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CSRT Consort Medical Plc

1,010.00
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Share Name Share Symbol Market Type Share ISIN Share Description
Consort Medical Plc LSE:CSRT 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
  0.00 0.00% 1,010.00 1,005.00 1,010.00 0.00 00:00:00
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Consort Medical PLC Interim Results (0226R)

06/12/2016 7:00am

UK Regulatory


Consort Medical (LSE:CSRT)
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TIDMCSRT

RNS Number : 0226R

Consort Medical PLC

06 December 2016

Consort Medical plc

6 December 2016

Interim results

Strong underlying(1) performance with 13%(2) increase in EPS(3)

Significant new pipeline contracts increase confidence in longer term outlook

Consort Medical plc (LSE: CSRT) ("Consort", "Consort Medical" or the "Group"), a leading, global, single source drug and delivery device company, today announces its interim results for the six months ended 31 October 2016.

Financial Highlights

 
                             H1 FY2017    <DELTA>   H1 FY2016 @ CER(2)   H1 FY2016 Reported 
                              Reported 
 GBPm 6 months ended        31 Oct 2016                31 Oct 2015          31 Oct 2015 
-------------------------  ------------  --------  -------------------  ------------------- 
 
 Revenue                          144.9      2.0%                142.1                135.5 
 EBIT(3)                           18.9      8.5%                 17.4                 16.5 
 EBT(3)                            16.6     10.7%                 15.0                 14.1 
 Adjusted Basic EPS(3)            28.6p     13.0%                25.3p                23.5p 
 
 Statutory Measures 
 Profit before tax (PBT)           10.2    181.2%                                       3.6 
  Basic EPS                       20.1p     66.2%                                     12.1p 
 
 

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates. (2) CER - at constant exchange rates. (3) Before special items of GBP6.5m - special items relate to amortisation of acquired intangible assets (H1 FY2016: amortisation of acquired intangible assets GBP6.5m and integration costs GBP4.0m).

-- Group revenue increases to GBP144.9m from GBP135.5m - growth of 2.0% underlying(1) , 6.9% reported

o Bespak underlying(1) revenue growth 4.3% and EBIT growth of 5.7%

o Aesica underlying(1) revenue growth 0.5% and EBIT growth of 14.1%

-- Improvement in Aesica operational performance increases operating margin 160 bps to 7.8% - on course for double digit margins goal

-- 13% growth in Adjusted basic EPS at constant exchange rates reflecting operational leverage and performance

-- Strong underlying(1) cash generation partially offset by currency headwinds and special items cashflow

-- Interim Dividend increased 5% to 7.09p, reflecting the Board's confidence in the Group's prospects

Operational Highlights

-- Landmark deal for Bespak with first full development agreement for Syrina(R) / Vapoursoft(R) device application with a leading Global Biopharma. Development pipeline expands to 16

   --      Launch of second Bespak injectable device with UCB Cimzia(R) 

-- Rapidly expanding Bespak Innovation funnel, with 11 early stage development / feasibility programmes

-- Aesica an early provider in serialisation services, growing service offering to pharma clients

Jon Glenn, Chief Executive Officer of Consort Medical, commented:

"Consort has continued to deliver strong underlying(1) growth in earnings whilst adding further important contract wins that build our pipeline momentum. In particular, the recent landmark master development agreement for Syrina(R) / VapourSoft(R) and the launch of UCB's Cimzia(R) autoinjector underpin our longer term growth prospects.

We continue to focus on the organic development of our business, and will continue to consider further inorganic opportunities - whether adding a competency or geographic opportunity - where they present a compelling case for enhancing sustainable shareholder value. With a robust financial position and a strong development pipeline, the Board remains highly confident of Consort's future prospects."

Enquiries:

 
 Consort Medical                    Tel: +44 (0) 1442 
                                     867920 
 Jonathan Glenn - Chief Executive 
  Officer 
 Richard Cotton - Chief Financial 
  Officer 
 
 FTI Consulting                     Tel: +44 (0) 20 
                                     3727 1000 
 Ben Atwell / Simon Conway 
 

Notes:

   1.   Foreign Exchange Rates 
   a.   Period end exchange rates 31 Oct 2016: EUR1.11: GBP1.0; USD1.22: GBP1.0. 
   b.   Average exchange rate 1 May 2016 to 31 Oct 2016:  EUR1.20: GBP1.0; USD1.34: GBP1.0. 
   c.   Period end exchange rates 31 Oct 2015: EUR1.40: GBP1.0; USD1.54: GBP1.0. 
   d.   Average exchange rate 1 May 2015 to 31 Oct 2015:  EUR1.39: GBP1.0; USD1.55: GBP1.0. 
   e.   Period end exchange rates 30 April 2016: EUR1.28: GBP1.0; USD1.46: GBP1.0. 
   f.    Average exchange rates 1 May 2015 to 30 April 2016: EUR1.36: GBP1.0; USD1.50: GBP1.0. 

Consort Medical plc is a leading, global, single source pharma services drug and delivery device company. 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, injectables and ocular 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 c.2,000 people globally of which c.1,400 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.

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates.

Consort Medical plc

Group Interim Results

During the first half Consort delivered a strong underlying(1) performance from both businesses, in particular our further operational improvements in Aesica translated into an enhanced operating margin. In addition, a number of important business development milestones have added to the Group's future growth prospects, especially the landmark master development agreement for Syrina(R) / VapourSoft(R) and the launch of UCB's Cimzia(R) autoinjector.

Financial Performance

Revenue increased by GBP9.4m (6.9%) to GBP144.9m (H1 FY2016: GBP135.5m) with Bespak delivering sustained growth of 4.3% to GBP58.9m (H1 FY2016: GBP56.5m), and Aesica growing 8.8% to GBP86.0m (H1 FY2016: GBP79.1m) - an increase of 0.5% at constant exchange rates. Revenue strengthening attributable to the weakness of sterling against the Euro is GBP6.5m or 8.3%.

EBIT before special items increased by 14.7% to GBP18.9m (H1 FY2016: GBP16.5m). This included 5.7% growth from Bespak to GBP12.2m (H1 FY2016: GBP11.5m). Bespak EBIT margin increased by 30bps to 20.7%. Aesica EBIT increased 35.8% to GBP6.7m - an increase of 14.0% at constant exchange rates - with EBIT margin growing 160bps to 7.8% reflecting continuing improvements to operating performance.

Special items before taxation amounted to GBP6.5m in the year (H1 FY2016: GBP10.5m), comprising amortisation of acquired intangibles (H1 FY2016: amortisation of acquired intangible assets GBP6.5m and integration costs GBP4.0m).

Finance costs were GBP2.3m (H1 FY2016: GBP2.4m), with Earnings before tax and special items increasing by 18.0% to GBP16.6m (H1 FY2016: GBP14.1m) - an increase of 10.7% at constant exchange rates. Adjusted basic EPS increased by 21.7% to 28.6p per share (H1 FY2016: 23.5p) - an increase of 13.0% at constant exchange rates. Basic EPS increased by 66.2% to 20.1p per share (H1 FY2016: 12.1p).

Cash generated from operations decreased by GBP9.2m to GBP10.1m (H1 FY2016: GBP19.3m). EBITDA before special items grew GBP3.6m (16.9%) to GBP25.2m (H1 FY2016: GBP21.5m). Bespak EBITDA grew 7.8% to GBP15.2m, with Aesica's EBITDA growing 34.1% to GBP10.0m - an increase of 21.5% at constant exchange rates. Trade working capital increased GBP3.9m to GBP55.7m (H1 FY2016: GBP51.8m) including the impact of sterling depreciation against the euro, which represents 19.5% of sales (H1 FY2016: 19.4% of proforma sales). Capital expenditure reduced GBP2.1m to GBP6.2m (H1 FY2016: GBP8.3m).

The Group balance sheet closed with a net debt position of GBP106.8m (FY2016: GBP97.0m), representing gearing of 1.91x Net Debt: EBITDA, comfortably within the banking facility covenant (maximum 3.0x). Interest cover was 15.79x against a covenant minimum of 3.0x. The Group has comfortable cash resource availability, with total committed facilities of GBP171.2m, of which GBP124.1m was drawn at 31 October 2016.

The Board is declaring an increased interim dividend per share of 7.09p (H1 FY2016: 6.75p), an increase of 5%. Payment will be on 17 February 2017 to holders on the register on the record date of 20 January 2017.

Further commentary on the financial results is contained in the Bespak and Aesica business reviews below.

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates.

Bespak Business Review

Operations

 
                H1 FY2017   Underlying(1)   <DELTA>%   Currency   <DELTA>%   H1 FY2016 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 Revenue        GBP58.9m    GBP2.4m         4.3%       -          -          GBP56.5m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBITDA(2)      GBP15.2m    GBP1.1m         7.8%       -          -          GBP14.1m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBITDA 
  margin 
  %(2)          25.7%                                                        24.9% 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBIT(2)        GBP12.2m    GBP0.7m         5.7%       -          -          GBP11.5m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBIT margin 
  %(2)          20.7%                                                        20.4% 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates. (2) Before special items

Bespak has a well-established and diverse core business of products in volume manufacturing and a strong pipeline of innovative products entailing respiratory, nasal, ocular and injectable drug delivery, as well as point of care diagnostics. Once again, the business has performed strongly in the first half with increased demand for its core products as well as winning new development opportunities and contracts.

Revenue grew 4.3% to GBP58.9m. The Non-respiratory sales have now grown to over 25% of Bespak's turnover - Injectables sales were particularly strong again in both product sales and service revenue. Across the business service revenue continues to be strong, reflecting the extent of and additions to the Development and Innovation pipelines.

The strong revenue performance translated to EBIT growth, which increased 5.7% to GBP12.2m, as EBIT margin increased 30bps to 20.7%.

In October 2016, Bespak exhibited alongside Aesica at the CPHI exhibition in Barcelona. This was the second time both companies have shared a major industry exhibition platform, and the event drew increased interest in the joint services offering of device and drug.

Product Development

In line with our strategy we have assembled a full and broad product development pipeline of organic growth opportunities, which will add to the strength of the core business going forwards. Successful conversion of these opportunities will provide progressive revenue and profit growth, in both contract manufacturing and products with our own proprietary IP and across a range of therapeutic areas, including commercial drug handling.

Our published development portfolio provides an update on the key business development projects in the business. We guide that for inclusion in the published portfolio, projects must have a reasonable expectation of success, though timescales are difficult to predict, and be expected to produce peak annual sales of at least GBP3m per annum.

In the period, UCB received regulatory approval from the EMA for INJ 570, an autoinjector for UCB's Cimzia(R) , and the drug has been successfully launched in the UK market. Further launches are planned in the near term.

We also added two new projects to our development and manufacturing portfolio. These include one respiratory project and one injectable:

-- SYR075 is a significant new master development agreement for our proprietary Vapoursoft(R) Syrina(R) autoinjector technology with a leading global biopharmaceutical company. Initially there is a single drug / device combination, but the agreement allows for the addition of others, and contains outline terms for commercial supply.

-- VAL100 is a significant new commercial supply agreement for Bespak's proprietary respiratory devices with AstraZeneca AB. This is a multi-year agreement for the scale-up and supply of Bespak's proprietary pressurised metered dose inhaler (pMDI) valves and actuators. These will subsequently be assembled with AstraZeneca's Bevespi Aerosphere(R) (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.

With the addition of these two new programmes, the portfolio has grown to 16 live programmes. The status of the major programmes currently in our development pipeline is listed below.

 
 Project   Description                             Customer                      Status 
--------  --------------------------------------  ----------------------------  -------------------------------------- 
 VAL310    Easifill primeless valve                US Pharma                     Awaiting regulatory approval 
 INJ570    Auto-injector                           UCB                           EMA approval received. Launched Oct 
                                                                                 2016 in UK 
 VAL020    MDI valve                               Global Pharma                 Stability trials complete; customer 
                                                                                 progressing towards approval and 
                                                                                 launch 
 DEV200    Nicotine delivery                       Nicovations                   Ongoing progress. We continue to work 
                                                                                 with BAT towards launch 
 POC010    POC Test Cartridge                      Atlas Genetics                CE marking granted for Chlamydia; 
                                                                                 Combined Chlamydia / Gonorrhoea test 
                                                                                 cartridge development 
                                                                                 progressing 
 NAS020    Nasal device                            Global Generic                Formulation change; brief under 
                                                                                 review 
 DEV610    DPI                                     Mylan                         Potential GDUFA date 28 March 2017 
 NAS030    Nasal device                            Pharma Co.                    Early stage programme 
 INJ600    PatchPump(R) infusion system for        SteadyMed Therapeutics Inc.   Good progress made. NDA submission 
           Treprostinel                                                          planned H1 2017 
 INJ650    ASI(R) Auto-injector                    Global Generic                Continuing progress; early stage 
 INJ700    Lila Mix(TM) Injector                   Pharma Co.                    Development programme on track 
 IDC300    Oral IDC                                Pharma Co.                    Launch now expected H2 FY2018 
 VAL050    MDI valve / actuator                    Aeropharm                     Development contract ongoing 
 OCU050    Ocular device / formulation / filling   Oxular                        Early stage programme 
 VAL100    MDI valve / actuator                    Astra Zeneca                  Product approved, awaiting launch 
 SYR075    Syrina(R) / Vapoursoft(R)               Global Biopharma              Newly completed master development 
                                                                                 agreement 
 

DPI = Dry Powder Inhaler, MDI = Metered Dose Inhaler, POC = Point of Care, IDC = Integrated Dose Counter

Innovation

The Innovation team continues to be highly active on a number of fronts. The team has now grown to 32 people (21 as at H1 FY2016) at its own dedicated facilities in Cambridge, and we plan to grow this further during the current financial year.

The commercial and innovation teams continue to generate very strong interest in our new technology platforms on a range of opportunities. The Innovation funnel has progressed broadly during the period across a number of therapeutic areas and technologies. These development and feasibility programmes cover a range of therapeutic areas and are all in partnership with biotech and pharmaceutical companies that complement our current customer portfolio in our core business - this is again indicative of the strength and success of our innovation drive and strategy to broaden and diversify our product and customer base.

Syrina(R) , Lila(R) & Lapas(R) Update

Vapoursoft(R) powered Syrina(R) auto-injectors, Vapoursoft(R) powered Lapas(R) auto-injectors, and our Lila Mix(TM) and Duo(TM) technologies have continued to generate widespread interest as innovative and novel drug delivery systems and devices, with several biotech and pharmaceutical companies initiating feasibility and development programmes for their injectable drug portfolios.

This rapidly expanding Innovation funnel currently has an active schedule of five early stage development programmes, six feasibility programmes, and a further five programmes awaiting initiation.

Launch of Bespak's Syrina(R) AR 2.25 Auto-injector

In October 2016 Bespak unveiled its Syrina(R) AR 2.25 auto--injector. This innovative auto-injector is the latest addition to the VapourSoft(R) -powered Syrina(R) range and is suitable for delivering volumes of up to 2.0ml using a standard 2.25ml pre-filled syringe. The Syrina(R) AR 2.25 provides patients with a fully-automatic two-step, compact device for the self-administration of viscous drug formulations.

Using Bespak's proven proprietary VapourSoft(R) compact energy source, Syrina(R) AR 2.25 is able to deliver 2.0 ml of viscous drug solutions smoothly and safely in less than 15 seconds. Designed with a hidden needle, Syrina(R) AR 2.25 offers automatic needle insertion and retraction, as well as drug delivery with a single push-on-skin operation. Syrina(R) AR 2.25 has been tailored specifically for higher viscosities while still enabling the safe use of glass syringes.

Using VapourSoft(R) at its core allows a compact design and, with quiet operation, provides a discrete solution for patients. Syrina(R) AR 2.25 is clinical trial ready, enabling a fast track implementation process once paired with a specific drug formulation.

Aesica Business Review

Operations

 
                H1 FY2017   Underlying(1)   <DELTA>%   Currency   <DELTA>%   H1 FY2016 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 Revenue        GBP86.0m    GBP0.4m         0.5%       GBP6.5m    8.3%       GBP79.1m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBITDA(2)      GBP10.0m    GBP1.6m         21.4%      GBP1.0m    12.8%      GBP7.4m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBITDA 
  margin 
  %(2)          11.6%                                                        9.4% 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBIT(2)        GBP6.7m     GBP0.7m         14.1%      GBP1.1m    21.8%      GBP4.9m 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 EBIT margin 
  %(2)          7.8%                                                         6.2% 
-------------  ----------  --------------  ---------  ---------  ---------  ---------- 
 

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates. (2) Before special items

Aesica revenue grew 0.5% to GBP86.0m, at constant exchange rates. EBIT grew strongly, by 14.1% to GBP6.7m at constant exchange rates, reflecting the continued improvement in its operating performance, with operating margin increasing 160bps to 7.8%.

We are now routinely supplying commercial product using the first semi-continuous processing line and technology installed at the Queenborough site and are in discussion with a range of pharma customers looking to access the equipment for development activities.

Aesica has moved from validation to routine commercial supply of S+flurbiprofen to a leading Japanese pharmaceutical company to provide the active ingredient for an anti-inflammatory formulation.

Business Development and Innovation

A changing regulatory requirement within the pharmaceutical industry is for product to be uniquely identified to the individual pack level. This process is known in the industry as serialisation. Aesica has been a very early provider of serialisation services to the industry for countries such as China and Latin America and is well advanced in developing the service to take on customers for the next wave of countries adopting serialisation including the EU.

The business has identified a number of attractive business development opportunities with pharma companies looking to outsource oral products and has seen growth in demand for its liquid formulation services at the Pianezza site. One continued growth area is around the manufacture and supply of anaesthetic product for both human and veterinary use.

The Aesica commercial team is focused on a growing number of formulation development and manufacturing opportunities, including a number of early leads for drug formulation and device combinations, as well as packaging opportunities.

Other Financial

Special Items

Special items are those items which the Group considers to be non-repetitive or are not a part of the underlying performance of the business, and often where a material income statement cost or credit is incurred in one year to deliver a future benefit. In H1 FY2017 special items amounted to GBP6.5m comprising amortisation of acquired intangible assets (H1 FY2016: amortisation of acquired intangible assets GBP6.5m and integration costs GBP4.0m).

Pensions

The IAS 19 pension valuation at 31 October 2016 was a total deficit of GBP43.3m (30 April 2016: GBP27.2m). The bulk of the increase in the deficit arises primarily from the significant decline in bond yields following the EU referendum which has increased the liabilities, in particular of the Bespak scheme. Deficit recovery contributions of GBP1.5m per annum are being made to the Bespak scheme. The next triennial actuarial valuation will take place at 30 April 2017.

Tax

The effective tax rate on EBT before special items is 16.1% (H1 2016: 18.9%). The reduction in the rate from last year follows the approval and launch of UCB's Cimzia(R) autoinjector (INJ570), where historic development losses in the Medical House (ASI) Ltd. have now been recognised as a tax asset.

Principal risks and uncertainties

The principal risks and uncertainties deemed relevant for the remainder of the financial year are considered in note 14 to the financial statements.

People

As announced in August, Richard Cotton (CFO) is leaving the Group following these results to join Dechra Pharmaceuticals plc as CFO. As announced on 25 November 2016, the Board has appointed Paul Hayes to succeed Richard. Paul is currently CFO of The Vitec Group plc, and is serving his notice there until the end of April 2017 when he will join Consort. In the meantime, the Group has appointed David Tilston to act as Interim CFO until Paul joins. David is a seasoned Interim CFO, with experience in both public and private companies.

The Board would like to thank Richard for his contribution, commitment and hard work during a time of significant change and growth at the Group, and to wish him well as he embarks on the next stage of his career.

Outlook

Consort has continued to deliver strong underlying(1) growth in earnings whilst adding further important contract wins that build our pipeline momentum.

In particular, the recent landmark master development agreement for Syrina(R) / VapourSoft(R) and the launch of UCB's Cimzia(R) autoinjector further evidence our longer term growth prospects.

We continue to focus on the organic development of our business, and will continue to consider further inorganic opportunities - whether adding a competency or geographic opportunity - where they present a compelling case for enhancing sustainable shareholder value. With a robust financial position and a strong development pipeline, the Board remains highly confident of Consort's future prospects.

(1) Underlying - H1 FY2017 less H1 FY2016 at constant exchange rates.

Statement of directors' responsibilities

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

   --      material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report. 

The directors of Consort Medical plc are listed in the Consort Medical plc Annual Report for the year ended 30 April 2016. A list of current directors is maintained on the Consort Medical plc website: www.consortmedical.com.

By order of the Board

Richard Cotton

Chief Financial Officer

5 December 2016

Independent review report to Consort Medical plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2016 which comprises the consolidated Income Statement, consolidated Statement of Comprehensive Income, consolidated Balance Sheet, consolidated Statement of Changes in Shareholders' Equity, consolidated Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.

The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2016 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA.

Lynton Richmond

for and on behalf of KPMG LLP

Chartered Accountants

15 Canada Square

London E14 5GL

5 December 2016

 
 Condensed Consolidated Income Statement 
 For the half year ended 31 October 
  2016 
                                                    Unaudited   Unaudited      Audited 
                                                        1 May       1 May        1 May 
                                                        to 31       to 31        to 30 
                                                      October     October        April 
                                                         2016        2015         2016 
                                            Note       GBP000      GBP000       GBP000 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Revenue                                     2        144,933     135,548      276,910 
 Operating expenses before 
  special items                                     (126,042)   (119,080)    (239,935) 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Operating profit before special 
  items                                                18,891      16,468       36,975 
 Special items                               3        (6,478)    (10,493)     (21,018) 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Operating profit                                      12,413       5,975       15,957 
 Finance income                                            72          14           11 
 Finance costs                               4        (1,587)     (1,719)      (3,328) 
 Other finance costs                         4          (732)       (655)      (1,399) 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Profit before tax and special 
  items                                                16,644      14,108       32,259 
 Special items                               3        (6,478)    (10,493)     (21,018) 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Profit before tax                                     10,166       3,615       11,241 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Tax on profit before special 
  items                                      5        (2,672)     (2,664)      (4,181) 
 Special items - tax                         3          2,333       4,985        8,908 
 Tax (charge) / credit                       5          (339)       2,321        4,727 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Profit for the financial period 
  from continuing operations                            9,827       5,936       15,968 
 Loss for the financial period 
  from discontinued operations               15             -        (48)        (999) 
-----------------------------------------  -----  -----------  ----------  ----------- 
 Profit for the financial period                        9,827       5,888       14,969 
------------------------------------------------  -----------  ----------  ----------- 
 
 Earnings per share, attributable to 
  the ordinary equity holders of the 
  parent 
 From continuing operations: 
 Basic earnings per ordinary 
  share                                      6          20.1p       12.2p   32.7p 
 Diluted earnings per 
  ordinary share                             6          19.9p       12.0p   32.3p 
 
 From continuing and 
  discontinued operations: 
 Basic earnings per ordinary 
  share                                      6          20.1p       12.1p   30.7p 
 Diluted earnings per 
  ordinary share                             6          19.9p       11.9p   30.3p 
 
 Non-GAAP measures 
 From continuing operations:                           GBP000      GBP000   GBP000 
  Profit before tax before 
   special items                                       16,644      14,108   32,259 
  Profit after tax before 
   special items                                       13,972      11,444   28,078 
 
  Adjusted basic earnings 
   per ordinary share                        6          28.6p       23.5p   57.6p 
  Adjusted diluted earnings 
   per ordinary share                        6          28.2p       23.2p   56.8p 
 
 
 
 
 Condensed Consolidated Statement of Comprehensive 
  Income 
 For the half year ended 
 31 October 2016 
 
                                                         Unaudited   Unaudited   Audited 
                                                             1 May       1 May     1 May 
                                                             to 31       to 31     to 30 
                                                           October     October     April 
                                                              2016        2015      2016 
                                                            GBP000      GBP000    GBP000 
    --------------------------------------------------  ----------  ----------  -------- 
 Profit for the period from 
  continuing operations                                      9,827       5,936    15,968 
 Loss for the period from discontinued 
  operations                                                     -        (48)     (999) 
--------------------------------------------------      ----------  ----------  -------- 
 Profit for the financial period                             9,827       5,888    14,969 
--------------------------------------------------      ----------  ----------  -------- 
 
 Other comprehensive income 
 Items that may be reclassified 
  subsequently to profit and 
  loss: 
 Net gain on hedge of a net 
  investment                                               (4,758)         243   (2,699) 
 Exchange movements on translation 
  of foreign subsidiaries                                   17,878       (119)    10,381 
 Current tax on exchange movements                               -           8      (11) 
 
 Items that will not be reclassified 
  subsequently to profit and 
  loss: 
 Actuarial losses on defined 
  benefit pension scheme                                  (15,895)       (319)   (5,376) 
 Deferred tax on actuarial 
  losses                                                     2,889          89     1,055 
 Impact of change in tax rates                               (439)         457     (588) 
--------------------------------------------------      ----------  ----------  -------- 
 Other comprehensive (loss) 
  / income for the period                                    (325)         359     2,762 
--------------------------------------------------      ----------  ----------  -------- 
 
 Total comprehensive income 
  for the period                                             9,502       6,247    17,731 
--------------------------------------------------      ----------  ----------  -------- 
 
 Attributable to equity holders 
  of the parent 
 From continuing operations                                  9,502       6,295    18,730 
 From discontinued operations                                    -        (48)     (999) 
 
 
 
 Condensed Consolidated 
  Balance Sheet 
 at 31 October 2016 
                                                             Restated* 
                                               Unaudited     Unaudited      Audited 
                                              31 October    31 October     30 April 
                                                    2016          2015         2016 
                                     Note         GBP000        GBP000       GBP000 
----------------------------------  -----  -------------  ------------  ----------- 
 Assets 
 Non-current assets 
 Property, plant and equipment                   139,050       130,366      136,673 
 Goodwill                                        131,101       117,673      122,634 
 Other intangible assets                          66,269        70,088       67,304 
 Investments                          9            8,250         6,266        8,250 
 Trade and other receivables                           8             -            - 
----------------------------------  -----  -------------  ------------  ----------- 
                                                 344,678       324,393      334,861 
----------------------------------  -----  -------------  ------------  ----------- 
 Current assets 
 Inventories                                      34,977        31,767       30,725 
 Trade and other receivables                      62,471        57,901       54,632 
 Current tax asset                                 6,245         3,079        9,284 
 Cash and cash equivalents            10          16,216        11,580       16,258 
----------------------------------  -----  -------------  ------------  ----------- 
                                                 119,909       104,327      110,899 
----------------------------------  -----  -------------  ------------  ----------- 
 Total assets                                    464,587       428,720      445,760 
----------------------------------  -----  -------------  ------------  ----------- 
 Liabilities 
 Current liabilities 
 Borrowings                           10       (122,977)     (106,868)    (113,209) 
 Trade and other payables                       (56,306)      (73,884)     (61,705) 
 Derivative financial instruments     9            (250)          (30)        (256) 
 Provisions for other liabilities                (4,446)       (8,222)      (3,610) 
----------------------------------  -----  -------------  ------------  ----------- 
                                               (183,979)     (189,004)    (178,780) 
----------------------------------  -----  -------------  ------------  ----------- 
 Net current liabilities                        (64,070)      (84,677)     (67,881) 
----------------------------------  -----  -------------  ------------  ----------- 
 
 Non-current liabilities 
 Trade and other payables                        (9,453)             -      (9,475) 
 Deferred tax liabilities                       (16,529)      (19,273)     (18,571) 
 Defined benefit pension 
  scheme deficit                      12        (43,294)      (20,980)     (27,157) 
 Provisions for other liabilities                  (361)             -      (2,626) 
----------------------------------  -----  -------------  ------------  ----------- 
                                                (69,637)      (40,253)     (57,829) 
----------------------------------  -----  -------------  ------------  ----------- 
 Total liabilities                             (253,616)     (229,257)    (236,609) 
----------------------------------  -----  -------------  ------------  ----------- 
 Net assets                                      210,971       199,463      209,151 
----------------------------------  -----  -------------  ------------  ----------- 
 
 Shareholders' equity 
 Share capital                        16           4,921         4,913        4,913 
 Share premium                                   137,911       137,422      137,422 
 Retained earnings                                55,636        65,218       67,367 
 Other reserves                                   12,503       (8,090)        (551) 
----------------------------------  -----  -------------  ------------  ----------- 
 Total equity                                    210,971       199,463      209,151 
----------------------------------  -----  -------------  ------------  ----------- 
 
 
 

*Restated (see note 17)

Condensed Consolidated Statement of Changes in Shareholders' Equity

 
 For the half year ended 
  31 October 2016 
                                   Share      Share    Retained   Translation 
                                 capital    premium    earnings       reserve      Total 
                                  GBP000     GBP000      GBP000        GBP000     GBP000 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Balance at 1 May 2015 
  (audited)                        4,907    137,087      66,721       (8,222)    200,493 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Profit for the financial 
  period                               -          -       5,888             -      5,888 
 Exchange movements on 
  translation of foreign 
  subsidiaries                         -          -           -           124        124 
 Actuarial gains on defined 
  benefit scheme                       -          -         319             -        319 
 Tax on amounts taken 
  directly to equity                   -          -       (546)             8      (538) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Total comprehensive income            -          -       5,661           132      5,793 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Recognition of share-based 
  payments                             -          -         853             -        853 
 Movement on tax arising 
  on share-based payments              -          -       (211)             -      (211) 
 Proceeds from exercise 
  of employee options                  6        335           -             -        341 
 Consideration paid for 
  purchase of own shares 
  (held in trust)                      -          -     (2,084)             -    (2,084) 
 Equity dividends                      -          -     (5,722)             -    (5,722) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
                                       6        335     (7,164)             -    (6,823) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Balance at 31 October 
  2015 (unaudited)                 4,913    137,422      65,218       (8,090)    199,463 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 
 Balance at 1 May 2015 
  (audited)                        4,907    137,087      66,721       (8,222)    200,493 
 Profit for the financial 
  period                               -          -      14,969             -     14,969 
 Exchange movements on 
  translation of foreign 
  subsidiaries                         -          -           -         7,682      7,682 
 Actuarial losses on defined 
  benefit scheme                       -          -     (5,376)             -    (5,376) 
 Tax on amounts taken 
  directly to equity                   -          -         467          (11)        456 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Total comprehensive loss              -          -      10,060         7,671     17,731 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Recognition of share-based 
  payments                             -          -       1,792             -      1,792 
 Movement on tax arising 
  on share-based payments              -          -           2             -          2 
 Proceeds from exercise 
  of employee options                  6        335           -             -        341 
 Consideration paid for 
  purchase of own shares 
  (held in trust)                      -          -     (2,209)             -    (2,209) 
 Equity dividends                      -          -     (8,999)             -    (8,999) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
                                       6        335     (9,414)             -    (9,073) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Balance at 1 May 2016 
  (audited)                        4,913    137,422      67,367         (551)    209,151 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Profit for the financial 
  period                               -          -       9,827             -      9,827 
 Exchange movements on 
  translation of foreign 
  subsidiaries                         -          -           -        13,054     13,054 
 Actuarial losses on defined 
  benefit scheme                       -          -    (15,895)             -   (15,895) 
 Tax on amounts taken 
  directly to equity                   -          -       2,450             -      2,450 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Total comprehensive income            -          -     (3,618)        13,054      9,436 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Recognition of share-based 
  payments                             -          -         979             -        979 
 Movement on tax arising 
  on share-based payments              -          -        (51)             -       (51) 
 Proceeds from exercise 
  of employee options                  8        489           -             -        497 
 Consideration paid for 
  purchase of own shares 
  (held in trust)                      -          -     (2,899)             -    (2,899) 
 Equity dividends                      -          -     (6,142)             -    (6,142) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
                                       8        489     (8,113)             -    (7,616) 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 Balance at 31 October 
  2016 (unaudited)                 4,921    137,911      55,636        12,503    210,971 
-----------------------------  ---------  ---------  ----------  ------------  --------- 
 

Condensed Consolidated Cash Flow Statement

For the half year ended 31 October 2016

 
                                                                Unaudited     Unaudited    Audited 
                                                                 1 May to      1 May to      1 May 
                                                               31 October    31 October      to 30 
                                                                     2016          2015      April 
                                                                                              2016 
                                            Note                   GBP000        GBP000     GBP000 
 ---------------------------------   ---   -----  -----------------------  ------------  --------- 
 Cash flows from operating 
  activities 
 Profit before taxation 
  from continuing operations                                       10,166         3,615     11,241 
 Loss before taxation from 
  discontinued operations                                               -          (48)      (999) 
 Finance income                                                      (72)          (14)       (11) 
 Finance costs                               4                      1,587         1,719      3,328 
 Other finance costs                         4                        732           655      1,399 
-----------------------------------------  -----  -----------------------  ------------  --------- 
 Operating profit                                                  12,413         5,927     14,958 
 Depreciation                                                       6,058         4,888     10,306 
 Amortisation                                                       6,677         6,624     13,473 
 Profit on disposal of 
  property, plant and equipment                                         2            10        696 
 Share-based payments                                                 979           853      1,792 
 Change in fair value of 
  contingent consideration                                              -            48        999 
 Pension charge in excess 
  of cash contributions                                                45         (183)        412 
 (Increase) / decrease 
  in inventories                                                  (2,539)         (450)      1,503 
 (Increase) / decrease 
  in trade and other receivables                                  (5,392)         1,643      5,388 
 (Decrease) / increase 
  in trade and other payables                                     (8,156)       (2,246)    (3,057) 
 (Decrease) / increase 
  in provisions                                                      (22)         2,291        143 
 (Increase) / decrease 
  in financial instruments                                            (6)          (87)        139 
-----------------------------------------  -----  -----------------------  ------------  --------- 
 Cash generated from operations                                    10,059        19,318     46,752 
 Interest paid                                                    (1,996)       (1,497)    (2,791) 
 Tax paid                                                           1,769       (1,331)    (6,548) 
----------------------------------   ---   -----  -----------------------  ------------  --------- 
 Net cash inflow from operating 
  activities                                                        9,832        16,490     37,413 
 
 Cash flows from investing 
  activities 
 Purchases of property, 
  plant and equipment                               (6,212)                     (8,311)     (21,126) 
 Purchases of intangible 
  assets                                                  -                           -        (357) 
 Proceeds from sale of 
  property, plant and equipment                           -                       1,979        1,979 
 Net proceeds on disposal 
  of businesses                                           -                       1,549        1,548 
 Interest received                                       72                           8           11 
 Purchase of equity 
  investment                                              -                           -      (1,984) 
------------------------------------       -----  ---------  --------------------------  ----------- 
 Net cash outflow from 
  investing activities                              (6,140)                     (4,775)     (19,929) 
 
 Cash flows from financing 
  activities 
 Proceeds from issues of 
  ordinary share capital                                498                         334          341 
 Purchase of own shares                             (2,899)                     (2,120)      (2,209) 
 Equity dividends paid 
  to shareholders                                   (6,142)                     (5,722)      (8,999) 
 Defined benefit scheme                               (796)                           -        (712) 
 Proceeds from new bank 
  funding                                            10,834                       5,100       14,021 
 Repayment of amounts borrowed                      (6,021)                    (42,601)     (48,316) 
 Net cash used in financing 
  activities                                        (4,526)                    (45,009)     (45,874) 
 
 Net decrease in cash and 
  cash equivalents                                    (834)                    (33,294)     (28,390) 
 Effects of exchange rate 
  changes                                               792                       (327)        (553) 
 Cash and cash equivalents 
  at start of period                         10      16,258                      45,201       45,201 
-----------------------------------------  -----  ---------  --------------------------  ----------- 
 Cash and cash equivalents 
  at end of period                           10      16,216                      11,580       16,258 
-----------------------------------------  -----  ---------  --------------------------  ----------- 
 
 

Notes to the accounts

   1.   Basis of preparation 

The Company is a public limited company incorporated and domiciled in the UK. The address of its registered office is Breakspear Park, Breakspear Way, Hemel Hempstead, Herts HP2 4TZ. The Company is listed on the London Stock Exchange.

This condensed consolidated interim financial information was approved for issue on 5 December 2016.

This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 April 2016 were approved by the Board of directors on 15 June 2016 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

This condensed consolidated interim financial information has been reviewed by the Group's auditor, not audited - see Independent Review Report.

This condensed consolidated interim financial information for the six months ended 31 October 2016 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority (previously the Financial Services Authority) and with IAS 34, 'Interim financial reporting', as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 30 April 2016, which have been prepared in accordance with IFRSs as adopted by the European Union.

Accounting policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2016, as described in those annual financial statements except where disclosed otherwise in this note. Taxes on income in the interim periods are accrued using the estimated tax rate that would be applicable to expected total annual earnings. The Balance Sheet as at 31 October 2015 has been retrospectively restated - see note 17 for further details.

Critical accounting estimates and judgments

The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 April 2016, with the exception of changes in estimates required in determining the provision for income taxes.

Going concern

The directors have, at the time of approving the interim financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future as the Group has net debt of GBP106.8m at 31 October 2016 (H1 FY2016: GBP95.3m) and total banking facilities (using period end exchange rates) of GBP171.2m of which GBP47.1m is undrawn at 31 October 2016 and available up to September 2019. Thus they continue to adopt the going concern basis of accounting in preparing the interim financial statements.

Non-GAAP performance measures

The directors believe that the 'adjusted' profit and earnings per share measures provide additional useful information for shareholders on the underlying performance of the business. These measures are consistent with how business performance is measured internally. The adjusted profit before tax measure is not a recognised profit measure under IFRS and may not be directly comparable with 'adjusted' profit measures used by other companies.

Notes to the accounts (continued)

   1.   Basis of preparation (continued) 

Further details on the special items can be found in note 3.

New standards, amendments and interpretations

The following accounting standards and amendments are effective for the year commencing 1 May 2016 but are not expected to have a material impact on the Group:

   --      Amendments to IFRS 10, IFRS 12 and IAS 28 
   --      Amendments to IFRS 11, IFRS 14, IAS 1, IAS 16 and IAS 38, IAS 16 and IAS 41, IAS 27 
   --      Amendments to IFRS 5, IFRS 7, IAS 19, IAS 34 - Annual Improvements 

The following accounting standards relevant to the Group have not been early adopted as the Group carries out an assessment of their potential impact:

   --      IFRS 9 Financial Instruments 
   --      IFRS15 Revenue from Contracts with Customers 
   --      IAS 7 - Disclosure Initiative 
   --      IAS 12 - Recognition of Deferred Tax Assets for Unrealised losses 
   --      IFRS 2 - Classification and Measurement of Share Based Payment Transactions 

-- Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts - Amendments to IFRS 4

   --      IFRS 16 - Leases 
   2.   Segmental information 

The Group's operating segments are determined with reference to the information which is supplied to the Executive Committee in order for it to allocate the Group's resources and to monitor the performance of the Group. Following the acquisition of Aesica Holdco Limited ("Aesica") on 12 November 2014, that information analyses the Group between two divisions, Bespak and Aesica. Prior to this acquisition, the Group only had one operating segment. The Executive Committee assesses the performance of the operating segments based on a measure of adjusted operating profit which excludes the impact of special items from the operating segments. Special items are analysed in note 3.

Consequently, the segment information provided to the Executive Committee for both of these reportable segments for the period ended 31 October 2016 is as follows:

 
                                                      Bespak     Aesica   Unallocated       Total 
 For the six months ended 31 October 2016             GBP000     GBP000        GBP000      GBP000 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Revenue from products and services                   58,913     86,020                   144,933 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Revenue by business segment                          58,913     86,020                   144,933 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Segment operating profit before special items        12,198      6,693             -      18,891 
 Amortisation of acquired intangible assets            (414)    (6,064)                   (6,478) 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Segment operating profit                             11,784        629                    12,413 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Finance income                                                                                72 
 Finance costs                                                                            (1,587) 
 Other finance costs                                                                        (732) 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Profit before tax                                                                         10,166 
 Taxation                                                                                   (339) 
                                                   ---------  ---------  ------------  ---------- 
 Profit for the financial year                                                              9,827 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Segmental balance sheet 
 Total assets                                        117,263    316,418        30,906     464,587 
 Total liabilities                                  (64,126)   (73,365)     (116,125)   (253,616) 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 Net assets                                           53,137    243,053      (85,219)     210,971 
-------------------------------------------------  ---------  ---------  ------------  ---------- 
 
 
 

Notes to the accounts (continued)

   2.   Segmental information (continued) 

The Group's operating locations are based in the United Kingdom and Europe, with the Group also making sales in the USA and the rest of the world.

 
 Revenue by destination             Unaudited   Unaudited   Audited 
  from continuing operations         1 May to       1 May     1 May 
                                   31 October       to 31     to 30 
                                         2016     October     April 
                                                     2015      2016 
                                       GBP000      GBP000    GBP000 
-----------------------------    ------------  ----------  -------- 
 United Kingdom                        20,794      19,861    30,426 
 United States of America              12,364      12,431    41,078 
 Europe                               100,722      84,890   171,010 
 Rest of the world                     11,053      18,366    34,396 
-------------------------------  ------------  ----------  -------- 
 Revenue from continuing 
  operations                          144,933     135,548   276,910 
-------------------------------  ------------  ----------  -------- 
 
 
                                          Unaudited   Unaudited    Audited 
                                           1 May to       1 May      1 May 
                                                 31       to 31      to 30 
                                            October     October      April 
 3. Special items                              2016        2015       2016 
                                             GBP000      GBP000     GBP000 
-------------------------------------    ----------  ----------  --------- 
 Acquisition-related 
  expenses                                        -           -    (1,344) 
 Integration costs                                -     (4,020)    (6,534) 
 Amortisation of acquisition-related 
  intangible assets                         (6,478)     (6,473)   (13,140) 
                                            (6,478)    (10,493)   (21,018) 
 Special items before 
  taxation from continuing 
  operations                                (6,478)    (10,493)   (21,018) 
 Special tax item - recognition 
  of capital losses                               -       1,078      1,078 
 Special tax item - recognition 
  of capital allowances                           -           -        955 
 Special tax item - other 
  prior year and lookback period 
  adjustments                                     -           -        534 
 Special tax item - deferred 
  tax credit as a result of 
  the corporate rate change                     525       1,132      1,137 
 Tax on special items                         1,808       2,774      5,204 
---------------------------------------  ----------  ----------  --------- 
 Special items after 
  taxation from continuing 
  operations                                (4,145)     (5,508)   (12,110) 
---------------------------------------  ----------  ----------  --------- 
 
 

-- Acquisition-related expenses in the prior year to 30 April 2016 include advisory costs in respect of the Bespak pension scheme and in evaluation of potential transactions.

-- Integration costs in the prior year are in relation to restructuring activity following the completion of the integration programme at Aesica; mainly employee and property or move related in nature.

-- Amortisation of acquired intangible assets represents the charge for other intangible assets within Aesica (acquired in 2014) of GBP6.1m and GBP0.4m in relation to The Medical House acquired in 2009.

-- A special tax item of GBP1.1m was recognised in the prior year as a result of the recognition of deferred tax on capital losses.

-- A special tax item of GBP1.0m was recognised in the prior year as a capital allowance review was carried out in the year which resulted in assets being reclassified from non-qualifying to qualifying.

Notes to the accounts (continued)

   3.   Special items (continued) 

-- A special tax item of GBP0.5m was recognised in the prior year as the impact of a number of prior year adjustments made.

-- A special tax item of GBP0.5m also arises in the current period (H1 FY2016: GBP1.1m, FY2016: GBP1.1m) in respect of a significant tax credit as the Group's deferred tax assets and liabilities were revalued using the lower rate of UK Corporate Tax of 17% from 1 April 2020 (reduced from 18%).

Special items from discontinued operations are described in note 15.

 
 4. Finance costs 
                                    Unaudited     Unaudited   Audited 
                                     1 May to      1 May to     1 May 
                                   31 October    31 October     to 30 
                                         2016          2015     April 
                                                                 2016 
                                       GBP000        GBP000    GBP000 
-----------------------------    ------------  ------------  -------- 
 Interest on bank overdrafts 
  and loans including 
  amortised fees                      (1,587)       (1,719)   (3,328) 
-------------------------------  ------------  ------------  -------- 
 Total finance costs                  (1,587)       (1,719)   (3,328) 
 
 
 Other finance costs 
 Net interest cost on 
  defined benefit scheme                (427)         (342)     (667) 
 Foreign exchange losses                (305)         (313)     (732) 
------------------------------   ------------  ------------  -------- 
 Total other finance 
  costs                                 (732)         (655)   (1,399) 
-------------------------------  ------------  ------------  -------- 
 
 
 5. Taxation 
                                       Unaudited     Unaudited   Audited 
                                        1 May to      1 May to     1 May 
                                      31 October    31 October     to 30 
                                            2016          2015     April 
                                                                    2016 
                                          GBP000        GBP000    GBP000 
--------------------------------    ------------  ------------  -------- 
 Current income tax from 
  continuing operations 
 UK corporation tax                          909         1,175       975 
 Adjustments in respect 
  of prior periods                         (206)             -   (1,953) 
 Foreign tax                               1,448           653     1,130 
 Deferred taxation                       (1,812)       (4,149)   (4,879) 
----------------------------------  ------------  ------------  -------- 
 Income tax expense / (credit) 
  reported in the consolidated 
  income statement                           339       (2,321)   (4,727) 
---------------------------------   ------------  ------------  -------- 
 The tax charge from continuing 
  operations is analysed 
  between: 
 Tax on profit before 
  special items                            2,672         2,664     4,181 
 Special tax item - recognition 
  of capital losses                            -       (1,078)   (1,078) 
 Special tax item - recognition 
  of capital allowances                        -             -     (955) 
 Special tax item - other 
  prior year adjustments                       -             -     (534) 
 Special tax item - deferred 
  tax credit as a result of 
  the corporate rate change                (525)       (1,133)   (1,137) 
 Tax on special items                    (1,808)       (2,774)   (5,204) 
 Income tax expense / (credit) 
  reported in the consolidated 
  income statement                           339       (2,321)   (4,727) 
---------------------------------   ------------  ------------  -------- 
 

Special tax items above are described further in note 3.

Notes to the accounts (continued)

 
 6. Earnings per share 
                                           Unaudited   Unaudited   Audited 
                                               1 May       1 May     1 May 
                                               to 31       to 31     to 30 
                                             October     October     April 
                                                2016        2015      2016 
                                              GBP000      GBP000    GBP000 
--------------------------------------    ----------  ----------  -------- 
 The calculation of earnings per ordinary 
  share is 
  based on the following: 
 
 Continuing operations (basic 
  and diluted) 
 Profit for the period - attributable 
  to ordinary shareholders                     9,827       5,936    15,968 
 Add back: Special items after 
  taxation                                     4,145       5,508    12,110 
--------------------------------------    ----------  ----------  -------- 
 Adjusted earnings                            13,972      11,444    28,078 
--------------------------------------    ----------  ----------  -------- 
 
 Discontinued operations (basic 
  and diluted) 
 Loss / (Profit) for the period 
  - attributable to ordinary 
  shareholders                                     -        (48)     (999) 
 Add back: Special items after 
  taxation                                         -          48       999 
--------------------------------------    ----------  ----------  -------- 
 Adjusted earnings                                 -           -         - 
--------------------------------------    ----------  ----------  -------- 
 
 Total (basic and diluted) 
 Profit for the period - attributable 
  to ordinary shareholders                     9,827       5,888    14,969 
 Add back: Special items after 
  taxation                                     4,145       5,556    13,109 
--------------------------------------    ----------  ----------  -------- 
 Adjusted earnings                            13,972      11,444    28,078 
--------------------------------------    ----------  ----------  -------- 
 
 
 
 Number of shares 
 Weighted average number of ordinary 
  shares in issue for basic earnings       49,154,593   49,090,720   49,110,569 
 Weighted average number of shares 
  owned by Employee Share Ownership 
  Trust                                     (300,759)    (374,130)    (338,024) 
----------------------------------------  -----------  -----------  ----------- 
 Average number of ordinary shares 
  for in issue for basic earnings          48,853,834   48,716,590   48,772,545 
 Dilutive impact of share options 
  outstanding                                 622,701      571,474      631,856 
----------------------------------------  -----------  -----------  ----------- 
 Diluted weighted average number 
  of ordinary shares in issue              49,476,535   49,288,064   49,404,401 
 
                                                Pence        Pence        Pence 
----------------------------------------  -----------  -----------  ----------- 
 Continuing operations 
----------------------------------------  -----------  -----------  ----------- 
 Adjusted basic earnings per share               28.6         23.5         57.6 
 Unadjusted basic earnings per share             20.1         12.2         32.7 
 Adjusted diluted earnings per share             28.2         23.2         56.8 
 Unadjusted diluted earnings per 
  share                                          19.9         12.0         32.3 
 
 Continuing and discontinued operations 
----------------------------------------  -----------  -----------  ----------- 
 Unadjusted basic earnings per share             20.1         12.1         30.7 
 Unadjusted diluted earnings per 
  share                                          19.9         11.9         30.3 
 

Notes to the accounts (continued)

 
 7. Dividends 
                                                     Unaudited                   Unaudited                   Audited 
                                      1 May to 31 October 2016    1 May to 31 October 2015    1 May to 30 April 2016 
                                                        GBP000                      GBP000                    GBP000 
---------------------------------   --------------------------  --------------------------  ------------------------ 
 Final dividend for the year ended 
  30 April 2016 of 12.56p per 
  share (2016: final dividend 
  for 2015 of 11.68p per share)                          6,142                       5,722                     5,703 
 Interim dividend paid in 2016: 
  6.75p per share                                            -                           -                     3,296 
----------------------------------  --------------------------  --------------------------  ------------------------ 
                                                         6,142                       5,722                     8,999 
 ---------------------------------  --------------------------  --------------------------  ------------------------ 
 

The directors are proposing an interim dividend for the year ending 30 April 2017 of 7.09p per share which will absorb an estimated GBP3.5 million of shareholders' equity. It will be paid on 17 February 2017 to shareholders who are on the register on 20 January 2017.

   8.   Capital expenditure 

In the period there were additions to property, plant and equipment of GBP5.7 million (H1 FY2016: GBP9.3 million). Capital commitments contracted for but not provided for by the Group amounted to GBP5.4 million (H1 FY2016: GBP6.5 million).

   9.   Financial assets and liabilities 

The following table sets out the classification of the Group's financial assets and liabilities. Receivables and payables have been included to the extent that they are classified as financial assets and liabilities in accordance with IAS 32, Financial Instruments: Presentation. Provisions have been included where there is a contractual obligation to settle in cash.

 
                                           Unaudited     Unaudited     Audited 
                                          31 October    31 October    30 April 
                                                2016          2015        2016 
 Financial assets                             GBP000        GBP000      GBP000 
------------------------------------    ------------  ------------  ---------- 
 Cash and cash equivalents*                   16,216        11,580      16,258 
--------------------------------------  ------------  ------------  ---------- 
 Trade receivables                            46,765        45,665      45,186 
 Other receivables                             8,688         7,130       3,659 
-------------------------------------   ------------  ------------  ---------- 
 Total loans and receivables 
  *                                           55,453        52,795      48,845 
 Available for sale financial 
  asset - contingent consideration                 -           950           - 
 Equity investments                            8,250         6,266       8,250 
-------------------------------------   ------------  ------------  ---------- 
 Total available-for-sale financial 
  assets                                       8,250         7,216       8,250 
-------------------------------------   ------------  ------------  ---------- 
 
 
                                       Unaudited     Unaudited     Audited 
                                      31 October    31 October    30 April 
                                            2016          2015        2016 
 Financial liabilities                    GBP000        GBP000      GBP000 
---------------------------------   ------------  ------------  ---------- 
 Trade payables                         (26,017)      (25,641)    (27,225) 
 Other creditors and accruals           (21,101)      (28,309)    (26,978) 
 Interest bearing loans and 
  borrowings                           (124,118)     (108,401)   (114,547) 
 Total amortised cost *                (171,236)     (162,351)   (168,750) 
 Currency exchange contracts               (250)          (30)       (256) 
----------------------------------  ------------  ------------  ---------- 
 Total fair value through profit 
  and loss financial liabilities           (250)          (30)       (256) 
----------------------------------  ------------  ------------  ---------- 
 

* The directors consider that the carrying value of amounts of these financial assets and liabilities recorded at amortised cost in the financial statements are approximately equal to their fair values.

Notes to the accounts (continued)

   9.   Financial assets and liabilities (continued) 

All financial liabilities have a contractual maturity date that is less than 12 months from the balance sheet date. The equity investments in Atlas Genetics Limited and Precision Ocular Limited are unquoted investments and therefore held at cost, less any provision for impairment as their fair value cannot be measured reliably in the absence of an active market.

Interest bearing loans and borrowings includes a borrowing of GBP37.4m at 31 October 2016 (H1 FY2016: GBP27.3m) which has been designated as a hedge of the net investments in the two subsidiaries in Germany and Italy, Aesica Pharmaceuticals GmbH. and Aesica Pharmaceuticals S.r.l. This borrowing is being used to hedge the Group's exposure to the euro exchange risk on these investments. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses on translation of the net investments in the subsidiaries.

 
 Financial assets at fair value 
                                                                               Level    Level 
                                                                   Level 1         2        3    Total 
                                                                    GBP000    GBP000   GBP000   GBP000 
---------------------------------------------------------------  ---------  --------  -------  ------- 
 At 31 October 2016 
 Available for sale financial asset - contingent consideration           -         -        -        - 
 
 At 31 October 2015 
 Available for sale financial asset - contingent consideration           -         -      950      950 
 
 At 30 April 2016 
 Available for sale financial asset - contingent consideration           -         -        -        - 
---------------------------------------------------------------  ---------  --------  -------  ------- 
 
 
 Financial liabilities at 
  fair value 
                                  Level    Level    Level 
                                      1        2        3    Total 
                                 GBP000   GBP000   GBP000   GBP000 
-----------------------------  --------  -------  -------  ------- 
 At 31 October 2016 
 Currency exchange contracts          -    (250)        -    (250) 
 
 At 31 October 2015 
 Currency exchange contracts          -     (30)        -     (30) 
 
 At 30 April 2016 
 Currency exchange contracts          -    (256)        -    (256) 
-----------------------------  --------  -------  -------  ------- 
 

Under the terms of the disposal of King Systems, completed on 15 February 2013, the purchaser, Ambu A/S, was due to pay amounts of consideration contingent upon the performance of King following disposal. The financial asset at 31 October 2015 related to the final payment for the sales of King Vision products for the year ending 30 April 2016. King Vision sales by Ambu in FY2016 were insufficient to trigger a further contingent consideration payment to Consort Medical, therefore the remaining contingent consideration was reduced to nil at 30 April 2016.

Notes to the accounts (continued)

 
 10. Analysis of net debt 
                                             Unaudited      Unaudited        Audited 
                                            31 October     31 October       30 April 
                                                  2016           2015           2016 
                                                GBP000         GBP000         GBP000 
----------------------------  ------   ---------------  -------------  ------------- 
 Current assets: 
 Cash and cash equivalents                      16,216         11,580         16,258 
----------------------------  ------   ---------------  -------------  ------------- 
                                                16,216         11,580         16,258 
------------------------------------   ---------------  -------------  ------------- 
 Group borrowings: 
 Interest-bearing loans 
  and borrowings                             (124,118)      (108,401)      (114,547) 
 Unamortised facility fees                       1,141          1,533          1,338 
 Net borrowings                              (122,977)      (106,868)      (113,209) 
-------------------------------------  ---------------  -------------  ------------- 
 Net debt                                    (106,761)       (95,288)       (96,951) 
-------------------------------------  ---------------  -------------  ------------- 
 
 

In September 2014, the Group cancelled its $56m multicurrency revolving facility and GBP40m multicurrency revolving facility and signed a new GBP160m multicurrency revolving facility. The Group also has a GBP65m "accordion" facility by which further facilities may be made available by Barclays, Lloyds, RBS and Santander under the current terms to support significant investment or acquisition opportunities which may arise. The revolving credit facilities expire in September 2019. Whilst the multi-year revolving committed credit facility does not expire for nearly three years, the debt within this is disclosed as less than one year on the balance sheet, as it is drawn for one-month periods, and then redrawn as appropriate to minimise the amount of debt drawn relative to the Group's needs to minimise the interest payable. The undrawn facilities are unsecured. The bank loans and overdrafts are subject to cross-guarantees between Group undertakings. Interest on the multicurrency revolving credit facility is charged at LIBOR plus a margin of between 1.65% and 1.90%, depending upon the ratio of net debt to EBITDA (earnings before interest, tax, depreciation and amortisation), and on UK overdrafts at 1.75% above UK base rate.

 
 11. Reconciliation of net cash flow 
 to movement in net debt 
                                                        Unaudited                   Unaudited              Audited 
                                         1 May to 31 October 2016    1 May to 31 October 2015    1 May to 30 April 
                                                                                                              2016 
                                                           GBP000                      GBP000               GBP000 
-----------------------------------    --------------------------  --------------------------  ------------------- 
 Net debt at the beginning of the 
  period                                                 (96,951)                    (99,213)             (99,213) 
   Net (increase) / decrease in cash 
           and short-term borrowings                      (5,069)                       4,198                5,590 
 Effects of exchange rate changes                         (4,536)                         283              (2,698) 
 Amortisation of facility fees                              (197)                       (198)                (393) 
 Other non-cash movements                                     (8)                       (358)                (237) 
-------------------------------------  --------------------------  --------------------------  ------------------- 
 Net debt at the end of the period                      (106,761)                    (95,288)             (96,951) 
-------------------------------------  --------------------------  --------------------------  ------------------- 
 

Notes to the accounts (continued)

 
 12. Defined benefit pension 
 scheme deficit 
                                                   Unaudited                   Unaudited                   Audited 
                                    1 May to 31 October 2016    1 May to 31 October 2015    1 May to 30 April 2016 
                                                      GBP000                      GBP000                    GBP000 
------------------------------    --------------------------  --------------------------  ------------------------ 
 Pension deficit at start of the 
  period                                              27,157                      21,147                    21,147 
 Current service cost                                     44                         790                     1,479 
 Interest income                                     (1,556)                     (1,685)                   (3,371) 
 Interest cost                                         1,985                       2,026                     4,038 
 Return on scheme assets 
  excluding interest                                (10,475)                       4,768                     5,728 
 Effect of demographic 
  adjustments                                              -                           -                     (568) 
 Loss / (gain) from changes in 
  financial assumptions                               26,370                     (5,087)                       216 
 Employer contributions                                (797)                       (983)                   (1,776) 
 Payments from plans                                       -                           -                       (6) 
 Foreign exchange                                        566                           4                       270 
--------------------------------  --------------------------  --------------------------  ------------------------ 
 Pension deficit at end of the 
  period                                              43,294                      20,980                    27,157 
--------------------------------  --------------------------  --------------------------  ------------------------ 
 

13. Related party transactions

The Group's significant related parties are its subsidiaries as disclosed in the Consort Medical plc annual report for the year ended 30 April 2016. There were no material related party transactions in the period.

14. Principal risks and uncertainties

The principal risks and uncertainties which could impact the Group's long-term performance remain those detailed on pages 26 to 28 of the Group's 2016 Annual Report & Accounts, a copy of which is available on the Group's website www.consortmedical.com. The risks are summarised below:

   --      Reliance upon key customers / products 
   --      Major operational incident 
   --      Growth risk 
   --      Acquisition risk 
   --      Legal risk 
   --      Political / Socio-economic risk 
   --      Development risk 
   --      Product quality failure 
   --      Corporate Social Responsibility 
   --      Regulatory risk 
   --      IT / Cyber risk 
   --      Human Resources risk 
   --      Financial risks including currency risk, interest rate risk, liquidity and leverage risk 
   --      Pension risk 

In the period the Group has recognised two additional principal risks:

-- Impact of Brexit - The vote to leave the EU has resulted in some uncertainty, including currency volatility and a significant weakening of sterling. Whilst the weakening of sterling has had a beneficial translation impact on the Group's sterling results, it continues to monitor the impact of Brexit on its principal risks and any direct or indirect resultant complexities this may bring.

-- Distributable reserves - Following the Brexit vote and subsequent changes in UK monetary policy, corporate bond yields have fallen sharply, leading to substantial increases in the Bespak pension deficit. The Group continues to monitor the impact of this on its ability to pay dividends in future periods.

Notes to the accounts (continued)

   15.   Discontinued operations 

The results arising from King Systems are classified as discontinued operations and special items and have been included in the consolidated income statement as follows:

 
                                                   Unaudited                   Unaudited                   Audited 
                                    1 May to 31 October 2016    1 May to 31 October 2015    1 May to 30 April 2016 
                                                      GBP000                      GBP000                    GBP000 
-----------------------------    ---------------------------  --------------------------  ------------------------ 
 Loss on disposal: movement in 
  fair value of contingent 
  consideration                                            -                        (48)                     (999) 
-------------------------------  ---------------------------  --------------------------  ------------------------ 
 Loss before tax on 
  discontinued operations                                  -                        (48)                     (999) 
-------------------------------    -------------------------  --------------------------  ------------------------ 
 
 Net loss on discontinued 
  operations attributable to 
  the owners of the Company                                -                        (48)                     (999) 
-------------------------------    -------------------------  --------------------------  ------------------------ 
 

16. Share capital

Share capital as at 31 October 2016 amounted to GBP4.9 million (April 2016: GBP4.9 million). During the period, the Group issued 75,590 shares as part of exercises under the Consort Savings Related Share Option Scheme for total consideration of GBP0.5 million.

The Group purchases its own shares using an Employee Share Ownership Trust (ESOT) to satisfy entitlements under the Group's long-term incentive plan. The cost of the shares held by the ESOT is deducted from retained earnings. The Group purchased 276,244 shares for a consideration of GBP2.9 million during the period (H1 FY2016: GBP2.1 million, FY2016: GBP2.2 million). As at 31 October 2016, the ESOT held a total of 300,375 ordinary shares (30 April 2016: 301,521 shares) at a cost of GBP2.8 million (30 April 2016: GBP2.5 million) and market value of GBP2.3 million (30 April 2016: GBP2.3 million).

17. Acquisition of subsidiary

On 12 November 2014, the Group acquired 100 per cent of the issued share capital of Aesica Holdco Limited, obtaining control of Aesica Holdco Limited ('Aesica'). The goodwill balance as at 31 October 2016 in relation to Aesica is GBP115.3m (FY 2016: GBP106.8m).

During the year ended 30 April 2016, the Group completed the initial accounting for the acquisition as disclosed in the 2016 annual report and accounts. Therefore, as set out in the table below, the 31 October 2015 comparative information has been adjusted retrospectively to amend the provisional fair values of the identifiable assets acquired and liabilities assumed as at the date of acquisition. The financial statements for the year ended 30 April 2016 included the same restatement to its 30 April 2015 comparatives.

Notes to the accounts (continued)

17. Acquisition of subsidiary (continued)

The fair values of the identifiable assets acquired and liabilities assumed as at the date of acquisition were as set out in the table below:

 
                                           Provisional fair values as   Restatement                           Restated 
                                                  previously reported                         Fair value recognised on 
                                                                                                           acquisition 
                                                               GBP000        GBP000                             GBP000 
----------------------------------  ---------------------------------  ------------  --------------------------------- 
 Assets 
 Property, plant and equipment                                 71,312       (5,713)                             65,599 
 Cash and cash equivalents                                      6,221             -                              6,221 
 Trade receivables                                             33,307       (1,288)                             32,019 
 Inventory                                                     26,930            41                             26,971 
 Identified intangible assets                                  82,299             -                             82,299 
 Other intangible assets                                          410             -                                410 
 Current tax                                                    1,765       (1,578)                                187 
 Other receivables                                              3,550          (38)                              3,512 
----------------------------------  ---------------------------------  ------------  --------------------------------- 
 Total identified assets                                      225,794       (8,576)                            217,218 
 
 Liabilities 
 Trade and other payables                                    (24,377)             -                           (24,377) 
 Accruals, deferred income , 
  provisions and other payables                              (46,079)       (1,022)                           (47,101) 
 Deferred tax liability                                      (29,812)         4,029                           (25,783) 
----------------------------------  ---------------------------------  ------------  --------------------------------- 
 Total identified liabilities                               (100,268)         3,007                           (97,261) 
 
 Net identified assets                                        125,526       (5,569)                            119,957 
 Goodwill                                                     101,103         5,569                            106,672 
----------------------------------  ---------------------------------  ------------  --------------------------------- 
 Total consideration                                          226,629             -                            226,629 
----------------------------------  ---------------------------------  ------------  --------------------------------- 
 

The significant adjustments made to fair values were as follows:

-- Property, plant and equipment - decrease of GBP5.7m as a result of concluding a detailed review and valuation exercise

-- Trade receivables - decrease of GBP1.3m to increase provisions against old debtor balances and credit notes

-- Accruals, deferred income, provisions and other payables - decrease of GBP1.0m mainly as a result of new information obtained which reflects circumstances in existence at the acquisition date

   --      Current tax - decrease of GBP1.6m to record additional provisions 

-- Deferred tax - increase of GBP2.1m on the non-tax related opening balance sheet adjustments above

-- Deferred tax - since 31 October 2015, a deferred tax asset of GBP1.9m has been recognised as the amount of spend treated as qualifying for capital allowances has been reduced by customer contributions in Aesica which were received pre-acquisition. The impact of this change has been to decrease goodwill by the same amount.

The directors have not restated the income statement for the year ended 30 April 2015 for the effect of this restatement as it was not material.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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