Amersham and LSE bury hatchet

AMERSHAM chief executive Sir William Castell has resolved his differences with the London Stock Exchange following a series of meetings with its chairman Don Cruickshank.

He criticised the LSE earlier this year for being less aggressive than the New York Stock Exchange and Nasdaq in marketing the healthcare group's shares.

He said today that he was 'much happier' about the LSE's role following his meetings with Cruickshank. 'Not only that, but they serve better breakfasts in London,' he added.

Castell said that sales of Amersham's healthcare equipment increased by 7% to £812m in the six months to June, even though markets in Japan had been affected by government spending cutbacks. The Japanese market has become difficult for all biotech companies because of its longliving population and government attempts to cut back on soaring healthcare spending.

Amersham's pre-tax profits rose by 15% to £159m at the interim stage. 'With this positive momentum, we are on track to meet our targets for the full year,' Castell said.

Earnings from a series of acquisitions the company has made in the past few months, including full control of Amersham Biosciences in which it previously had a 55% stake, will kick in by the year-end. The shares added 12 1/2p to 515 1/2p.