LONDON (ShareCast) - Drug inhaler firm Consort Medical (LSE: BPK.L - news) posted a modest increase in full year adjusted pre-tax profit
and maintained its final dividend despite a challenging market.
The group, formerly known as Bespak, said pre-tax profit before special items rose to £17.9m from £17.6m the year before while like-for-like revenues rose 6.9% to £120.3m. The final dividend has been kept at 12.1p per share.
Consort said it is "still adjusting to the changes required following Pfizer (NYSE: PFE - news) 's decision to withdraw the Exubera delivery device for inhaled insulin from the market." As part of the restructuring Consort closed a manufacturing facility in Milton Keynes.
Commenting on its two main businesses, Jon Glenn, chief executive officer said, "Bespak and King Systems are both performing well and we are announcing an investment programme that will help us increase margins across both these business."
"The group's strong cashflows and balance sheet mean that it is well positioned not only to withstand a recession but also to be able to invest in new organic or acquisitive opportunities which may become available," he added.
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