Bespak reports positive 1H 2006
profit figures the first half period, identifying three areas of
prosperity, which could spell future growth within established
markets and opportunities worldwide.
The company pointed to three key issues, which would affect future performance, one of which was the preference for companies, particularly in the US to use environmentally-friendly HFA gas valves rather than those using CFC propellants.
In addition, the report mentioned that the approval of Exubera, an inhalable dry powder form of insulin, would boost sales of its new delivery device currently under production.
Bespak lastly identified the acquisition of King Systems Corporation, a US maker of anaesthesia masks, breathing circuits and laryngeal tubes.
"King complements our activities and would be a platform for future acquisitions in a large and fragmented market for such products in the UK and US," commented Bespak.
The company recorded overall profits of £5.8 million (€8.5 million) in the six months to October 29, a 3 per cent increase over 2005's figure. Revenue also increased by 6 per cent to £41.2m.
Bespak reported that the transfer of work from its North Carolina factory, which was closed in September, to King's Lynn in the UK and the company's other plant in Milton Keynes, had been completed on time and under budget.
One of the key technologies that was previously made in the US and has now switched to the UK is a large valve made for healthcare products company Baxter for delivering one of its anaesthesia agents.
Chief executive Mark Throdahl said the Lynn plant had also made a successful start on manufacturing rubber seals, which are a key component of its valves.
Besapk's Device & Manufacturing Services (DMS) business, which provides a range of device-related services to pharmaceutical and drug delivery companies reported a sales increase of 2 per cent to £16.5m (2004: £16.2m), including the inventory build by US customers in anticipation of the Cary plant's closing.
DMS also benefited from growing sales of Innovata's ClickHaler, under license to UCB, Merck Generics in Europe and Otsuka in Japan.
The Group is also developing the manufacturing process for Duohaler, which is Innovata's next generation device for combination therapies.
In conjunction with Nektar Therapeutics, Bespak is developing the manufacturing process for the inhaler device that will deliver the world's first inhaled insulin, Exubera.
Nektar is collaborating with Pfizer to develop the inhalation device and formulation process for Exubera.
