Consort Medical warns profits will be hit by explosion at plant

Medical device manufacturer Consort Medical has announced that its profits would be hit by a small explosion at a facility in Northumberland.

The incident, involving the “expulsion” of a chemical which contaminated the Aesica Cramlington API facility, is expected to cause profits to fall by up to £5m this year.

“A small area of the operating plant was damaged by the rapid thermal degradation of a chemical,” Consort said in a statement on Monday. The company did not confirm when the incident took place, but analysts at RBC suspect it took place this month.

Shares fell 6 per cent to 788p in early Monday trading following the company’s announcement.

There were no injuries, and Consort is currently investigating the cause of the incident and has suspended related manufacturing processes.

RBC downgraded revenue forecasts for the division by 4 per cent to £300m for 2020.

Consort Medical produces inhalation and injection devices, as well as a flubiprofen, an anti-inflammatory drug in powder form.