Animalcare Group PLC Trading update & Notice of Interim Results (0711M)
July 26 2017 - 2:00AM
UK Regulatory
TIDMANCR
RNS Number : 0711M
Animalcare Group PLC
26 July 2017
Animalcare Group plc
(the "Group" or the "Company")
Trading update & Notice of Interim Results
Animalcare Group plc (AIM: ANCR), a leading supplier of
veterinary medicines, provides a trading update for the six month
period ended 30(th) June 2017 ahead of publishing its second half
unaudited interim results on 26(th) September 2017. This follows
the Group's change of accounting reference date to 31(st) December
further to the successful acquisition of Ecuphar NV ("Ecuphar")
completed on 13(th) July 2017.
Following a very strong first half-year for the Group, the Board
is pleased to announce that trading for the 12 months ended 30(th)
June 2017 is in line with current market expectations.
Pre-Merger Trading Update
Total sales for the 12 months ended 30(th) June 2017 were up 8%
at GBP15.87m (2016: GBP14.70m) and underlying operating profits are
expected to increase by 11.8% to GBP3.57m (2016: GBP3.19m), in line
with market expectations.
Following the change of accounting reference date, trading
during the six month period to the 30(th) June 2017 has been in
line with the Board's expectations in both sales and profit terms,
which saw revenue growth of 4.1% versus the same period last year
to GBP7.90m (2016: GBP7.59m).
The Licensed Veterinary Medicines group continued to grow
strongly in the second half with revenues increasing 17.2% to
GBP5.46m (2016: GBP4.66m), principally driven by growth of export
sales of over 70.0%. Sales from new products launched in the last
twelve months contributed around GBP0.20m. Gross margins remain
favourable versus the prior period.
Sales from the Animal Welfare Products group declined by 3.2% to
GBP1.42m (2016: GBP1.47m) due to a reduction in sales of our
hygiene range, however the Infusion Accessories range was up by
7.5% as it continued to experience solid growth.
Companion Animal Identification group revenues fell by GBP0.44m
to GBP1.02m (2016: GBP1.46m), primarily as a result of the GBP0.3m
incremental sales benefit observed in the prior period following
implementation of compulsory microchipping for dogs in the UK in
April 2016 and the expected reduction in sales volume as a result
of the lower addressable dog microchipping market. Changes to our
business model implemented late in the period have shown good early
results in growing microchip database services revenue.
Period end cash balances were approximately GBP6.3m (31(st)
December 2016: GBP7.0m; 30(th) June 2016: GBP7.1m). As expected, we
have made a significant investment during the second half in our
product development pipeline, totalling approximately over GBP1.4m.
As anticipated, this brings the total investment for the 12 months
ended 30(th) June 2017 to almost GBP2.0m.
Summary and Outlook
Investment in our product development pipeline has continued on
track, in particular with regard to the identification of novel
formulations which, as previously stated, are a strategic focus for
the Group.
The Company announced the acquisition of Ecuphar of Belgium on
23(rd) June 2017 which was approved by shareholders on 12(th) July,
with the enlarged Group admitted to AIM on 13(th) July 2017.
The announcement of the Group's second half unaudited interim
results for the 12 months ended 30(th) June 2017 is expected on
26(th) September 2017 and will also include summary interim
financial information for Ecuphar for the six months ended 30(th)
June 2017.
For further information, please contact:
Animalcare Group plc Tel: 01904 487 687
Chris Cardon, Chief Executive
Officer
Walter Beyers, Chief Financial
Officer
Iain Menneer, Chief Operating
Officer
Panmure Gordon (Nominated Adviser Tel: 020 7886 2500
& Broker)
Corporate Finance
Freddy Crossley / Peter Steel
/ Duncan Monteith
Corporate Broking
James Stearns
Walbrook PR Ltd Tel: 020 7933 8780 or animalcare@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About Animalcare (www.animalcaregroup.co.uk)
Animalcare Group plc is a UK AIM listed veterinary sales,
marketing and product development company resulting from the merger
of Animalcare and Ecuphar NV.
Post-merger Animalcare is a pan-European animal health company,
with a large geographic footprint. The Company now has direct sales
in seven countries (UK, Belgium, Netherlands, Spain, Portugal,
Italy and Germany) and exports to approximately 50 markets
worldwide.
The Company now has nearly 100 sales representatives and 28
agents operating across Europe and owns 50 licensed drugs, eight
vaccines and over 100 care and nutraceutical products.
Animalcare invests in developing its own pharmaceutical
products, seeks distribution partnerships and product
acquisitions.
For more information see Animalcare Ltd (www.animalcare.co.uk)
and Ecuphar NV (www.ecuphar.com).
This information is provided by RNS
The company news service from the London Stock Exchange
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