Annual Report & Accounts for the year ended 30 April 2016

Sustained growth through innovation and diversification

Chairman's Letter

Consort Medical has delivered another year of continued and consistent organic growth in the Bespak business, whilst expanding its future growth opportunities from both its development portfolio and its innovation pipeline.

Dr Peter Fellner

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Chief Executive's Review

Jonathan Glenn

Consort has again delivered strong organic growth. In Bespak, this has once again been delivered through strong revenue growth and operating leverage.

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Financial Review

Richard Cotton

Consort has again delivered strong financial performance in FY2016, as material organic revenue growth produced significant operating leverage and EBIT growth, with margin expansion in both businesses.

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2016 Highlights

  • Strong Bespak revenue growth of 10.8%, with significant operating leverage delivering 20.4% EBIT growth and 170bps EBIT margin growth to 21.5%
  • Significant growth in Aesica EBIT following reorganisation actions and streamlined operational performance: organic EBIT up £2.7m, and encouraging EBIT margin growth of 210bps to 7.4%
  • Adjusted basic EPS was 20.5% higher than FY2015 at 57.6p, as a result of the strong operating leverage, and margin expansion
  • Final proposed dividend of 12.56p, an increase of 7.5% reflecting the strong financial performance and the Board's confidence in the Group's prospects
  • Net debt reduction from £99.2m to £97.0m, with gearing (Net debt: EBITDA) at 30 April 2016 reducing to 1.92×, achieving the Group gearing target set at the time of the Aesica acquisition
  • DEV610 unveiled as DPI for Mylan generic Advair; potential GDUFA date 28 March 2017
  • Bespak added two development programmes for Aeropharm, and Precision Ocular (the Group's first combined device/formulation contract)
  • Completion of the semi-continuous line project development, with product approval and launch in Aesica
  • Completion of post-acquisition reorganisation in Aesica, including German reorganisation, relocation of Nottingham FDD to Queenborough, and downscaling of Newcastle office
  • Further progress in joint Bespak/Aesica service offering with enthusiastic market response, and first combined contract win with Precision Ocular
  • Equity investment of £3.3m in Precision Ocular, with £2.0m first tranche paid up
  • Successful commercial unveiling of Syrina® 2.25 compact autoinjector
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Group at a glance

A leading global CDMO providing advanced delivery technologies, formulation and manufacturing solutions for drugs.

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Group at a Glance

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Our Business Model

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Financial Review