Company profile: Axis-Shield

Diagnostic specialist Axis-Shield is developing new tests after lifting interim pre-tax profits 125 per cent to £3.6 million.


Diagnostic specialist Axis-Shield is developing new tests after lifting interim pre-tax profits 125 per cent to £3.6 million.

Diagnostic specialist Axis-Shield is developing new tests after lifting interim pre-tax profits 125 per cent to £3.6 million.

The Dundee-based company, which makes diagnostic kits for use at the ‘point of care’ in doctors’ surgeries, increased turnover 18.5 per cent to £50.6 million, helped by currency movements on the overwhelming majority of its sales which are overseas. Sales of Afinion, a relatively new product which can test for different illnesses on the same machine and deliver a diabetes result in three minutes, surged 93.4 per cent to £7.2 million, while the older NycoCard, still widely distributed in China, India, Mexico and other markets, increased sales 9.2 per cent to £12.3 million.

Axis-Shield, the product of an Anglo-Norwegian merger and listed on the London Stock Exchange and in Oslo, grew revenues 23 per cent to £12.8 million at its laboratory division, which devises new tests and conducts them for US group Abbott Laboratories and other corporate customers. Third party distribution revenues rose 5 per cent to £15.6 million.

The Norwegian state pension fund is the biggest single shareholder in Axis-Shield, which had 2,500 Afinion systems installed at the end of June and targets 6,000 by the end of the year, half in the USA. The company is developing a new cardiovascular risk marker application for Afinion and has obtained the rights to a new proprietary test for diagnosing sepsis, an inflammatory response to infection, which chief executive officer Ian Gilham says will be introduced in 2011.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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