CSRT.L Share News (CSRT)

Inhaled drug delivery specialist Consort Medical produced a solid set of annual results as it completed a transitional year following a major disposal and ahead of two major product launches in the next two years. Consort, which sold its King Systems in February last year, lifted like-for-like revenue 5.2% to £100m and earnings before interest and tax 4% to £18.8m. The full year dividend was increased 5% to 20.7p. The group is currently in an investment phase prior to the potential blockbuster launches of its DEV200 nicotine replacement device for British American Tobacco's Nicoventures arm, expected in late calendar 2014, with its Dev610 signed up by a global pharma company in a multi-year contract and expected to launch in 2015.Consort ended the year with net cash of £25.8m, following increased capital expenditure of £16.1m as it continued to scale up its manufacturing capability in preparation for the two launches. There were two minor delays to the pipeline, with the EasyFill valve and MDI VAL020 both pushed back by six months, but neither affecting most forecasts.Broker Canaccord said: "With a substantial pipeline of products due to launch over the next 18 months we expect the growth rate to accelerate from 2016." Shares in Consort were down 2.3% to 860p just before close on Tuesday.OH