Interim Management Statement
RNS Number : 2666Z
Consort Medical PLC
18 September 2009
Consort Medical plc (LSE: CSRT), today issues its interim management statement for the period from 1 May to date.
Consort Medical operates two divisions; Bespak, which manufactures medical devices primarily for inhaled drug delivery, and King Systems, which supplies premium quality airway management products.
King Systems has enjoyed a strong start to the year, with robust US orders driving year on year revenue growth. The manufacturing transformation programme is progressing well and is expected to deliver increased capacity and reduced costs on schedule. As planned, King Systems has strengthened its product development capability and we are confident that this will increase the speed of introduction of new products.
Bespak has experienced slower trading conditions in the first months of the year, with ongoing destocking initiatives at a number of valve customers. However, the impact of the destocking is expected to be largely temporary as the end markets remain stable. Moreover, Bespak has made good progress in achieving commercial and technical milestones which are likely to drive growth over the medium term.
Despite the challenging start to the year experienced by Bespak, the continuing tight management of the cost base means that the Board is confident that the Group will deliver results for the year in line with our expectations.
For further information, please contact
Consort Medical plc
Jonathan Glenn, Chief Executive – Tel: +44 (0) 1442 86792
Toby Woolrych, Group Finance Director – Tel: +44 (0) 1442 867920
Jon Coles/Justine Mcllroy – Tel: +44 (0) 20 7404 5959
Consort Medical plc is a leader in medical devices for inhaled drug delivery and anaesthesia. The Group develops drug delivery systems for the pharmaceutical industry and disposable airway management products for critical care settings in hospitals.
Consort Medical develops and manufactures metered dose inhaler valves, actuators, compliance aids, dry powder devices, disposable facemasks, breathing circuits and laryngeal tubes. The Group has facilities in King’s Lynn and Hemel Hempstead in the UK, Indianapolis, Indiana and Kent, Ohio in the US, and Mumbai, India. Consort Medical is a public company quoted on the full list of the London Stock Exchange (LSE: CSRT).
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