Product launches help drive revenue rise at listed animal health group
International animal health business, Animalcare Group, says its revenues grew to around £74m, up about 5% on the prior year, in the 12 months ended 31 December 2021.
In a trading update this morning, the York-headquartered company explains its strong full year trading performance was driven by increased companion animals demand and growth from new products.
And it notes its earnings are anticipated to be in line with previously upgraded market expectations.
Revenue growth was weighted towards the first half as a result of “exceptional” veterinary demand in quarter one and markets returning to more normal levels through the course of the financial year.
Revenues also benefited from growth in new company products including Daxocox, which was launched as a treatment for osteoarthritis-related pain in dogs in 2021.
Animalcare adds that very strong cash conversion drove further balance sheet improvement with net debt reduced to approximately £5.3m at year end.
Jenny Winter, chief executive officer, said: “The continuing evolution of our product portfolio and the successful launch of Daxocox were important contributors to the Group’s very positive trading performance in 2021.
“Looking to the future, the further strengthening of our balance sheet provides us with increased capacity to invest in our long-term growth strategy.”
The group’s full year results are due to be published on 29 March 2022.