Consort Medical's (CSRT) £105m disposal of King Systems last year sent nervous ripples through the investment community. The decision to focus on e-cigarettes was risky, especially as regulation around the emerging products is still developing a year on.
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That said, pre-tax profits rose 18 per cent at the time of the interim results in December and the debt pile was transformed into a healthy cash balance of £31m. To top it off, the FDA approved the development programme for the INJ300 migraine therapy in February, meaning a new product launch looks set for the first half of 2014.
