20th Jan 2016 09:18
LONDON (Alliance News) - Veterinary medicines supplier Animalcare Group PLC on Wednesday said its revenue edged higher in the first half as its medicines business increased sales sufficiently to offset a more competitive animal microchipping market.
Animalcare said revenue for the half to the end of December was GBP7.1 million, up from GBP6.9 million a year earlier.
Licensed veterinary medicines revenue rose to GBP4.6 million from GBP4.4 million, with good growth from products launched in the second half of its 2015 financial year. Animal welfare products revenue also increased, up 5.0% to GBP1.3 million, boosted by Animalcare's infusion accessories range.
This offset a fall in revenue, down 5.2% to GBP1.2 million, for the company's animal microchipping business, which is contending with a tougher market ahead of the practice becoming compulsory in England, Wales and Scotland in April.
Animalcare said it remains confident on its prospects for the full year, particularly for its veterinary medicines and animal welfare products units, and said it will be focused on ensuring it capitalises on the opportunities in the microchipping sector.
Shares in the company were down 3.1% to 213.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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