24th Sep 2019 11:22
(Alliance News) - Animalcare Group PLC on Tuesday reported a half of "strong progress", with the outlook for 2019 as a whole remaining confident.
Revenue for the six months to June was flat at GBP36.1 million, though the company has swung to a pretax loss of GBP1.8 million from a GBP1.2 million profit year-on-year.
Animalcare's profit was hurt by restructuring costs, as well as higher impairments and amortisation.
Animalcare has kept the interim dividend flat on the year before at 2.0 pence per share.
The core Companion Animals segment registered a 0.3% decline in revenue to GBP23.7 million, hampered by supply issues. Production Animals revenue dipped 0.4% to GBP9.3 million, but Equine & Other was up 5.6% to GBP3.1 million.
Chief Executive Jenny Winter said: "Over the last six months we have made strong progress in delivering our five-pillar strategy to create a more focused and effective organisation to capitalise on growth in the animal health market.
"Optimising our product portfolio and rebuilding the pipeline has been a key focus and I am pleased to report on the recently signed agreements, including the first product to be marketed in all seven of our territories."
"Our cash conversion is on track to deliver an improvement on the prior year, which underpins our capacity to invest in short and longer-term growth opportunities and to deliver sustainable, profitable growth. We remain confident of delivering on market expectations for the current financial year," she continued.
Shares were 4.8% higher on Tuesday morning at a price of 140.44p each.
By George Collard; [email protected]
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