LONDON (Alliance News) - Consort Medical PLC on Thursday said it delivered a good growth across all of its divisions in its recently ended financial year, but profit fell on restructuring costs.
The pharmaceutical company posted pretax profit of GBP17.3 million for the year ended April 30, down 21% from GBP21.9 million reported a year earlier, although revenue grew 5.8% to GBP311.1 million from GBP294.0 million.
During the year, the company recorded higher reorganisation costs, which included improving the operations within Aesica, the closure of some non-core operations in Bespak and the impairment of some specific assets. This totalled GBP20.9 million, up from GBP13.7 million spend the year before.
Both the Bespak and Aesica divisions grew during the year, Consort Medical said. Bespak unit, which produces medical devices, generated revenue of GBP126.9 million, up 4.8% from GBP121.1 million in financial 2017.
Meanwhile, drugs division Aesica grew revenue by 6.5% to GBP184.2 million from GBP172.9 million, helped by record sales performance in Germany and Italy.
The company increased its full-year payout by 3.4% to 21.00 pence from 20.30p paid the prior year.
"Consort has delivered another year of good underlying revenue and profit growth in both divisions," said Chief Executive Jon Glenn.
"We continue to deliver our organic growth strategy while considering potential acquisitions that allow access to new geographic markets and complementary technologies. The board is confident of Consort's future prospects supported by a robust financial position and a strong development pipeline," added Glenn.
Shares in Consort were trading 2.8% lower at 1,184.00 pence each on Thursday.