Consort Medical eyes potential acquisitions
Quoted Cambridge drug and drug delivery business Consort Medical is eyeing potential acquisitions layered over organic development that provide access to new geographic markets and complementary technologies.
The growth blueprint was unveiled by CEO Jon Glenn announcing interim results for the six months to October 31 but did not prevent a slide in the share price.
Despite revenue being 6.1 per cent higher at £153.7 million, pre-tax profit fell almost 26 per cent to £7.5m and the stock took a hit accordingly.
Consort was confident enough about its future prospects to hoist the interim dividend five per cent to 7.44p.
Jon Glenn said: “Consort has continued to deliver underlying revenue and profit growth in both divisions. Bespak has delivered another solid performance and made good progress in developing our devices business including our Syrina®/VapourSoft® auto-injectors that present exciting growth opportunities.
“Aesica has been awarded new API, finished dose and packaging contracts and secured a second contract on the semi-continuous processing line.
“We remain focused on the organic development of Consort while considering acquisition opportunities that allow access to new geographic markets and complementary technologies.
“The board remains confident of Consort's future prospects supported by a robust financial position and a strong development pipeline.”
• PHOTOGRAPH SHOWS: Jon Glenn