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(Alliance News) - ECO Animal Health Group PLC on Monday reported that its yearly profit and revenue rose, with Asian growth in the second-half being a driver.
Shares were up 5.1% at 103.00 pence in London on Monday morning.
The Surrey-based animal pharmaceutical firm said that for the year that ended March 31, pretax profit increased to GBP4.4 million from GBP1.4 million the prior year.
Revenue rose 3.8% to GBP85.3 million from GBP82.2 million the year before, driven by south & southeast Asia, and Latin America.
"I am delighted that the group has performed robustly, with encouraging growth in revenues; and profitability whilst also significantly improving our cash position. The strong performance in the second half of the year has continued and we are delighted that this momentum is evident in buoyant trade currently," said Chief Executive Officer David Hallas.
While it hailed its trading in south & southeast Asia, its outturn was less strong in China and Japan. In China and Japan, which represent 31% of group sales, its sales declined by 7.0% to GBP26.4 million, from GBP28.4 million the year before.
"China revenue had declined as a result of poor producer margins and Covid impacts; in our second half of the year the zero-Covid in China was relaxed and pork consumption improved, coinciding with the customary winter disease outbreaks providing a strong end to our trading year in China," said the company.
ECO Animal Health said that the company had seen improved trading in China, Asian, and Latin American markets, and noted that the research & development program continued to provide "considerable excitement".
"Despite the challenges from continuing, sporadic African swine fever outbreaks and commodity price pressures, the board is cautiously optimistic for the remainder of this financial year and views the future with confidence," said the company.
By Will Neill, Alliance News reporter
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