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(Alliance News) - ECO Animal Health Group PLC hiked its annual dividend a fifth Wednesday after both profit and revenue rose despite headwinds from the trade war between its two largest markets, the US and China.
For the year ended March, pretax profit at the animal health drugmaker widened to GBP15.3 million from GBP13.9 million the year prior. This was after revenue rose to GBP74.6 million from GBP67.2 million the year before.
"These are credible results for a year that was adversely depressed by both the African Swine fever outbreak and a trade war between the USA and China, our two largest markets," Eco Animal Chief Executive Officer Marc Loomes said.
ECO Animal proposed a full year dividend of 11.04 pence, up 20% on the 9.2p paid the year prior.
"We are confident that our accelerated development programmes in vaccines and other products will add long term growth," Loomes added. "For the year ahead we expect to report continued growth and to perform in line with the board's expectations."
Shares in ECO Animal Health were 5.7% higher at 372.00 pence in London on Wednesday.