early provider in serialisation services that is a growing requirement for pharma clients

· Successful commercial unveiling of Syrina® AR 2.25 compact auto-injector

Jon Glenn, Chief Executive Officer of Consort Medical, commented:

Consort has again delivered further growth in revenue and profit in both divisions. Bespak has continued to make good progress with its diverse pipeline of product opportunities in this high margin business. Aesica continues to improve its operating performance and its margins in line with our expectations, assisted by recent contract wins.

Group performance is expected to be broadly in line with our near-term expectations for the current financial year, despite some headwinds from contract phasing. The Board remains confident about the prospects for the Group.”

Full results can be read in the original RNS here.

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