Consort Medical plc
Interim Management Statement
Consort Medical plc (LSE: CSRT), today issues its interim management statement for the period from 1 May to date.
Bespak has enjoyed a strong start to the year, in particular in the Respiratory segment, with growth over prior year in both valves and device services. We have made good progress with our development pipeline and are today also pleased to announce our first contract to produce a nasal drug delivery device for a major pharmaceutical company. We continue to diversify our business into new but related market segments, and in July a consortium of investors, including two leading diagnostics companies, joined Consort in providing £17m of further funding to Atlas Genetics, the point of care diagnostics company in which Consort made its first equity investment in February.
Underlying demand for King Systems’ core products in the US has remained resilient, despite slow markets.The King Vision video laryngoscope has commenced shipments, with interest levels remaining very encouraging. King’s manufacturing transformation programme is progressing as previously indicated. There has been no significant change in the Group’s financial position since the publication of the Group’s preliminary results for the year ended 30 April 2011 in June 2011. The Group remains strongly cash generative.
The Board remains confident about the outlook for the full year.