7 Sep 2016 07:00
Consort Medical plc
7 September 2016
AGM Statement
Trading in-line with expectations
Consort Medical plc ("Consort Medical", "Consort", "The Group") (LSE: CSRT), today provides the following Annual General Meeting ("AGM") statement.
The Group continues to trade in line with the Board's expectations for the current financial year on a constant currency basis.
The Group notes the outcome of the UK's EU referendum and does not expect any fundamental changes to the Group's businesses as a result. Bespak and Aesica have a strong pedigree of providing excellent services to their international customer base and will continue to do so as the UK prepares to exit the EU, and thereafter. The Group will monitor any further developments in exit outcomes and refine its planning to address them.
Following the referendum decision, Sterling has weakened against many major currencies. Consort's foreign exchange exposure is mainly to the Euro; if exchange rates continue below those reported in FY2016, then foreign exchange translation benefits are expected, in line with the sensitivity guidance issued in the full year results for FY2016. Transactional foreign exchange effects are expected to be limited in the current year due to the protective forward currency hedging contracted by the Group.
As announced on 17 August 2016, the process to appoint Consort's Chief Financial Officer ("CFO") successor to Richard Cotton is underway and further updates will be provided as appropriate.
The Group announced separately today the award of a new scale-up and supply agreement with AstraZeneca AB.
No new trading updates are to be made at Consort's AGM today.
Consort will announce its interim results for the six month period to 31 October 2016 on 6 December 2016.
- Ends -
Enquiries:
Consort Medical Tel: +44 1442 867920
Jonathan Glenn - Chief Executive Officer
Richard Cotton - Chief Financial Officer
FTI Consulting Tel: +44 20 3727 1000
Ben Atwell / Simon Conway
Notes
Foreign Exchange Rates:
a) Average exchange rates 1 May 2016 to 31 August 2016: EUR 1.23: GBP 1.0; USD 1.37: GBP 1.0.
b) Period end exchange rates 30 April 2016: EUR1.28: GBP1.0; USD1.46: GBP1.0.
c) Average exchange rate 1 May 2015 to 30 April 2016: EUR1.36: GBP1.0; USD1.50: GBP1.0.
Consort Medical plc is a leading, global, single source drug and delivery device company (CDMO). We are at the leading edge of innovation and we are committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities.
Our businesses
Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectable products, and the manufacture of devices for the point of care diagnostics market. www.bespak.com.
Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. www.aesica-pharma.com.
We employ more than 2000 people globally of which 1400 are located in the UK. We have UK facilities in King's Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Queenborough and Hemel Hempstead, German facilities in Monheim and Zwickau and a facility in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). www.consortmedical.com.