York-based Animalcare group said its \u00a362m acquisition of equine veterinary business Randlab has boosted revenue as it reports a bumper first half.<\/p>\n
Animalcare, which completed the deal in January, said sales in the six months to June 30 were up 18.5% to \u00a343.8m, with Randlab contributing \u00a36.4m of revenue in the period, delivering strong like-for-like organic growth of around 14%.<\/p>\n
The group said underlying H1 EBITDA is expected to come in at around \u00a39.2m, 40% ahead of \u00a36.6m in the previous half.<\/p>\n
Animalcare said its strategic rationale in building a leading franchise in the global equine market, provided confidence in accelerating investment in both the group’s domestic and export commercial footprint.<\/p>\n
Within its companion animals business, the group’s key products, Daxocox and Plaqtiv+, delivered another period of double-digit growth, up 39% and 30% respectively, benefitting from prior approvals in new territories.<\/p>\n
However, Animalcare warned that with around 80% to 85% of revenues generated outside the UK, the appreciation of Sterling has a negative currency translation effect on its results. The board expects this effect to continue in the second half of this financial year.<\/p>\n
Jenny Winter, chief executive officer of Animalcare, said: \u201cThe success of our strategic initiatives are now starting to flow through into our financial results, with the group delivering substantial revenue growth. Our newly acquired Australian equine business, Randlab, has performed strongly post-acquisition, and our key products, Plaqtiv+ and Daxocox, have continued to grow.<\/p>\n
\u201cWe continue to achieve new marketing authorisations across our product portfolio, providing the pathway to expanded market access in future periods. This, coupled with continued investment in our development pipeline, means we are increasingly well positioned to address the evolving demands of the growing global veterinary market.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The York-based company said its \u00a362m acquisition of equine veterinary business Randlab has boosted revenue <\/p>\n","protected":false},"author":271992,"featured_media":2091392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2141717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story"],"yoast_head":"\n