2005, a pivotal year for Axis-Shield, with strong growth and profitability

I believe from previous trading statments that the 10% refers to revenues on a constant currency basis, and that the true revenue figure will be around 12-13% giving 2nd half revenues of approx £30m.

After the interims I highlighted the fact that traditionally the 2nd half shows lower revenue than the 1st half....but got persuaded that growth was likely to overcome this historical fact. It probably has, with £29.2m + £30m = £59.2m. Still, I was expecting revenue to break £60m, so a little disappointing.

My guess is that revenue is the 2nd half covers the Summer holiday period and therefore slows. As a long standing healthcare professional, the slowdown in productivity in the Summer can be dramatic with the Autumn and Spring very busy.

More later...its my day off..Xmas shopping awaits.

Ian