Animalcare Group reports revenue growth following acquisitive year
Biotech Animalcare Group has reported a rise in revenues for the first half of the year as it aims to “become a leading pan-European animal health company.”
The York-based group, which develops and sells of veterinary products in the companion animal, production animal and equine markets, delivered pro-forma revenue growth of 6.4% to £47.8m for the period ending 30 June (2017: £44.9m).
Underlying EBITDA also increased by 5.1% to £6.3m (2017: £6m), which the company said demonstrates the “progress in improving the translation of revenue growth through to profit through both focus on gross margin and cost control.”
On a statutory basis, revenue in the firm’s Pharmaceuticals segment increased by 40.1% to £35.3m (2017: £25.2m). This was driven by growth in the Ecuphar business, which was acquired for £134m last summer.
Going forward, Animalcare recently completed the sale of its wholesaling company, Medini NV, Animalcare’s wholesaling company, to Vetdis Holding for £2.65m.
The group also strengthened its management team with appointment of Jenny Winter as Chief Executive Officer.
Jan Boone, Chairman of Animalcare Group plc, said: “Our focus is to become a leading pan-European animal health company and delivering maximum future value for our shareholders. Over the first half we have made good progress in line with this as well as improving the overall profitability of the Group.
“The sale of our Wholesale Division was an important further step in the process and underlines our strategy to concentrate resources on our higher-margin veterinary pharmaceuticals business, which we believe will continue to be the main driver growth in the business.
“This is an exciting time for Animalcare and we look forward to working with Jenny, our newly appointed CEO and presenting a further update on the Group’s integration and growth strategy in due course.”
