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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bespak | LSE:BPK | London | Ordinary Share | GB0000946276 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 667.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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05/11/2003 07:20 | RNS Number:6750R Bespak PLC 05 November 2003 For Immediate Release 5 November 2003 Bespak plc OPENS NEW #10 MILLION STATE-OF-THE-ART MANUFACTURING EXTENSION Bespak (LSE: BPK), the drug delivery company, is today opening a #10 million extension to its King's Lynn manufacturing site in a ceremony led by Dr Monica Darnbrough CBE, Director of the Bioscience Unit at the Department of Trade and Industry. The extension houses a 1,400 sq m clean room containing the latest electric moulding and assembly suites for the manufacture of pressurised metered dose inhaler (pMDI) valves and actuators. Mark Throdahl, Bespak's chief executive, said: "The completion of this project will help Bespak meet the requirements of its global customer base for years to come and realises its vision of becoming one of the world's leading drug delivery device developers." Dr Darnbrough said: "This is an important step forward for Bespak and puts the company in a very strong position in terms of pMDI manufacturing. The company is a natural partner for pharmaceutical companies looking to bring a range of devices to market. This development only improves Bespak's position as an important employer in the King's Lynn area both now and for the future." Around 500 people work at Bespak's King's Lynn site in roles involving the design, development, tool manufacture, moulding, assembly and analytical testing of a variety of drug delivery devices from pMDIs and actuators to breath-activated devices and needle-free delivery systems. The new manufacturing hall is supported by an extensive laboratory testing facility, which offers Bespak's partners the highest standards of collaborative development supported by a data lead design process, allowing Bespak and the pharmaceutical company to develop drug delivery components very quickly. Once a drug and device is approved, the laboratory continues to support the manufacturing process and provides regular testing data so that stringent regulatory records are maintained for the drug and device throughout its life. Products manufactured at the King's Lynn site include the DiskusTM dry powder inhaler, the drug delivery device used in GlaxoSmithKline's blockbuster asthma treatment Advair/Seretide. For further information please call: Bespak plc Tel: +44(0)1908 552600 Mark Throdahl, CEO Buchanan Communications Tel: +44(0)20 7466 5000 Mark Court, James Strong, Mary-Jane Johnson Notes to Editors Bespak plc is in the forefront of developing new delivery systems for the pharmaceutical industry. The company has a product range covering metered dose inhalers, dry powder devices, actuators and compliance aids. The company also develops and manufactures drug delivery devices for leading global pharmaceutical companies. The group has facilities in King's Lynn and Milton Keynes in the UK and in Cary, North Carolina, in the USA. Bespak is a public company quoted on the Official list of the London Stock Exchange (LSE: BPK). For more information go to www.bespak.com This information is provided by RNS The company news service from the London Stock Exchange END NRAEAKFLEAADFFE | waldron | |
22/10/2003 20:30 | Choices concerning your investments can sometimes be very confusing and frustrating. Leave the angst behind and let this help with your choices. Their history is very impressive and you have nothing to lose. | tma3 | |
23/9/2003 13:05 | RNS Number:0635Q Bespak PLC 23 September 2003 SCHEDULE 5 BLOCKLISTING SIX MONTHLY RETURN 1. Name of company: Bespak plc 2. Name of scheme: Bespak 1996 Savings Related Share Option Scheme 3. Period of return: From 25 March 2003 to 24 September 2003 4. Number and class of shares(s) (amount of stock/debt security) not issued under scheme at the end of the last period: 400,000 5. Number of shares issued/allotted under scheme during period: NIL 6. Balance under scheme not yet issued/allotted at end of period: 400,000 7. Number and class of share(s) (amount of stock/debt securities)originall listed and the date of admission: 400,000 Ordinary on 22 March 2000 Please confirm total number of shares in issue at the end of the period in order for us to update our records: 26,805,889 | waldron | |
22/8/2003 09:15 | RNS Number:9516O Bespak PLC 22 August 2003 Immediate Release 22 August 2003 Bespak plc Termination of offer discussions and update on trading Bespak plc announced on 8th April that it had received a number of approaches from third parties interested in making an offer for the Company. Having thoroughly explored these and subsequent approaches, the Board has concluded that, although indicative offers were received at a significant premium to the current price, none were at a level that fully reflected the prospects of the Group. Accordingly, all such discussions with third parties have been terminated. Meanwhile, trading in the first quarter ended 31st July was ahead of the Board's expectations. MDI valve sales were positive, particularly to a wide range of HFA customers. Bespak's valve development programmes progress in line with expectations, as does the new MDI manufacturing facility, which will be completed in early October. Unit costs on the Company's largest contract manufactured item are being significantly reduced. The Company is encouraged by an accelerated pace of activity on Pfizer's Exubera inhaled insulin, for which Bespak will manufacture the delivery device. The restructuring programme continues to progress and the majority of headcount reductions have been made. We remain confident that the overhead savings from this restructuring will be realised during the balance of the year. For further information please call: Buchanan Communications Tel: +44-(0)20-7466-5000 Tim Thompson/Bobbie Swanson | waldron | |
17/7/2003 07:07 | RNS Number:6463N Bespak PLC 17 July 2003 For Immediate Release: 07.00, Thursday 17 July 2003 Bespak plc Preliminary Results for the 52 weeks ended 3 May 2003 Bespak, an innovator in drug delivery, today announces its preliminary results for the 52 weeks ended 3 May 2003. HIGHLIGHTS *Sales of products and services declined by 13% to #79.9m (2002: #91.5m) *Profit before taxation and exceptional items of #4.2m (2002: #15.0m) impacted by price reduction on major product and reduced demand for CFC valves *Restructuring and manufacturing efficiencies on track - expected to achieve significant annualised savings as previously announced *Final dividend maintained at 12.1p per share *Net cash #8.8m at 3 May 2003 (2002: #24.8m) *Increasing conversion from CFC valves to HFA valves, with significant market share gain expected *Encouraging signs on Pfizer's Exubera inhaled insulin - Bespak to manufacture this delivery device Commenting on the results, Mark Throdahl, Bespak's Chief Executive, said: "While it has been a tough year, we have taken aggressive steps to address the issues responsible for our unsatisfactory financial results. Bespak is well placed to return to previous levels of performance and we continue to be encouraged by the strong fundamentals in our core businesses and the positive start to our new financial year. In recent months we have regained the initiative in winning HFA valve evaluations, demand remains strong for GlaxoSmithKline's DiskusTM device and we are confident about the prospects for Pfizer's Exubera inhaled insulin product. With a strong balance sheet, the Group is well-positioned to create substantial shareholder value going forward." For further information please contact: Bespak plc Tel on 17.07.03 : +44 (0)20 7466 5000 Mark Throdahl - Chief Executive Thereafter: +44 (0)1908 552 600 Martin Hopcroft - Group Finance Director Buchanan Communications Nicola How / Bobbie Swanson Tel: +44 (0)20 7466 5000 Mobile: 07956 597 099 Bespak plc Preliminary Results for the year ended 3 May 2003 OVERVIEW 2002/03 has proved to be a difficult year. Bespak has been impacted by reduced demand for many Respiratory product lines and, primarily, by a significant price reduction on a major Device & Manufacturing Services (DMS) product. While the price reduction was not matched by cost reductions as anticipated, we expect to achieve these cost reductions during the coming year. Delays in the Exubera inhaled insulin programme, our largest current potential source of growth, meant that we were unable to offset the impact of these factors. However, our confidence in this product reaching the market remains high. As a result of these issues, sales of products and services declined by 13% to #79.9 million (2002: #91.5 million). The overall impact on profitability was to reduce profit before taxation and exceptional items to #4.2 million (2002: #15.0 million). To restore Bespak to previous levels of performance, we have taken significant steps to restructure the Group's cost base. This restructuring programme is well underway and is planned for completion in January 2004. The restructuring is expected to achieve significant annualised savings as previously announced. Most of the headcount reductions have already been made and the Board is confident that savings from the restructuring will be realised. In view of this, the Board is committed to maintaining the current dividend and, hence, is proposing a final dividend of 12.1 pence per share (2002: 12.1 pence). The year has also seen some changes to the Board. In September, we announced the appointment of Jack Cashman as a non-executive director. As former Chairman and joint CEO of R P Scherer Corporation, Jack's experience and contacts in the drug delivery arena continue to prove invaluable. In November, Martin Hopcroft joined us as Group Finance Director. His broad experience and fresh perspective have been greatly appreciated during the course of our restructuring. Overall, this year has presented Bespak with unprecedented challenges. The impact of the price reduction on a major product and reduced CFC valve demand, necessitated a programme of restructuring. It should be noted, however, that our performance in the last financial year masks some encouraging trends. Pulmonary valves are poised for significant revenue growth and gain in market share over the medium term, while DMS looks set to grow rapidly as Exubera and other new products are launched. The Company has been through a period of significant capital investment. While this has resulted in a major cash outflow during the year, this investment is transforming our manufacturing facilities to support future growth and efficiencies. Despite difficult market conditions impacting performance, the Board remains very confident about Bespak's future and is encouraged by the positive start to the new financial year. In April, we announced that we had received a number of approaches from third parties. Discussions continue with several parties but there can be no certainty that a transaction will result. A further announcement will be made in due course. OPERATING REVIEW During the last financial year, Bespak was confronted with a number of significant issues. In responding to them we have put the Company through a period of considerable change based on a detailed review of our strategy, business prospects and organisational structure. The fundamental strength of our core businesses was confirmed, but the need to curtail nasal formulation development was also identified. The restructuring of our expense base was grounded, therefore, on a confirmed strategy and a refined organisational structure. Obviously, the departure of significant numbers of employees and the discontinuance of many programmes has been difficult, but we are convinced that these changes will make Bespak a stronger company. Respiratory Bespak designs, manufactures and sells metered dose inhalation (MDI) valves, actuators and accessories used to deliver respiratory drugs to the lung. In the past two years, the business has expanded to include systems to deliver systemic drugs to the bloodstream through the nasal cavity. Sales declined by 17% to #35.4 million (2002: #42.9 million) owing to de-stocking of CFC valves in the important US market and the unpredictable pace of conversions from CFC to HFA formulations in Europe. Despite the recent performance, there are encouraging trends in this business. HFA conversions are driven by international agreements to reduce ozone depletion in the atmosphere by switching from CFC propellants to environmentally friendly HFA propellants. The conversion process opens up the CFC formulations at every pharmaceutical company to competition from all HFA valve suppliers, but the result is not necessarily a smooth unit-to-unit conversion for companies like Bespak. An incumbent CFC supplier's valves might not work with a particular HFA formulation, or a new HFA formulation may suffer from regulatory delays or commercial problems after launch. Therefore, there will be considerable market share changes over the period of this conversion and we expect that Bespak's share will expand strongly over the next few years. Bespak is already the valve source for 12 of the 17 approved HFA formulations in Europe and the USA. This demonstrates that Bespak has the widest range of customers, drugs and formulations in the industry. We believe that we are winning the majority of new valve development programmes due to our Valves Centre of Excellence, in which we have experts in aerosol formulation, elastomer chemistry and statistics. One of our recent new customer wins during the past year is Chiesi Farmaceutici, where Bespak's BK357 valve is exclusively specified in an HFA budesonide formulation. Sales began in early 2003 when the formulation was approved in Germany, and are accelerating. Over the next few years, we believe that Bespak's HFA valve sales will increase significantly as approved drug development programmes receive regulatory approval and launch, while CFC valve sales decline over time. In order to handle these incremental volumes of business, Bespak has constructed a new #10 million MDI valve facility in King's Lynn. This plant will provide significant cost efficiencies and best-in-class manufacturing conditions. Bespak continues to invest in break-through metered dose delivery technologies. Our development with DEKA Research Corp. of a closed loop feedback device is progressing in line with expectations. We are currently evaluating a prototype which has been designed to eliminate patient-to-patient and breath-to-breath dose variability. We are encouraged by the rapid technical progress of this programme. We plan to show this new product to potential customers later this year after in-vitro performance data have been compiled. In April 2003, we announced the curtailment of our nasal formulation work. While technical milestones were being met, we could no longer justify investing in nasal programmes which would take many years before generating returns. However, we shall continue to exploit opportunities to develop proprietary nasal drug delivery devices that build on the technologies we have developed in recent years. Central to this effort is our exclusive access to the modeling capabilities at the CIIT Health Research Centres in Raleigh, North Carolina, which enable us to deliver drugs to specific areas of the nasal anatomy - an important requirement as more systemic drugs are delivered nasally. Device & Manufacturing Services (DMS) Bespak provides a comprehensive range of device-related services to pharmaceutical and drug delivery companies. Bespak takes customers' devices from concept through to regulatory approval, supply chain management and full-scale manufacture. Our customers benefit principally in two ways: Bespak can design the device for efficient manufacturing and minimise the time from concept to market introduction. Bespak offers its development services on a fee-for-service basis. DMS volumes grew substantially over the past year owing to new volumes of Abboject prefilled syringes for Abbott Laboratories. However, the impact of a price reduction on our largest DMS product was a major factor in the 9% decline in sales to #37.8 million (2002: #41.5 million re-presented). While this price reduction was anticipated, technical issues and additional volume demands delayed the implementation of cost reduction programmes, which are now well advanced. Bespak has invested considerable selling and engineering resources in bidding on numerous prospective DMS opportunities. While we generally do not own intellectual property in this business, the know-how associated with managing complex CGMP programmes and the capability to manufacture millions of devices with high speed automated equipment constitute considerable barriers to competition. We continue to finalise the capability that will deliver Exubera, the first inhaled insulin product, working with our partner, Nektar Therapeutics of San Carlos, California (formerly Inhale Therapeutic Systems). Our manufacturing facility in Milton Keynes has progressed to the point where we are now ready to begin final validation activities. Considerable work has been done to create a facility that complies with the exacting FDA medical device standard known as 21 CFR 820. In June, Pfizer, Nektar's partner, presented additional encouraging clinical data at the annual meeting of the American Diabetes Association. While the regulatory submission has taken longer than Bespak originally anticipated, we remain optimistic that Pfizer and Nektar will be successful in launching Exubera, a product that can revolutionise insulin therapy for millions of patients. This exciting development will also pave the way for other protein based systemic drugs to be delivered to the bloodstream through the lung, creating new opportunities for Bespak. Consumer Dispensers Bespak manufactures pumps for consumer household products, toiletries and fragrances. Sales declined by 6% to #6.7 million (2002: #7.1 million) over the past year. Bespak Consumer Dispensers generally does not serve regulated industries and so new product sales can occur more rapidly than in our other businesses. We are committed to growing this business through selective investments and licensing agreements, of which the Millennium pump is the first. Millennium is a new spray pump designed to handle viscous products such as deodorants and hairsprays and, as a result, we expect to see sales expanding over the next few years. FINANCIAL REVIEW Trading performance Turnover declined by 12% to #88.3 million (2002: #100.3 million re-presented). Excluding sales of tooling and equipment that are customer-funded, sales of products and services declined by 13% to #79.9 million (2002: #91.5 million) arising from the impact of a significant price reduction on a major product and reduced demand for CFC valves. Consequently, Group operating profit before exceptional items declined to #3.5 million (2002: #14.2 million re-presented). Profit on ordinary activities before taxation and exceptional items of #4.2 million (2002: #15.0 million) demonstrates that Bespak has traded at breakeven in the second half of the year, as forecast in the April announcement. Looking ahead, the results will benefit from the significant overhead reductions arising from the restructuring and manufacturing cost reductions as offset by the annualised impact of the price reduction on a major DMS product. Exceptional items Exceptional items have been incurred on the restructuring and on the sale of an associate. Firstly, as a result of actions to re-align the cost base with the activity levels, restructuring costs of #2.4 million have been charged in the year. Secondly, a profit of #1.4 million arose on the sale of the 40% shareholding in Microspray Delta S.p.A. The restructuring that was initiated in November 2002 is expected to continue until January 2004, such that further restructuring costs will be charged as incurred in our next financial year. Tax The overall tax charge of 15% reflects an effective tax rate of 27% on the profit on ordinary activities before exceptional items, together with a nil tax charge on the sale of shares in the associate. The effective tax rate is expected to increase over time as the US operations return to profitability, once accumulated tax losses have been fully utilised. Earnings per share Basic earnings per share after exceptional items are 10.5p (2002: 41.3p). The impact of dilution is not material. Dividends The Board is recommending a maintained final dividend per share of 12.1p (2002: 12.1p), such that the total dividend for the year amounts to 19.1p (2002: 19.1p). The final dividend will be paid on 18 September 2003 to shareholders on the register on 22 August 2003. Treasury At the year end, Bespak had net cash of #8.8 million (2002: #24.8 million). A significant proportion of operating assets are denominated in US dollars. Operating assets denominated in US dollars are broadly matched by US dollar borrowings, thereby hedging the exchange rate exposure. Such borrowings total the equivalent of #7.5 million. In addition to its cash balances and short-term investments at the year end, which amounted to #18.0 million (2002: #34.4 million), Bespak also had un-drawn committed facilities of #4.2 million (2002: #9.1 million). Transactions in foreign currencies are matched wherever possible and the net balance is hedged using forward contracts. The treasury function does not operate as a profit centre and no speculative treasury transactions are undertaken. Cash flow The net cash outflow before management of liquid resources and financing was #16.6 million (2002: #16.2 million cash inflow). The reduction in the year reflects the decline in operating profit, the unwinding of working capital related to customer-funded projects, significant capital expenditure programmes and payments of dividends. Over the past few years, Bespak has undertaken significant capital expenditure programmes and customer-funded projects. These include expansion and consolidation of the Diskus facility, scale up for Nektar, investment in laboratories and consolidation of the MDI valves facility. This last investment is expected to be completed in September 2003, after which capital expenditure will return to more normal levels. Accounting policies Income from the sale of tooling and equipment that Bespak procures on behalf of its customers is now included within turnover and related costs within operating expenses. This provides greater visibility of the investment by customers in the productive capacity. The comparative income has been re-presented. This reclassification does not affect the operating profit or net assets. Income from amounts invoiced by reference to the level of the Group's capital investment has been reclassified from interest receivable to turnover in order to more fairly reflect the nature of the income. The comparative income has been re-presented. This reclassification does not affect the profit before tax or net assets. Pensions Bespak operates a defined benefit pension scheme in the UK, which was closed to new members at 30 June 2002. The latest triennial actuarial valuation under SSAP 24 as at 30 April 2002 disclosed net assets of #17.0 million and a deficit of #4.0 million. After consultation, contributions by employees have been increased in order to eliminate the deficit over a 15-year period. From 1 July 2002, new employees are eligible to join a defined contribution pension scheme. SUMMARY While it has been a tough year, we have taken aggressive steps to address the issues responsible for our unsatisfactory financial results. Bespak is well placed to return to previous levels of performance and we continue to be encouraged by the strong fundamentals in our core businesses and the positive start to our new financial year. In recent months we have regained the initiative in winning HFA valve evaluations, demand remains strong for GlaxoSmithKline's DiskusTM device and we are confident about the prospects for Pfizer's Exubera inhaled insulin product. With a strong balance sheet, the Group is well-positioned to create substantial shareholder value going forward. | maywillow | |
30/6/2003 09:36 | RNS Number:9149M Bespak PLC 30 June 2003 Immediate Release 30th June 2003 Bespak plc Notification of Preliminary Results for the year ended 3 May 2003 Bespak plc will now be announcing its Preliminary Results for the year ended 3 May 2003 on Thursday 17 July, rather than Wednesday 23 July as previously notified. - ENDS - | maywillow | |
05/6/2003 13:36 | Its reached my take out price £3.80, are we looking at £4.00+ | hupper | |
02/5/2003 00:04 | More institutions been buying - showing their hands today - Aegon JP Morgan CSFB Deutsche Schroders ISIS all six bought big lumps yesterday mostly near the top. The question is - who they been buying for...? Hg Capital? / The managment? Potential Bidder? | cat | |
01/5/2003 00:15 | Hi Cat; I'm watching BPK closely as well from the perpective of a WMG holder. We're expecting news any day now of a successful sale of Weston Med, which will do BPK a lot of good as they manufacture Intraject. I wonder if the recent interest has something to do with WMG??? rgds tr | tiraider | |
30/4/2003 16:08 | Hupper; RNS today says the 'offeree' company has been in the market buying. Up 52.5p (20.2%). The offeree company must be sure of the future of Intraject to go ahead like this. Take out price?? Sorry, I don't know enough about BPK, but a premium to taday's price for sure. You're probably somewhere near the mark working on %terms. Good luck to you. rgds tr | tiraider | |
30/4/2003 15:51 | Anyone have a take out price in mind? £3.80 (pure guess) | hupper | |
30/4/2003 11:50 | Deutsche buying for someone - they hinted at a bid at last set of results. | cat | |
30/4/2003 08:41 | high volume reversal yesterday - looks interesting | cat | |
09/2/2003 22:35 | Margins have decreased. On the way down. | daveperry | |
16/12/2002 20:54 | can see this under 250 by XMaS | dr darkstar | |
12/12/2002 15:17 | Post 4 above confirmed - imo still to be avoided untill clear signs that there is organic growth in the demand for their products and packing services. | pugugly | |
12/12/2002 10:05 | Piece of vaguely related asthma treatment theory/observation coincidentally makes it onto the BBC's main news schedules today. | m.t.glass | |
05/11/2002 10:53 | Cat:- Knew we could count on you for detailed analysis. I have always regarded BPK (and we used them) as a Contract Packer - not a pharma coy. On this basis I would suggest a forward p/e of between 8 and 12 (probably nearer the lower end is sufficient). Interesting that they intend to maintain dividend but ONLY "to do so in the medium term". COULD THIS BE DOUBLE TALK FOR "WE SEE MAJOR PROBLEMS IN THE MEDIUM FUTURE"?? | pugugly | |
05/11/2002 10:53 | Deleted. Double post | pugugly | |
05/11/2002 09:27 | Just been talking to a colleague about BPK - New combination inhalers are an important issue - The combination of long-acting Beta 2 agonists and steroids (e.g. Seretide)not only improves patients disease, the long acting Beta2 negates the need for short acting Beta 2s like albuetrol/salbutamol The industry seems to have shafted itself by treating patients so well they are not needing to use so many inhalers. Asthmatics are no longer so desparate about keeping a ventolin inhaler in the car, in the bathroom , in the handbag/coat pocket - simply cos the new treatments are sorting it all out using ONE inhaled device instead of several. No wonder Albuterol / Ventolin inhaler sales are poor. | cat |
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