16th Jun 2015 06:51
LONDON (Alliance News) - Consort Medical PLC Tuesday expressed confidence in meeting its expectations for its current financial year and posted a decline in pretax profit for its recently ended financial year, as its acquisition of Aesica helped drive up revenue, but also led to a rise in operating costs and exceptional charges.
Consort acquired Aesica for GBP230.0 million in September, funded through cash, debt, the issue of shares, and a rights issue.
For the year to end-April, the company posted a pretax profit of GBP5.5 million, down from GBP16.1 million a year before, as a rise in revenue to GBP184.8 million from GBP100.0 million was offset by a step up in operating expenses, and exceptional costs of GBP17.2 million, primarily related to the acquisition of Aesica.
Aesica contributed GBP79.0 million of revenue for the five and a half months since its acquisition. The company's Bespak business saw revenue growth of 5.8%, driven by continued market penetration from its Chiesi NEXThaler inhaler and the Dr Reddy's Sumatriptan autoinjector products.
Consort Medical proposed a final dividend of 11.68 pence, maintained from the previous year, leaving its total dividend for the year unchanged at 18.11 pence.
"We are confident that the integration of Aesica will drive additional growth as the two businesses combine their expertise to provide joined-up development and supply chain solutions to meet customers' needs," said Chief Executive Officer Jon Glenn in a statement.
"The board believes that the enlarged pipeline of opportunities and capabilities underpins its growth ambitions, and is confident of meeting its expectations for the coming financial year," Glenn added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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