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Shore Capital initiated coverage of Consort Medical (CSRT) with a "buy" recommendation, impressed by the inhaler manufacturer's strong recovery since the loss of a major contract. The broker said that the company has diversified its business and noted that the King Systems division is one of the leading businesses in its sector in the US. Shore added that the group's Bespak division offers higher operating margins and expects Consort to focus on developing this portion of its business. The shares were unchanged at 653p.
Following the strong recent share price performance, N+1 Brewin lowered its stance on Consort Medical (CSRT) from "buy" to "add", but increased its target price to 670p, from 650p. The medical device manufacturer is performing in-line with expectations and the broker noted good sales volumes for the firm's Bespak valves and inhaler division. Brewin added that the firm has launched a number of new products and is waiting to see if it won a previously mentioned nicotine inhaler contract. Shares in Consort Medical declined by 7p to 623p.
Brewin Dolphin upgrades Consort Medical from hold to buy, target price raised from 530p to 600p.
Consort Medical (CSRT) kept its "buy" rating from Singer Capital, with a target price of 604p. The medical device manufacturer has won a contract to develop a nasal drug delivery device, to be released in 2015, and the broker states that this demonstrates the company's long term growth prospects. Additionally, Singer notes that Consort has further invested in diagnostic speciality Atlas Genetics to help develop its Velox system, which Consort will manufacture cartridges for, aiding mid-term growth. The shares climbed 13p to 545p
Consort Medical plc Interim Management Statement Consort Medical plc (LSE: CSRT), today issues its interim management statement for the period from 1 May to date. Bespak has enjoyed a strong start to the year, in particular in the Respiratory segment, with growth over prior year in both valves and device services. We have made good progress with our development pipeline and are today also pleased to announce our first contract to produce a nasal drug delivery device for a major pharmaceutical company. We continue to diversify our business into new but related market segments, and in July a consortium of investors, including two leading diagnostics companies, joined Consort in providing £17m of further funding to Atlas Genetics, the point of care diagnostics company in which Consort made its first equity investment in February. Underlying demand for King Systems' core products in the US has remained resilient, despite slow markets. The King Vision video laryngoscope has commenced shipments, with interest levels remaining very encouraging. King's manufacturing transformation programme is progressing as previously indicated. There has been no significant change in the Group's financial position since the publication of the Group's preliminary results for the year ended 30 April 2011 in June 2011. The Group remains strongly cash generative. The Board remains confident about the outlook for the full year.
http://www.investegate.co.uk/Article.aspx?id=201109011240164470N
A couple of days ago some official statistics showed that the market for anaesthetic products is starting to rise again, albeit by a couple of percentage points only. The market remains tough, and it is this into which Consort Medical is about to launch its most important product for years, a new video laryngoscope. The shares have been strong performers since last summer and sell on just short of 12 times earnings; a good long-term play, but up with events for now, says the Times.
Healthy product pipeline for Consort Medical Date: Thursday 16 Jun 2011 LONDON (ShareCast) - Drug inhaler maker Consort Medical reported a higher full-year pretax profit and said it expects continued revenue and profit growth, partly driven by the launch of the King Vision and growing demand in its Bespak respiratory business. For the year ended April 30, revenue rose 7% to £126.8m, while the profit before tax and special items rose only 3% to £17.4m due to increased financing charges following the routine refinancing of the company's banking facilities in April 2010. The company, which supplied inhalers for Pfizer's abandoned Exubera diabetes treatment, said profit before tax and after special items rose 21% to £12.7m from £10.5m, last year. "The launch of the important King Vision laryngoscope and our growing development portfolio of products that are due to launch over the next three years are clear evidence of that investment," chief executive officer Jon Glenn said. The company is scheduled to launch 13 new products by 2014.
Jon Glenn, Chief Executive Officer, commented: "I am very pleased with Consort's performance this year with good revenue and profit growth. Our continued investment in the business is bearing fruit. The launch of the important King Vision laryngoscope and our growing development portfolio of products that are due to launch over the next three years are clear evidence of that investment. We continue to diversify our business and our recent investment in the Atlas Genetics' point of care business together with strong progress from Bespak's new innovations team are helping us to take advantage of new opportunities. I am confident that our strategy to deliver sustainable annual earnings growth is on track. We expect that the coming year will see continued revenue and profit growth and further progress towards product launches, in particular in Bespak
Operational Highlights: · Strong performance from Bespak Respiratory, with a 27% increase in valve volumes · 500 millionth Diskus and one billionth HFA metered dose inhaler valve produced · Investment in Atlas Genetics opens Point of Care Diagnostics market to Bespak · Launch of King Vision video laryngoscope expected to deliver significant medium term opportunity · King transformation programme on track with first automation line commissioned
Financial Highlights: · Revenues from ongoing products and services up 7% at £126.8m (2010: £118.6m) · Operating profit before special items up by 10% to £20.5m (2010: £18.7m) Operating profit after special items up by 29% to £15.8m (2010: £12.2m) · EBITDA up by 15% to £25.0m (2010: £21.6m) · Profit before tax and special items up by 3% to £17.4m (2010: £16.9m) Profit before tax and after special items up by 21% to £12.7m (2010:10.5m) · Adjusted basic earnings per share up by 7% at 45.5p (2010: 42.5p) Basic earnings per share up by 29% to 36.0p (2010: 27.8p) · Final dividend maintained at 12.1p per share (2010: 12.1p per share) · Balance sheet remains strong with net debt at 1.3x EBITDA before cash special items
http://www.investegate.co.uk/Article.aspx?id=201106160700085302I
Singer Capital Markets commented on Consort Medical (CSRT), the provider of medical devices for drug delivery and device technologies. The broker notes that performance for the quarter so far has been good with Bespak continuing to perform well while King Systems was impacted by overstocking and poor end markets. Looking ahead, as the video laryngoscope launches and the issues with King Systems work through, Singer said it continues to expect good performance into the rest of 2011. Shares in Consort moved down 7p to 531p.
There main anaesthetic airway is not going to last imho,
Nice looking company with, what seems like, good growth prospectsand great divi. Been searching for a medical/pharma company to add to my porfolio and stumbled across this one-my question is, what would be consort's main competition in their market?
The Boards of Consort Medical and The Medical House are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Consort Medical to acquire the entire issued and to be issued share capital of The Medical House. Under the terms of the Offer, The Medical House Shareholders will receive 27.5 pence in cash for each The Medical House Share held. The Offer values the entire issued share capital of The Medical House at approximately £16.5 million. A full Loan Notes Alternative will also be made available
Hi Mystic. I saw a government representative stating that we had enough masks in reserve for 32m people. Then we learn that 32m have been ordered. Shambolic but great for companies as they can inflate their standard price to take advantage. Kerching ;o)
story to bunzl..major player re manufacturer of face masks especially in usa
thanks chaps (assume you are a chap kitchen?) hopefully this week / news should help the sp on it`s way.. ND I love PPE also 8-)
im waiting for some forward motion before getting in totaly agree with the logic
I love PPE!!! ;o)
buying in http://www.investegate.co.uk/article.aspx?id=200904271654342425R&fe=1
Significant buys again today, hopefully should start to have an effect on the sp soon
i have just taken a posiotion in BUNZL this morning.. another large PPE (personal protection equipment supplier) DYOR.. GL
should be interesting in the morning.. i`m looking to top up with these