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LONDON (Alliance News) - Veterinary medicines company Animalcare Group PLC on Thursday said revenue grew in its financial year to the end of June following strong performances across its divisions.
The company said revenue grew 8.6% in the year to June 30 to GBP14.7 million from GBP13.5 million the year prior. Underlying operating profit is expected to be broadly in line with the previous year, Animalcare said, slightly ahead of current market consensus.
Revenue from the Licensed Veterinary Medicines division grew 7.7% in the year, helped by full-year contributions from products launched during the prior financial year.
Companion Animal Identification sales increased 16%, boosted by legislation in the UK making it compulsory to microchip dogs. Though this only provided a boost in the lead-up to the rules coming into force on April 1, it accounted for most of the division's sales growth.
Animal Welfare Products sales grew 4.9%, helped by good demand for the company's infusion accessories range.
Animalcare said the weakness in sterling since the Brexit vote will hit the cost of a large proportion of its pharmaceutical product imported from mainland Europe, denominated in euros, and of dollar-based microchips supplied in the US. But this should be offset by an increasing volume of euro-denominated sales the company is making and, in the short-term, by its hedging position.
Shares in Animalcare were up 5.3% to 270.00 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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