Consort Medical Interim Results For The Six Months Ended 31 October 2014
Earnings growing strongly; Aesica acquisition significantly expands capabilities and opportunities for future growth
Consort Medical plc (LSE: CSRT) (“Consort”, “Consort Medical” or the “Group”), a leading global drug delivery Contract Development and Manufacturing Organisation (“CDMO”), today announces its interim results for the six months ended 31 October 2014.
• Revenue grew 4.7%, driven by growth in recently launched Chiesi NEXThaler® and Dr. Reddy’s Sumatriptan autoinjector
• Good operating leverage with operating margin (before special items3) expansion to 19.0% driving operating profit growth of 6.7%
• Strong growth in adjusted basic EPS2 - up 15.9% - from strong EBIT growth and lower tax rate from Patent Box benefits
• Maintained interim dividend
• Strong cash generation, with cash generated from operations4 up 14.7%
Operational Highlights
• Acquisition of Aesica completed post period end; integration going to plan
• Award of 2 new development contracts for injectables products
• Award of MHRA licence for Voke brings launch closer
• Significant progress in commercial / development opportunities for Syrina® and Lila®
• Commercial unveiling of Lapas® new platform bolus injector, powered by VapourSoft®
Jon Glenn, Chief Executive Officer of Consort Medical, commented:
“The Group has made a good start to the year, with solid revenue growth and strong earnings growth in the core Bespak business. This has been supplemented by important new development contract wins and meaningful progress with its development and innovation pipelines. Our expectation is that the Bespak business will deliver continued growth for the full year and that it will report further material progress in its pipelines. “The Aesica business, whose acquisition completed post period end, also delivered growth in the first half of its 2014 financial year. The Board continues to expect it to contribute strongly to earnings in the second half of FY2015 and to be materially EPS enhancing in the year to 30 April 2016 and beyond. This could potentially be supplemented over time by cross selling and revenue synergies afforded by dovetailing its capabilities with those of Bespak. “The integration of Aesica will strengthen the Group’s position as the partner of choice for pharmaceutical companies, enabling them to streamline and accelerate the route to market for their drugs. The Board is confident in its expectations for current year trading across the enlarged Group, and remains optimistic about future prospects”.
Enquiries:
Consort Medical plc
Tel: +44 (0) 1442 867920
Jonathan Glenn, Chief Executive Officer
Richard Cotton, Chief Financial Officer
FTI Consulting
Tel: +44 (0) 20 3727 1000
Ben Atwell / Simon Conway
Consort Medical plc is a leading, global, single source drug and delivery device CDMO through its two operating subsidiaries Bespak and Aesica. Consort Medical is at the leading edge of innovation and is committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities. Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectables products, and the manufacture of devices for the point of care diagnostics market.
Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. The Group has facilities in King’s Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Nottingham, Queenborough and Hemel Hempstead, UK; in Monheim and Zwickau, Germany; and in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). The Group’s website address is www.consortmedical.com.
1 – financial performance metrics relate to continuing operations unless stated otherwise.
2 – adjusted basic earnings per share is calculated using profit after tax before special items adjusted for the impact of the Rights Issue completed in November 2014. Interim dividend also adjusted for impact of Rights Issue.
3 – special items includes amortisation of acquired intangible assets (£0.4m) and acquisition related costs (£1.9m).
4 – cash flow performance metrics are before any cash paid relating to special items.
To read full press release, please click here.
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• Revenue grew 4.7%, driven by growth in recently launched Chiesi NEXThaler® and Dr. Reddy’s Sumatriptan autoinjector
• Good operating leverage with operating margin (before special items3) expansion to 19.0% driving operating profit growth of 6.7%
• Strong growth in adjusted basic EPS2 - up 15.9% - from strong EBIT growth and lower tax rate from Patent Box benefits
• Maintained interim dividend
• Strong cash generation, with cash generated from operations4 up 14.7%
Operational Highlights
• Acquisition of Aesica completed post period end; integration going to plan
• Award of 2 new development contracts for injectables products
• Award of MHRA licence for Voke brings launch closer
• Significant progress in commercial / development opportunities for Syrina® and Lila®
• Commercial unveiling of Lapas® new platform bolus injector, powered by VapourSoft®
Jon Glenn, Chief Executive Officer of Consort Medical, commented:
“The Group has made a good start to the year, with solid revenue growth and strong earnings growth in the core Bespak business. This has been supplemented by important new development contract wins and meaningful progress with its development and innovation pipelines. Our expectation is that the Bespak business will deliver continued growth for the full year and that it will report further material progress in its pipelines. “The Aesica business, whose acquisition completed post period end, also delivered growth in the first half of its 2014 financial year. The Board continues to expect it to contribute strongly to earnings in the second half of FY2015 and to be materially EPS enhancing in the year to 30 April 2016 and beyond. This could potentially be supplemented over time by cross selling and revenue synergies afforded by dovetailing its capabilities with those of Bespak. “The integration of Aesica will strengthen the Group’s position as the partner of choice for pharmaceutical companies, enabling them to streamline and accelerate the route to market for their drugs. The Board is confident in its expectations for current year trading across the enlarged Group, and remains optimistic about future prospects”.
Enquiries:
Consort Medical plc
Tel: +44 (0) 1442 867920
Jonathan Glenn, Chief Executive Officer
Richard Cotton, Chief Financial Officer
FTI Consulting
Tel: +44 (0) 20 3727 1000
Ben Atwell / Simon Conway
Consort Medical plc is a leading, global, single source drug and delivery device CDMO through its two operating subsidiaries Bespak and Aesica. Consort Medical is at the leading edge of innovation and is committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities. Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectables products, and the manufacture of devices for the point of care diagnostics market.
Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. The Group has facilities in King’s Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Nottingham, Queenborough and Hemel Hempstead, UK; in Monheim and Zwickau, Germany; and in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). The Group’s website address is www.consortmedical.com.
1 – financial performance metrics relate to continuing operations unless stated otherwise.
2 – adjusted basic earnings per share is calculated using profit after tax before special items adjusted for the impact of the Rights Issue completed in November 2014. Interim dividend also adjusted for impact of Rights Issue.
3 – special items includes amortisation of acquired intangible assets (£0.4m) and acquisition related costs (£1.9m).
4 – cash flow performance metrics are before any cash paid relating to special items.
To read full press release, please click here.
Help employers find you! Check out all the jobs and post your resume.