2nd Jul 2018 09:03
LONDON (Alliance News) - ECO Animal Health Group PLC on Monday posted a marginally increased annual profit due to strong growth in its Chinese subsidiary and contributions from its US operation.
In its financial year ended March 31 the company, which develops pharmaceutical products for use in animals, recorded a pretax profit of GBP13.9 million, up from GBP13.5 million the year before.
In its most recent year, the company's Zhejiang ECO Biok Animal Health Products Ltd subsidiary contributed GBP4.8 million to ECO's profit. This compares with GBP2.9 million the previous year.
The company's US business, ECO Animal Health USA Corp, made a GBP122,000 profit - almost three times its GBP42,000 previous profit.
The UK based company said its revenue was GBP67.2 million, up from GBP61.4 million, which it said was the result of its focus on non-generic products with higher margins.
ECO's full year dividend will be 30% higher at 9.2 pence from 7.1p. Moving forward, the company intends to focus on acquiring more drugs to market and develop.
"As the global animal health industry continues to consolidate, we are actively seeking to acquire drugs that fit comfortably in our portfolio and serve our specialised markets," said ECO Animal Health Chairman Peter Lawrence
"ECO's sound balance sheet and consistent cash generation place the company in a strong position to take advantage of any opportunity that may arise," he added.
Shares in ECO Animal Health were down 0.4% at 533.10 pence on Monday.
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