(Alliance News) - Animal health business Animalcare Group PLC on Tuesday said it has met all objectives for the first half of its financial year.
Current trading has met expectations, Animalcare said, and all five "key objectives" were met, leading to "significantly" better cash conversion.
For the Pharmaceuticals segment, revenue in the six months to June was GBP36.1 million, up 0.9% year-on-year at constant currency. Revenue in 2018 on a group level was GBP72.5 million.
Animalcare said this small growth is "noteworthy", given previous supply challenges from a third party manufacturer, and the company is on track to resolve these during 2019.
Underlying earnings before interest, tax, depreciation, and amortisation for the six-month period is set to be flat year-on-year, with the year ago figure being GBP6.3 million.
Chief Executive Jenny Winter said: "We have a clear strategy to become a leading international veterinary pharmaceutical business and we have made good progress towards this goal during the first half of 2019.
"We have strengthened the group's finances with greater cash conversion and made significant strides in streamlining our product portfolio which is critical to enhancing our profitability. Greater focus on integration has also begun to impact with further simplification leading to efficiency improvements," she continued.
"I am pleased the growth platform we have been focused on building is coming to fruition and I look forward to updating the market further on our progress."
Shares were 1.1% higher on Tuesday midday at 157.65 pence each.
Animalcare Grp (ANCR)