Animalcare Group PLC Trading Update & Notice of Results (5463S)
July 09 2015 - 2:00AM
UK Regulatory
TIDMANCR
RNS Number : 5463S
Animalcare Group PLC
09 July 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 year ended 30(th) June 2015,
in advance of releasing its preliminary results on Wednesday 14(th)
October 2015.
Trading Update
The Board is pleased to report a solid trading performance for
the year ended 30(th) June 2015. Revenues across the Group were up
by 5.1% to GBP13.54m (2014: GBP12.88m) and underlying operating
profits are at least in line with market expectations.
Revenue from sales of the Licensed Veterinary Medicines group
was up 8.8% to GBP8.58m (2014: GBP7.88m) which includes encouraging
sales of recently launched new products.
The Companion Animal Identification group revenues fell by 4.5%
to GBP2.31m (2014: GBP2.42m), largely due to phasing of export
equine chip sales where a substantial annual order was placed very
late in the prior year. Whilst UK sales volumes were slightly up,
net revenues were held back as a result of a national charity's
free microchipping campaign. Sales from the database services
continued to rise in the year.
Sales from the Animal Welfare Products group rose by 2.6% to
GBP2.65m (2014: GBP2.58m) with further improvement in gross
profitability following the rationalisation of lower margin
products in the prior year.
Overall underlying operating profit for the full year are at
least GBP3.0m. The year-end cash position was GBP5.78m (30(th) June
2014: GBP3.81m). Continuing from the half year position, operating
cash flows have been strong driven in particular by managed
reduction in stock levels. Planned investment in our product
pipeline in the year increased significantly on the prior year.
Investment in the product development pipeline over the last two
years is bearing fruit; three projects have reached important
milestones in the second half and were submitted for regulatory
approval.
Summary and Outlook
During the full year Animalcare launched five new products in
the UK & Ireland, all on distribution. Pet Remedy was launched
in the first half with sales above management expectations.
Synthadon and Anaestamine were launched mid-way through the second
half; both complement our increasing anaesthetics and analgesic
ranges and are already selling strongly. Towards the end of the
half Clavubactin and Fungiconazole were launched; the former is an
antibacterial and the latter an antifungal medicine.
There is little evidence that dog owners are responding to the
imminent compulsory chipping of dogs in England, Wales and Scotland
(April 2016). However Animalcare has plans to grow microchip sales
in the run up to this legislation and importantly the longer
term.
The product development pipeline is progressing well with a
further significant rise in capital expenditure forecast for the
new financial year building on the increase in this reporting
period.
Following the solid trading performance in the year,
particularly from the Licensed Veterinary Medicines group, the
Board remains confident about the prospects for the new financial
year and is encouraged by the gaining momentum in the product
development pipeline.
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 of generic 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; anaesthetics & analgesics, Aqupharm
intravenous fluids, antibacterials 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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