LONDON (Alliance News) - Eco Animal Health Group PLC said its second half has started well, as it reported on Monday a rise in pretax profit for its first half.
For the half year to end-September the animal pharmaceutical products company reported a pretax profit of GBP2.7 million, up from GBP2.0 million a year before, as a rise in revenue to GBP21.5 million from GBP17.0 million was partly offset by higher sales and administrative costs.
The company attributed its performance to further growth in North America, China and Europe, boosted by its acquisition of the business of Eco's long-standing Southeast Asian distributor based in Kuala Lumpur in July of last year.
Sales of its antibiotic Aivlosin for pigs and poultry increased by 32% in the period, Eco said. Sales of the product grew in double digits for Eco's major regions, with the exceptions being the smaller markets in the Middle East and Africa where sales declined modestly, the company said.
Eco Animal Health proposed an interim dividend of 1.9 pence, up from 1.5p a year before.
"The second half of the year has started well continuing the momentum of the first six months. Eco is in excellent financial and commercial health and we look forward with confidence to delivering another strong set of results, backed by further penetration of key markets and the achievement of additional marketing authorisations," said Executive Chairman Peter Lawrence in a statement.
Shares in Eco Animal Health were up 3.7% at 323.90 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Eco Animal (EAH)