Back in November 2014 medical devices group Consort Medical (CSRT) acquired drug manufacturer Aesica, and finally the benefits have started to show up in the numbers. Aesica contributed £160m of revenue in the year and cash profits of £17.9m. With sales from the original Bespak business also up 11 per cent and margin improvements across the business, group underlying operating profits were boosted 48 per cent at constant currencies.
The acquisition has also expanded Consort’s product and service offering, and in February the group entered into a manufacturing agreement to develop its first combination drug and device product with eye treatment specialist Precision Ocular. Consort also took a 12.2 per cent stake in Precision Ocular in the period - a possible hint at more acquisition plans.