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Consort Medical hit by restructuring costs

Consort Medical reveals lower interim profits caused by restructuring charges over Pfizer's Exubera abandonment

UK-based drug inhalation company Consort Medical, which recently changed its name from Bespak, has revealed lower interim profits caused by restructuring charges.

Consort's business has been negatively affected by US-based Pfizer's decision to cease production of the inhalable insulin product Exubera. As a result, Consort has totally restructured its Inhaled Drug Delivery business. The restructuring plan includes the decision to close and sell the company's Milton Keynes site.

Profit before tax and special items in the half-year to 27 October increased to GBP 9.4m from GBP 8.5m in the same period of 2006. When special items are taken into account pre-tax profit falls to GBP 4.5m, compared with GBP 7.6m in 2006. The special items include an impairment charge of GBP4m relating to the closure of the Milton Keynes site.

Revenue from continuing operations increased slightly to reach GBP 62.6m, compared with GBP 62.1m, as record sales of HFA valves and strong growth in its US sales offset reduced sales of Exubera.

Consort's board says that current trading is in line with expectations and they are confident that the company is on track to achieve its target of doubling 2006 profit before tax by the year ending April 2011.

Jon Glenn, Consort's CEO, said: "These results, together with the FDA's recent guidance requiring all new aerosol drug dispensers to have dose counters, gives management considerable confidence for the future."

13th December 2007

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