Consort’s profit rises on strong Bespak growth

BRITISH inhaled-drug specialist Consort Medical yesterday reported higher first-half pre-tax profits on strong volume growth at its Bespak unit’s core respiratory business.

The company, which specialises in making asthma and anaesthesia medical devices, said it expects full-year results slightly ahead of expectations.

For the May-October period, Consort reported pre-tax profits before special items of £10.2m, compared with £8.2 m a year ago.

Total revenue rose two per cent to £71.1m.

Revenue at the company’s Bespak division rose 17 per cent to £47.9m, though revenues at its US-based King Systems anaesthesia equipment maker fell 15 per cent to £21m.

With net debt rising 34 per cent to £42.6m at the end of the period, the firm kept its interim dividend unchanged at 7p a share.

“Our strategy to deliver sustainable organic growth is now delivering ahead of expectations and we are confident for the outlook for the rest of the year and beyond,” said chief executive Jon Glenn.

Shares in FTSE-listed Consort jumped 6.4 per cent yesterday to close at 530p.