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LONDON (Alliance News) - Veterinary medicine supplier Animalcare Group PLC Wednesday said that trading in the first half of the year has been in line with expectations, with sales growth driven by recent product launches.
In a trading update before the group releases its half-year results on February 26, it said that revenues for the six months ended December 31, 2013, increased by 5.9% to approximately GBP6.5 million, up from GBP6.1 million a year earlier.
Animalcare said that the UK licensed veterinary medicines market has shown single-digit growth in recent months, and sales in its Licensed Veterinary Medicines product group continue to trade 'comfortably' ahead of the wider market.
It said that revenue from its Companion Animal Identification product group increased over the six month period, both from microchip sales and database services.
Animalcare said that, as expected, the withdrawal of lower-margin Animal Welfare products led to a fall in revenue in the product group, although its gross profit did improve.
"Our focus on the Companion Animal Identification group has delivered a return to revenue growth and leaves Animalcare well placed to benefit from the compulsory microchipping legislation that is planned for England and Wales," the company said in a statement.
The group said that it remains confident about the prospects and outcome for the full year.
Animalcare shares were trading 1.5% lower in early trading Wednesday morning at 161.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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