Consort Medical : Full Year Results

The group also announced that it has signed a significant new commercial supply agreement for Bespak's proprietary respiratory devices.

AstraZeneca AB and Bespak have agreed to enter into a multi-year agreement for the scale-up and supply of Bespak's proprietary pressurised metered dose inhaler (pMDI) valves and actuators.

These components will be assembled with AstraZeneca's Bevespi Aerosphere (glycopyrrolate and formoterol fumarate) inhalation aerosol indicated for the long-term, maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema. AstraZeneca announced that its device was approved by the US Food and Drug Administration on 25 April 2016.

These products will be manufactured in Bespak's existing King's Lynn facility. Going forwards the project will be referred to as VAL100.

A separate statement issued ahead of the AGM said that the group had noted the outcome of the UK's EU referendum and did not expect any fundamental changes to its businesses as a result.

The statement continued: "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."

At 8:15am: [LON:CSRT] Consort Medical PLC share price was +9.5p at 1047.5p

Story provided by StockMarketWire.com

Source : http://www.stockmarketwire.com/article/5410519/Consort-Medical-on-track.html

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