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(Alliance News) - Animalcare Group PLC on Thursday maintained its outlook of increased revenue for the full year after it reported further strengthening of its financial position in the first half.
Total sales for the six months ended June 30 were GBP39.1 million, an increase of 13% year-on-year from GBP34.5 million, helped by higher veterinary demand.
The animal health business saw growth across its markets with the Companion Animals portfolio the driving factor. The company's position in this growing segment of the market is due to receive a further boost amid ongoing investment in the pipeline and business development delivers.
Continuing strong cash generation drove further reduction in net debt in the half-year. Net debt was GBP10.1 million, a fall of around 26% from GBP13.6 million at December 31, 2020.
"Focused execution of our growth strategy has enabled us to take advantage of increased demand across our markets and further strengthen our financial platform as we pursue opportunities that will create long-term value. Our outlook for the full year remains unchanged at this time and we remain upbeat on the prospects for the group," said Chief Executive Jenny Winter.
Animalcare will publish its interim results on September 28.
Shares in Animalcare were up 2.3% at 310.00 pence each in London on Thursday afternoon.
By Amrit Sahota; newsroom@alliancenews.com
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