17th Jun 2014 08:36
LONDON (Alliance News) - Medical devices company Consort Medical PLC Tuesday reported higher profit and revenue for its recent financial year, which it said was boosted by strong growth in the sales of its Chiesi NEXThaler dry power inhaler for asthma sufferers.
The designer and manufacturer of drug-delivery devices said that in the year ended April 30, its pretax profit rose 12% to GBP16.1 million, up from GBP14.4 million a year earlier, boosted by 5.2% revenue growth to GBP100.0 million from GBP95.0 million, which it said was driven by its Chiesi NEXThaler.
The company gave a confident outlook for the business in the year ahead and declared a 5% increase in its full-year dividend to 20.7 pence per share.
"The board is confident of further future organic growth arising from existing business, from further conversion of the development pipeline programmes and from new opportunities, including the conversion of the innovation pipeline to full development programmes with partners," said Chief Executive Jon Glenn in a statement.
In the year just ended, Consort Medical launched its first auto-injector, a migraine therapy, and was awarded several contracts, including an exclusive multi-year commercial supply contract for its dry powder inhaler programme DEV610, and a development contract for novel PatchPump infusion device from media-device company SteadyMed Therapeutics Inc.
Following the launch of the Chiesi NEXThaler in March 2013, initially in Germany, the product has subsequently been launched further afield into Austria, Belgium, Netherlands, Spain and Italy, and is now approved in 14 European countries.
Medical Consort said the product, which was a strong contributor to the revenue growth in the year just ended, has been well received in the six markets in which it has been launched to date, and further territory launches are anticipated in the near term to facilitate further market penetration of the product.
The company said it held net cash of GBP25.8 million at year end, despite significant investments in its facilities and production capacity.
Consort Medical shares were trading 2.1% higher Tuesday morning at 898.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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