Animal health group is confident in its long-term growth strategy
York-headquartered animal health business, Animalcare Group, has reported revenue growth in a trading update for the six months ended 30 June 2024 .
The group’s balance sheet saw “transformational” change through the period following the sale of Identicare and its minority equity stake in STEM Animal Health Inc.
The business has reported robust trading in the first half with revenue from continuing operations, excluding Identicare, of about £36.9m (H1 2023: £35.2m).
And Animalcare expects underlying EBITDA from continuing operations to be at least in line with H1 2023 (£6.5m).
Jenny Winter, chief executive officer, said: ”I am very pleased to report a positive first half performance update following strong revenue growth in our operations, notably in our Production Animals and Equine segments, and improved levels of cash conversion.
“We remain confident in our long-term growth strategy and are focused on using our strong financial position in pursuit of value-creating opportunities through M&A, licensing and partnerships to accelerate growth in the future and deliver long-term value creation for shareholders.
“Over the period, we have identified an increasing number of prospects with the potential to grow our business.”
The group’s net cash balances as of 30 June 2024 were £32.9m (31 December 2023: £1.7m), which it says provides it with the platform and funding headroom to accelerate investment and future growth.
The company expects to publish its half one 2024 interim results on 24 September 2024.
