Financial Highlights
Reported revenues up 27.8% to GBP85.3 million (2007: GBP66.7 million); constant currency revenue growth of 14.3%
Point-of-care (PoC) Division revenues up 37.4% to GBP34.3 million (2007: GBP25.0 million)
Underlying profit before tax (before exceptional items, unrealised foreign currency losses and amortisation of acquired intangibles) up 68.0% to GBP4.5 million (2007: GBP2.7 million)
Underlying EPS up 18.8% to 6.52p (2007: 5.49p)
R&D expenditure GBP8.3 million before exceptional items (2007: GBP7.8 million)
Net indebtedness of GBP7.5 million at period end (2007: net cash GBP0.8 million); cash of GBP9.4 million (2007: GBP12.2m)
Statutory Highlights
Statutory profit for the year after tax of GBP4.5 million (2007: GBP2.0 million); statutory loss on ordinary activities before taxation of GBP4.3 million (2007: GBP2.0 million profit)
Basic EPS of 9.12p (2007: 4.09p)
Operating Highlights
Strong performances across all three divisions
Afinion making significant impact in PoC market, with 4,000 placement target achieved
Manufacturing scale-up and move to new Oslo site on time and budget
US distribution agreement with Abbott and PSS extended until 2011
Substantial sales growth from NycoCard and AxSYM xtra
Homocysteine litigation settled and revenues stabilised
Homocysteine and anti-CCP tests launched on Abbott’s ARCHITECT® system – Active-B12 test in development
All new product development proceeding as planned, including Afinion™ lipid test panel for cholesterol management
German PoC distribution operation acquired (March 2009) and new company Axis-Shield GmbH now established in Heidelberg
Commenting on the results, Nigel Keen, chairman of Axis-Shield said: “2008 has marked a period of solid growth for Axis-Shield despite the adverse economic conditions and the large fluctuations in the value of the currencies in which we operate. The Company’s innovative products in both the Point-of-Care (Afinion™) and Laboratory Divisions (AxSYM xtra) achieved significant market penetration and Afinion™ in particular has led to increasing recognition of Axis-Shield’s expertise in meeting market needs in near-patient testing.
“The diagnostics markets in which we operate remain relatively unaffected by the global economic downturn and we are confident that our broad trading base will enable us to generate significant revenue and profit growth during 2009, assuming no further major adverse currency movements. In addition to continuing the roll-out of our commercialisation strategy, we will also explore other avenues for expansion through the development of new markers and through synergistic acquisitions.”