Consort Medical profit plunges as halt to manufacturing activities stifles growth

Tue, 3rd Dec 2019

Consort Medical saw first-half profit plunge as revenue was hurt by a halt to manufacturing following an incident at its Cramlington manufacturing facility. For the six months ended 31 October 2019, pre-tax profit fell 87.5% to £1.2m and revenue fell 4.3% to £146m. The Cramlington incident impacted profits at its Aesica business, but its Bespak business performed well in the period, growing revenue by 5.4% to £64.9m. The company remained in the midst of a takeover following an approach from Recipharm Holdings made on 18 November 2019. Both parties had agreed terms on the takeover. 'The board's expectations for the full year remain unchanged. We anticipate that the group's performance in the second half of the year will benefit from continued growth in Bespak, recommencing manufacture of the specific product involved in the Cramlington incident and a reduction in the backlog at Aesica,' Consort Medical said. At 9:17am: (LON:CRST) Crest Nicholson Holdings Plc share price was +2.7p at 383.7p Story provided by StockMarketWire.com

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