7th Nov 2006 07:02
Bespak PLC07 November 2006 7 November 2006 Bespak plc Strong trading in the 26 weeks to 28 October 2006 Bespak plc ("Bespak"), a leader in devices for inhaled drug delivery andanaesthesia, announces strong trading in all its businesses. The performance inthe first half year is ahead of its expectations, and providing there is nochange in prevailing market conditions, the Board believes that Bespak willexceed its own expectations for the financial year ending 28 April 2007. Bespak has two business segments: Inhaled Drug Delivery and Anaesthesia &Respiratory Care. In Inhaled Drug Delivery, Bespak has continued to benefit from strong demand forthe Exubera(R) device to deliver Pfizer's inhaled insulin for the treatment ofdiabetes, which is in the process of being launched worldwide. As long-termpatient uptake and acceptance is still unknown, it is difficult to quantify thesales potential for Exubera(R) beyond the increased production levels necessary to support its launch. Bespak has also enjoyed record sales of its MDI valves. The Anaesthesia & Respiratory Care segment includes King Systems, which wasacquired in December 2005. King Systems continues to perform ahead of plan withsales growing in excess of 10% over the prior year. Part of the considerationfor the King Systems acquisition was an earn out based on King Systems achievingan agreed level of EBITDA during the year to December 2006. Subject to finalverification by the firm's auditors, the Board believes that the performance ofKing Systems has resulted in the planned earn out being achieved approximatelytwo months ahead of schedule. King Systems is a leading supplier of disposablebreathing circuits, masks and laryngeal tubes, mainly sold to hospitals in theUS. Bespak's closure of its loss-making Consumer Products business, announced on 3rdAugust, is now substantially complete. The sale of certain assets of thebusiness will reduce the non-recurring charge of closure from the previousguidance given of £3m to below £2.5 million and make the exit modestly cashgenerative. Bespak will report its interim results on 18 January 2007. For further information please contact: BespakMark Throdahl, Chief Executive Tel: +44 (0)1908 552600Jon Glenn Group Finance Director MaitlandLiz Morley Tel: +44 (0)20 7379 5151 Bespak plc is a leader in specialty medical devices, developing delivery systemsfor the pharmaceutical industry and disposable airway management products forcritical care settings. The company develops and manufactures a range of devices including metered doseinhalers, dry powder devices, actuators, compliance aids, disposable facemasks,breathing circuits and laryngeal tubes. The group holds the 2005 Frost &Sullivan Award for Technology Innovation and has facilities in King's Lynn andMilton Keynes in the UK, in Indianapolis, Indiana and Kent, Ohio, in the US andin Mumbai, India. Bespak is a public company quoted on the full list of theLondon Stock Exchange (LSE: BPK). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CSRT.L