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Consort Medical H1 Profit, Revenue Down; FY View Unchanged

Single source drug and delivery device company Consort Medical plc (CSRT.L), which is subject to a recommended offer from Recipharm Holdings Ltd, Tuesday reported that its first-half profit before tax plunged 87.5 percent to 1.2 million pounds from last year's 9.6 million pounds.

Basic earnings per share were 2.3 pence, down 85.3 percent from 15.6 pence a year ago. Underlying profit before tax was 8.5 million pounds, compared to 19 million pounds last year. Underlying earnings per share were 13.7 pence, compared to 31.3 pence a year ago.

Underlying EBIT dropped 49.5 percent from last year to 10.5 million pounds.

Revenue declined 4.3 percent to 146 million pounds from 152.5 million pounds in the prior year. Revenue at constant currency declined 4.4 percent. The company noted that strong growth in Bespak was more than offset by a challenging period in Aesica.

Looking ahead, Jonathan Glenn, Chief Executive Officer, said, "The Board's expectations for the full year remain unchanged. We anticipate that the Group's performance in the second half of the year will benefit from continued growth in Bespak, recommencing manufacture of the specific product involved in the Cramlington incident and a reduction in the backlog at Aesica."

Further, the company noted the recommended offer from Recipharm Holdings, and said its Board remains confident of future prospects.

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