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LONDON (Alliance News) - Animalcare Group PLC Wednesday said its yearly pretax profit rose following an increase in revenues driven by a sales jump in its Licensed Veterinary Medicines products.
Animalcare said it made a GBP2.3 million pretax profit for the 12 months to June 30, compared with GBP2.1 million for the corresponding period the year prior. It said the increase was driven by a 21% increase in sales in its Licensed Veterinary Medicines products, which made revenues of GBP7.2 million. Total revenues rose to GBP12.1 million, from GBP10.9 million.
Animalcare launched three products in 2013 - Vitofyllin, Buprecare ampoules and Marbocare injection - all within its Licensed Veterinary Medicines arm, while a fourth received its marketing authorisation in the last month of the financial year and will be launched in the first half of the current year. The products treat a range of symptoms, such as old age in dogs and treatment of respiratory infections in cattle and pigs.
Its other product lines had mixed results, with its Animal Identification product line seeing a 4% decline in revenue because of a drop in sales of microchips. Animalcare said its Animal Welfare product line saw revenues increase 5% to GBP2.7 million.
However, Animalcare said it would "invest more in research and development, particularly in enhanced generics [and expects] limited growth in the coming 12 to 36 months", but said that the subsequent commercialisation of those projects in 2017 would see significant rewards and ensure growth.
Animalcare shares were Wednesday quoted at 174.5 pence, up 2 pence, or 1.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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