CSRT.L Regulatory News (CSRT)

News Release

4 September 2014

Consort Medical plc

Interim Management Statement

Consort Medical plc ("Consort Medical", "Consort", "the Group") (LSE: CSRT), today issues its Interim Management Statement for the period from 1 May 2014 to date.

Consort continues to trade in line with its expectations, and the Board remains confident of its outlook for the full year.

Consort Medical's consolidated financial position remains strong, with net cash at 31 August 2014 of £33.6m, reflecting the receipt of $10m (£5.9m) in May 2014 of deferred consideration from the disposal of King Systems, following the launch of the King Vision low cost blade.

The Board expects its sustained organic growth initiatives to continue to convert into progressively increased revenue and operating leverage for Consort Medical over time, as well as from further development programme wins. The Group continues to evaluate suitable inorganic opportunities which are consistent with its strategy.

Following the introduction of the UK Government's Patent Box regime from April 2013, Consort has completed a detailed evaluation of the scheme's provisions and its own IP portfolio, consulting with both HMRC and advisers. As a result of this, the Group is today providing new guidance on its expected effective tax rate percentage (ETR) for the current financial year ended 30 April 2015. Whereas the actual underlying ETR in FY2014 was 20.6%, following the Patent Box regime and the UK Government's ongoing reduction in the headline Corporation Tax rate, the Group now expects its ETR for the current year to be below 16.0%, subject to the actual mix of products sold.

Jonathan Glenn, Consort Medical's Chief Executive commented: "Consort is continuing to deliver across its diversified portfolio. We welcome the establishment of the UK Government's Patent Box regime, which provides a material uplift in financial returns from our existing IP portfolio, as well as a favourable investment environment for our ongoing Innovation activities."

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Consort Medical plc is an international medical devices company, focused on developing and manufacturing disposable medical devices for drug delivery. The principal business of the Company is the management of Bespak, a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectables products, and the manufacture of devices for the point of care diagnostics market.

The Group has facilities in King's Lynn, Cambridge, Nelson and Hemel Hempstead in the UK. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). The Group's website address is www.consortmedical.com.