- Drug and delivery device company Consort Medical cut profit expectations Tuesday, citing a significant decline in near-term demand for the company's devices amid delays in the expected approval date for Mylan's inhaler to treat lung disease.

'Due to the delay with Mylan in their Wixela programme, the Board expects profit before tax for the current financial year to be adversely impacted by approximately £3m as compared to their previous forecast,' Consort Medical said.

'Whilst the delay in approval of this programme and near-term anticipated negative impact on our business is disappointing, our view of the peak sales opportunity for the product remains unchanged.'

The subdued outlook on profits came as the company reported improved first-half profits despite flat revenues.

For the six months ended 31 October, pre-tax profit rose 6.1% to £19.0m and revenue fell by 0.8% to £152.5m.

The company proposed an interim dividend increase of 7.60p, up 2.2% on last year.

'Consort has delivered profit growth and improved margins in both divisions. Bespak has grown its respiratory business while Aesica margins and profits have improved. We are committed to driving continued growth in the business,' said Jonathan Glenn, Chief Executive Officer of Consort Medical.

'Our growth strategy focussing on organic opportunities continues to deliver, as evidenced by the recently announced joint commercial agreement with Opiant on the Unidose Xtra nasal device. We remain committed to investing in our research and development capabilities and have a growing and exciting pipeline that we are confident will drive strong long-term growth.'

At 10:02am: [LON:CRST] Crest Nicholson Holdings Plc share price was -4.1p at 337.1p

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