Tails wagging as animal health business continues growth

Jenny Winter
X The Business Desk

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Listed animal health business, Animalcare Group has seen double digit growth in both revenue in the first six months to 30 June.

In its half year results the York-based company noted that revenue was up to £39.1m (H1 2020: £34,5m) for the period with sales growth particularly strong within its companion animals division. This increased also marked a growth on the group’s pre-pandemic figures where in H1 2019 revenue was £36.1m.

The increased revenues also coupled with saw EBITDA bounce back ahead of pre-pandemic levels to £8.5m (2020: £6.6m and 2019: £6.8m)

Jenny Winter, chief executive at Animalcare said: “We delivered a very strong set of results for the first six months supported by growing demand in our Companion Animals segment. Increased revenues and profit fed through to improvements in our balance sheet, further strengthening the Group’s capacity to pursue value-creating opportunities that align with our growth strategy. Encouraged by the trading momentum carried into the third quarter we are confident that profit performance will be ahead of current market expectations for the full year.

During the period the business has also started the launch activities for Daxocox – a differentiated canine pain treatment – following approval by EU and UK authorities. The business is now focusing on the sales and marketing of this product alongside geographic expansion.

Winter added: “Animalcare achieved a major milestone for our development pipeline in the first half with Daxocox receiving marketing approval across EU markets and in the UK. We are now in the early launch phase and have committed to increase investment as we maximise the potential of this differentiated new pain treatment over the coming years.

“The positive trading results and the strategic progress made in the first half are a credit to the commitment, focus and agility of our employees across the Group.”

Jan Boone, chairman at Animalcare added that the outlook remains positive stating: “While we still anticipate growth in revenue and underlying EBITDA will be weighted towards the first half of 2021, the level of market demand we have seen during the third quarter gives us the confidence that underlying EBITDA and underlying basic EPS will exceed current market expectations for the full year.”