19th Sep 2008 07:00
Consort Medical plc
Interim Management Statement
Consort Medical plc (LSE: CSRT), today announces its Interim Management Statement relating to the period from 4 May to 19 September 2008 as required by Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority.
Current Trading
Our expectations for this year remain unchanged since our results released on 24 June 2008 and we remain confident of delivering results in line with these for the financial year 2008/9. Consort Medical operates two divisions; Bespak which manufactures medical devices for inhaled drug delivery and King Systems that supplies disposable breathing circuits, masks and laryngeal tubes.
Consort Medical's net debt position at the end of August had increased marginally from the £13.7 million at the end of last year, with a net cash inflow from operations being offset by an increase in the sterling value of US$ denominated borrowings. This level of borrowings is well within our facilities, and the Company remains in compliance with its banking covenants with substantial headroom.
Consort Medical will be holding its AGM on 24 September 2008 and will be announcing its interim results for the half year to 31 October on 11 December.
Appointment of Don Dumoulin as CEO of King Systems
In addition Consort Medical is pleased to announce the appointment of Don Dumoulin as the CEO of King Systems Division, a leading supplier of anaesthesia equipment primarily to the US market. Don will join the Group on Monday 6 October.
Don was most recently President of Empi Inc a market leader in electronic stimulation and orththopedic rehabilitation products. Prior to joining Empi, Don was Senior Vice President North America of the Diabetes Business at Roche Holdings in Indianapolis. He held a variety of positions in sales, marketing and general management at Roche between 1997 and 2006. Before that he worked at SmithKline Beecham and Proctor and Gamble in both sales and marketing. Don graduated with a BS Marketing from Ball State University, Muncie, IN.
Jon Glenn, Chief Executive of Consort Medical said
"We are very pleased that Don has agreed to join Consort Medical and lead the King Systems division. King Systems is a market leader with a premium brand and many opportunities to expand both its product base and markets. I know Don is looking forward to working with the team to take forward the Group's strategy for King Systems."
For further information, please contact:
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Consort Medical plc |
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Jonathan Glenn, Chief Executive |
Tel: +44 (0) 1442 867920 |
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Maitland |
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Liz Morley |
Tel: +44 (0) 20 7379 5151 |
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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