Bespak: a breath of fresh air

Article Abstract:

Bespak is a UK specialist in drug delivery systems and the company performed poorly in 1994 with write-offs and provisions amounting to 20 million pounds sterling. The company's performance looks set to improve in 1995 with an exclusive contract with Glaxo for inhaler valves. Tenax, a Bespak subsidiary in the US, is rebuilding its market and reducing dependence on US Surgical, its main customer which is losing market share. Tenax should achieve a profit for 1995 following a loss in 1994, and Bespak could achieve a profit of 10 million pounds sterling by 1997.

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Bespak

Article Abstract:

Bespak has had to make provisions for royalties to ML Laboratories and losses to be realised when Medix is disposed of. Medix was acquired in 1993 for 1.8 million pounds sterling and produces medical equipment. Profits after provisions fell by 11% in 1994-1995. Bespak's UK operations appear sound and the company should benefit from an exclusive agreement to supply Glaxo with inhaler valves. There is more of a challenge with the US business. The company's shares are recommended for investors in Jul 1995.

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Grafting away for a higher growth rate

Article Abstract:

Smith and Nephew plans a stock market listing in the US and is to place more emphasis on its brand name in order to expand in that country. The company has launched an artificial skin product called Dermagraft which will initially be used for diabetic ulcers and can later be used to develop cartilage and human tissue. The company is not likely to expand greatly without carrying out acquisitions until the new product pushes up revenues. Public health budget cuts may affect sales of Dermagraft.

Surgical appliances and supplies, Smith and Nephew Associated Companies PLC

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