LONDON (Alliance News) - Veterinary medicines company Animalcare Group PLC said Friday it has seen revenue rise 6.3% in the year to end-June, ahead of market expectations.
In a trading statement ahead of the release of its full-year results, Animalcare said revenue for the half year was GBP12.9 million, up from GBP12.1 million.
Overall underlying operating profit is in line with market expectations of at least GBP2.6 million for the full year, Animalcare said.
Sales of its licensed veterinary medicines products rose 10%, and it saw further progress in its companion animal identification products, with sales up 8%.
In its older, lower-margin animal welfare products, revenue declined 4%, but gross profit rose 8% as it rationalised the product range.
Animalcare ended the year with a cash position of GBP3.8 million, up from GBP3.6 million at the end of 2013, which it said underpins its confidence in maintaining dividend flow during its current investment cycle.
It said it was committed to investing in product development, funded by its cash, and said it has recruited further staff to bolster its product-development team.
Animalcare said it will release its full-year results on October 15.
Shares in Animalcare were trading up 1.1% at 150.66 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Animalcare Grp (ANCR)