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LONDON (Alliance News) - Animal pharmaceutical products company Eco Animal Health Group PLC on Friday said its pretax profit and revenue both grew in the year to the end of March, prompting it to hike its dividend by a fifth.
Eco Animal Health said pretax profit for the year to March 31 grew 51% to GBP7.7 million from GBP5.1 million for the comparable period a year earlier, helped by a 21% rise in sales to GBP47.1 million from GBP17.5 million.
The company said it will pay a second interim dividend of 3.80 pence, up from 3.0p the year before, taking its total payout up to 5.7p from 4.75p, a 20% rise.
Eco Animal Health said demand for its Avilosin antibiotic for pigs and poultry has continued to grow, with sales rising 22% in the financial year. It said it saw strong sales in all its regional operations and has continued to invest in product development and stockholdings to support its growth plans.
Executive Chairman Peter Lawrence said the new financial year has started well for the company and added the weakness in sterling since the UK voted to leave the EU could prove beneficial, as most of Eco Animal Health's costs are denominated in dollars, Chinese yuan and or euros.
He added the new US and European approvals for Aivlosin should provide a platform for further growth in the business.
Eco Animal shares were up 7.4% to 408.00 pence Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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