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(Sharecast News) - Shares in animal pharmaceuticals group Eco Animal Health surged on Wednesday after revealing that strong trading in China and US during the second half of its last financial year had continued into the current period.
Eco Animal said it had seen a "limited impact" from Covid-19 so far and now expects group revenues and underlying earnings to be "significantly ahead" of market expectations.
Gross margins improved through the second half, with stronger pricing in the USA leading to a recovery in the market.
Eco Animal also stated that the headwinds created by a pork shortage fuelled by China's African Swine Fever outbreak, as well as heightened trade tensions between Beijing and Washington, had now died down.
However, despite an improving outlook and revenues and underlying earnings now expected to top forecasts, the AIM-listed group opted not to recommend a dividend for the year ended 31 March.
As of 1125 BST, Eco Animal shares had surged 27.06% to 254.12p.
1 Jul 2016 09:11