Animalcare Group PLC Trading Update & Notice of Results (0699C)
January 14 2015 - 2:00AM
UK Regulatory
TIDMANCR
RNS Number : 0699C
Animalcare Group PLC
14 January 2015
Animalcare Group plc
("Animalcare" or the "Group")
Trading Update & Notice of Results
Animalcare, a leading supplier of veterinary medicines, provides
the following trading update for the six months ended 31(st)
December 2014, in advance of releasing its interim results on
Tuesday 24(th) February 2015.
Trading Update
The Board is pleased to report a solid trading performance for
the period ended 31(st) December 2014. Revenues across the Group
were up by approximately 7.2% to GBP6.93m (2013: GBP6.46m).
Revenue from sales of Licensed Veterinary Medicines was up 10.6%
to GBP4.40m (2013: GBP3.98m). This increase includes planned
organic growth and a non-recurring benefit from sales of Buprecare
as a result of supply problems of a competitor product balanced by
lower than expected sales of some older, lower margin
pharmaceuticals.
Sales in the Companion Animal Identification group continued to
perform well, increasing by 5.0% to GBP1.26m (2013: GBP1.20m)
versus prior period. Microchip revenues were up in the period and
other products and services in this group also performed well
following further marketing investment in this area.
Revenues from the Animal Welfare group fell by 1.2% to GBP1.27m
(2013: GBP1.29m) but, as observed in the previous financial year,
with a moderate increase in gross profitability following the
rationalisation of the less profitable products.
Operating cash flows have benefited from the planned reduction
in stock levels, which will remain a focus area during the second
half of the financial year. This, together with lower than planned
investment in our product pipeline in the first half, have
contributed to a higher than expected cash position of
approximately GBP5.00m (30(th) June 2014: GBP3.81m, 31(st) December
2013: GBP3.75m).
Summary and Outlook
During the period Animalcare started the distribution of Pet
Remedy in the UK and Ireland. Pet Remedy is a natural de-stressing
and calming product for use with several companion animal species,
crucially with the support of clinical studies.
The sales and marketing teams are planning the UK launch of
three pharmaceutical products on behalf of a European partner in
the second half and these are expected to make a small contribution
to revenue in the current financial year with greater impact in the
next year.
The product development pipeline activities are progressing well
with expenditure weighted to the second half.
Compulsory microchipping for dogs in Wales has been delayed from
March 2015 to a date still to be confirmed. Preparations are well
underway for the Animalcare pet and owner database to be ready on
the DEFRA timetable. Engagement by dog owners in preparation for
the deadline in England in April 2016 has been slow but as this
gathers momentum Animalcare is well placed to benefit.
Following the solid trading performance in the first half,
particularly across the Licensed Veterinary Medicines and Companion
Animal Identification product groups, the Board remains confident
about the prospects and outcome for the full year.
For further information, please contact:
Animalcare Group plc Tel: 01904 487 687
Iain Menneer, Chief Executive Officer
Chris Brewster, Chief Financial
Officer
Panmure Gordon (Nominated Adviser and Broker)
Freddy Crossley/Peter Steel Tel: 020 7886 2500
Walbrook PR Ltd Tel: 020 7933 8780 or animalcare@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
Notes to editors
Animalcare is a leading veterinary sales and marketing company
based in York with 57 employees including a field sales force of 14
representatives selling to all veterinary practices around the
United Kingdom.
Animalcare has developed a range ofgeneric veterinary medicines
and animal identification products primarily to companion animal
veterinary markets.
Animalcare operates in three product areas:
-- Licensed Veterinary Medicines- a range of branded veterinary
licensed pharmaceuticals sold to veterinary professionals in the UK
and selected markets in Northern Europe. The range can be divided
into four main categories; antibacterials, anaesthetics &
analgesics, Aqupharm intravenous fluids and vitamins &
speciality pharmaceuticals.
-- Companion Animal Identification - Identichip is the
pioneering microchip identification system in the UK. Animalcare
also owns and operates the Anibase database; together the market
leader in electronic identification for pets in the UK.
-- Animal Welfare Products - a range used by veterinary
professionals in the diagnosis and care of their patients, for
example intravenous infusion accessories, ophthalmic instruments,
hygiene solutions and bandages and dressings.
This information is provided by RNS
The company news service from the London Stock Exchange
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