25th Sep 2018 10:43
LONDON (Alliance News) - Animalcare Group PLC on Tuesday reported a rise in interim revenue, with the veterinary firm confident it can start increasing profitability.
Shares were 9.3% lower on Tuesday at a price of 195.00 pence each.
Last July, Animalcare finalised the reverse takeover of Ecuphar NV, and it has presented pro forma results, which includes both companies, to assess like-for-like performance.
Proforma revenue increased 6.4% at actual exchange rates, and 4.8% at constant currency, to GBP47.8 million for the six months to June.
Animalcare's proforma underlying earnings before interest, tax, depreciation and amortisation rose 5.1% to GBP6.3 million, which it said reflects a focus on its gross margin and cost controls.
The company is paying a 2.0 pence interim dividend.
Animalcare has made "good" progress during the period in integrating operations as well as improving profit, it said, with results meeting its own expectations.
By product, Companion Animals statutory revenue increased 70% at actual currency rates to GBP23.6 million due to the Animalcare acquisition, while Production Animals revenue fell 1.3% at actual exchange rates to GBP8.9 million and Equine & Other increased 24% to GBP2.9 million.
Looking ahead, Animalcare said Brexit will have an as-yet unclear impact on the company. It expects continued revenue and profit growth in the second half of 2018, while it will continue the integration of Animalcare and Ecuphar.
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