Group at a Glance

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

Group At A Glance Diagram

Who We Are

  • Leading global CDMO, providing advanced delivery technologies, formulation and manufacturing solutions for drugs
  • Offering customers a single source for drug and device development, formulation, manufacturing and fill/finish, the Group comprises two integrated operating divisions:

Bespak — Devices

  • A global market leader in the development and manufacture of drug delivery devices, serving pharmaceutical companies with inhaler, auto-injector, nasal and ocular technologies and development and manufacturing services
  • Benchmark capabilities in the manufacture of more than 500 million devices per year in regulated markets

Aesica — drugs

  • A leading pharmaceutical CDMO serving pharmaceutical companies with API and finished dose formulation development and manufacturing services


  • The Group's customers include some of the world's largest pharmaceutical companies
  • Significant product invention and development resources in R&D including a separate Innovation team in Cambridge
  • High barriers to entry: Intellectual Property, know-how, regulatory approvals, manufacturing complexity and economies of scale
  • Robust finances: profitable, cash generative, low gearing and high dividend payout


1 Cramlington (Aesica API)

2 Newcastle (Aesica Corporate)

3 Nelson (IAC)

4 Milton Keynes (Bespak manufacturing)

5 Hemel Hempstead (Consort HQ)

6 Queenborough (Aesica API/FDM/FDD)

7 Cambridge (Innovation Centre)

8 King's Lynn (Bespak manufacturing)


9 Monheim (Aesica FDM)

10 Zwickau (Aesica FDM)


11 Pianezza (Aesica FDM)

Sales Presence in China, India, Japan, and North and South America

Our Strategy

  • Sustained organic revenue growth from:
    • Leveraging the Group's core strengths with existing and new customers
    • Broadening the Group's services offering to capture adjacent markets and territories
    • Deepening the Group's offering, capturing more of the value chain
  • Operating leverage
    • Margin expansion from volume growth and ongoing cost efficiency
  • Drive innovation
    • To develop new device and formulation technologies
  • Enhancement
    • Selective acquisitions of, and investments in, companies, producers and technologies which have the potential to leverage the Group's core competencies in drug formulation, manufacturing and delivery

Key Products and Services

  • Development, formulation and production of formulated pharmaceutical products
  • API contract development, formulation and contract manufacturing services
  • Respiratory devices: metered dose inhaler valves, dry powder inhalers, integrated dose counters, actuators, nicotine inhalation devices
  • Injectables devices: auto-injectors, needle-free injectors, bolus delivery devices
  • Nasal devices: nasal drug delivery devices
  • Ocular devices: ocular drug delivery devices
  • Other devices: POC diagnostics devices, medical check valves

Market Position

  • A leading global CDMO, providing advanced delivery technologies, formulation development and manufacturing solutions for drugs
  • Offering customers a single source for drug and device development, formulation, manufacturing and fill/finish – a highly differentiated offering compared to Consort Medical's competitors
  • A global market leader in inhaled drug delivery
  • Growing franchise in injectables and nasal drug delivery and POC diagnostics consumables
  • Over 500 million devices manufactured annually
  • 14 major Bespak device programmes in development pipeline
  • Firm opportunities in attractive new growth market segments
  • At the leading edge of innovation — growing customer recognition as innovator on demand


  • 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