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ESN cuts Arseus to "accumulate".

(ADPnews) - Aug 24, 2009 - ESN Analyser lowered its recommendation on Belgian health products wholesaler Arseus NV (EBR:RCUS) to "accumulate" from "buy".

Although the company's first-half results were largely in line with the expectations, the company's capital management continues to raise concerns.

Arseus has currently insufficient financial resources to keep its inventories intact. As a result, the company is threatened to lose its big market share in the domestic wheel chair sector.

Arseus announced Friday a net profit of EUR 9.4 million (USD 13.4m) for the first half of 2009, down 5.1% in annual terms, chiefly due to one-off write-downs.

At 1205 CET on Monday Arseus was up 1.03% to EUR 7.84 in Brussels.

(EUR 1.0 = USD 1.429)

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Publication:ADP News Belgium
Date:Aug 24, 2009
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