18th Apr 2018 12:38
LONDON (Alliance News) - Shares in Animalcare Group PLC slumped Wednesday as the company said 2018 earnings will be below market expectations, though above 2017, due to competitive pressures and impact of changing sales mix on gross margins.
Shares in the company were down 21% at 211.50 pence in morning trade.
The veterinary sales, marketing, and product development company expects to deliver further growth in 2018 in underlying earnings before interest, taxes, depreciation and amortisation, underlying net earnings, and earnings per share against 2017 results, maintaining at least double digit growth.
For 2017, the company expects revenue to increase year-on-year by 9.5% to GBP91.9 million, slightly ahead of management expectations, and earnings broadly in line with expectations.
"As a board we are focussed on building long term shareholder value through continued strong cash generation, which enables us to invest in further growth via new product development, as well as maintaining our current dividend policy," said Chief Executive Chris Cardon.
"We remain confident of the strategic rationale of a leading Pan-European animal-health business and the long-term share value that will come with it," he added.
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