Pipeline and margin momentum

Consort Medical’s H117 interims evidenced underlying earnings growth, ongoing margin expansion and increased diversity in the business and customer base. At Bespak significant contract wins and recent and potential near-term launches support longer-term growth. Increased capacity utilisation and the serialisation opportunity could drive Aesica operating margin towards the double-digit target. M&A could supplement Consort’s existing product, competency or geographic capabilities. Nevertheless, organic growth is supported by a growing pipeline, with 16 disclosed Bespak projects and an ‘Innovation funnel’ of 11 early-stage development/feasibility projects.