Following the strategic review of the Medication Adherence division announced with the finals on 3 May, the group has sold Biodose Services, the largest business within this division. Quantum will now be focussed entirely on the higher margin Specials and Niche Pharma divisions which increases the group’s quality of earnings, continues its move under the new management team towards a simpler, leaner business strategy and positions Quantum as a pure pharma group. We strip the Biodose Services modest contribution from our numbers, but this is largely offset for FY18 & FY19 by an upgrade to the Niche division as a result of today’s positive trading commentary. Going forward we think the recent re-rating of the company, which is moving steadily from turnaround to growth, should continue, assuming further positive underlying momentum at the update scheduled for 9 August.
