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Axis-Shield (LON:ASD) report :Interim results

August 25, 2010, Wednesday, 16:41 GMT | 11:41 EST | 21:11 IST | 23:41 SGT
Contributed by Daniel Stewart & Company


By Daniel Stewart & Co

 

- Axis-Shield today announced its interim results for the six months ended 30 June 2010.


- Revenues increased 2.8% to ?50.9m.


- Underlying EBITDA was ?6.3m, down from ?6.9M in H1-09


- Although the company is on track to meet our undemanding full year ?13.0m underlying EBITDA target, we see no visibility on H2 sales


- The group experienced slower sales of CRP tests, its single biggest revenue generator, as a result of a weak Influenza season—revealing the company’s over-exposure to a single product range.


- Our DCF model indicates a target price of 225p