Eco Animal Health revenue and earnings surge in first half

(ShareCast News) - Animal pharmaceutical developer and market Eco Animal Health reported its results for the six months to 30 September on Monday, with a 25% increase in revenue to £26.9m.The AIM-traded company described the period's performance as strong, with a 43% increase in gross profit to £12.8m and a 46% uplift in adjusted EBITDA to £6.3m.Pre-tax profit was up 97% at £5.3m, with earnings per share up 61% to 5.68p.The board declared a 32% increase in its interim dividend to 2.5p.Cash generation was also strong, leaving net cash at £18.5m at period end, compared to £17m in the prior period.On the operational front, Eco Animal Health said demand for Aivlosin continued to grow strongly with sales up over 15%, as well as strong overall performance in the US and China.In the EU, Aivlosin approval for commercial layers with a zero withdrawal period for eggs allowed for the submission of regulatory files to a number of key global egg producing markets.Thailand approval was received post period end."The second half of the year has started well with strong order books," said executive chairman Peter Lawrence."ECO has a sound balance sheet and cash flow generation"The company continues to invest successfully in its research and product development programme to obtain further marketing authorisations. I look forward with confidence to reporting another set of strong results in 2017."