14th Jul 2025 12:17
(Alliance News) - Eco Animal Health Group PLC on Monday said profit grew by a third during its most financial year, after a "strong" second half and as costs declined.
Shares in Eco Animal Health were up 9.6% at 62.45 pence in London on Monday afternoon. The stock remains down 50% over the past year.
The London-based biotechnology firm said pretax profit was GBP4.0 million in the year that ended March 31, rising 33% from GBP3.0 million the year before.
This was driven by administrative expenses reducing by 2.4% to GBP28.7 million from GBP29.4 million, research & development costs being 4.8% lower at GBP4.0 million against GBP4.2 million, and finance costs decreasing 41% to GBP452,000 from GBP764,000.
It was also in part due to disposals of non-core assets, the firm added.
Revenue, on the other hand, sank 11% to GBP79.6 million from GBP89.4 million. Within this, though, the North America market grew by 18% at constant exchange rates, Eco Animal Health noted.
Markets in South and South East Asia were also lower, down 30%, due to the loss of a "major customer" in Thailand. The company said it saw "good growth", however, in Bangladesh, the Philippines and Pakistan, "as we continue to expand our sales to new geographies".
"We are pleased to report another robust financial year for Eco Animal Health, with favourable pricing, geographic mix and disciplined cost control driving an improvement in gross margin and continued cash generation. We've achieved this despite unusually challenging trading and market conditions, including lower disease incidence in some regions, currency headwinds and macroeconomic and political uncertainty," said Chief Executive Officer David Hallas.
"Eco is focused on advancing its R&D pipeline and the Company has continued to make targeted investment to position this as the engine of future growth. We are delighted to have submitted the dossier for Mycoplasma poultry vaccine Ecovaxxin MS, with further submissions expected in the next 12 months. This lays the foundations for multiple planned vaccine launches from 2026 onwards, which we believe will underpin the next phase of growth from our pipeline, and we look forward to updating the market on progress."
By Emily Parsons, Alliance News reporter
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