(Alliance News) - Medical devices maker Consort Medical PLC on Monday warned of a hit to annual profit due to an explosion at a facility.
The incident was at Consort's Cramlington facility in Northumberland, England. The company said a small area of the operating plat was damaged by the "rapid" thermal degradation of chemicals, leading to an "expulsion of material" and contamination.
Consort has halted all work at similar facilities until it has investigated the accident and reassured no staff were injured. As a result of the work stop, profit for its current financial year ending April 2020 will reduce by GBP3 million to GBP5 million.
Consort did say it is too early to give any more detail on how the accident might affect financial performance.
"The safety of our employees is our absolute priority and we have suspended all similar manufacturing processes as we determine the cause of the incident," said Consort.
"We are being supported in this by a specialist decontamination company and process safety experts. They will investigate the causes and compile an independent report. We are also working closely with the local regulatory authorities."
Shares were 6.0% lower on Monday morning at a price of 790.00 pence each.