Healthy performance from Animalcare as growth plan pays off
VETERINARY products group Animalcare has reported a solid set of full year results which its chief executive said shows “good overall growth.”
The York-based group, which is made up of three product groups – licensed veterinary medicines, companion animal identification and animal welfare products – delivered record sales in the year to June, up 6.3% to £12.9m, continuing its track record of top line growth.
The group said the result has been achieved against a “backdrop of a veterinary market that is very slowly responding to the strengthening economy” and driven by increasing its market share in the licensed veterinary medicines market and continuing growth in the animal identification market.
This performance resulted in pre tax profits increasing by 14.7% from £2.3m to £2.7m while basic earnings per share increased from 9.1 pence per share to 10.3 pence per share, or 13.2%. Year end cash increased by £0.1m to £3.8m, with the decision taken during the year to increase stock levels of certain licensed veterinary medicines with long lead times.
Three new products were launched in the period while the group said it continued to invest in infrastructure and its senior management team to drive future growth.
Iain Menneer, chief executive of Animalcare, said: “These are a solid set of results which show good overall growth. It is pleasing that with our strong cash position we will be able to fund our investment programme while maintaining the dividend policy. Our investment in infrastructure and people, as well as our pipeline of enhanced generic products, provides a strong platform for a business that is already debt free and cash generative, and hence is well positioned for future growth.”
Chairman James Lambert added: “Your board, I believe, has totally repositioned Animalcare over the past year or so to allow the use of the company’s cash to rapidly grow the business organically from 2016 onwards.
“We are working to develop a high quality, experienced senior management team to deliver this growth plan.”
Animalcare is based in York with 57 employees including a field sales force of 16 representatives selling to all veterinary practices around the UK.
