Last checked at 22 Jan 2018 07:00
Animalcare Group plc
(the "Group" or the "Company")
Trading update & Notice of Results
Animalcare Group plc (AIM: ANCR) provides the following unaudited trading update for the Group's first financial period ended 31st December 2017 ahead of publishing its preliminary results on 15th May 2018.
Following the acquisition of Ecuphar NV ("Ecuphar"), completed on 13th July 2017, the enlarged Group's results for the first financial period ended 31st December 2017 will comprise the results of Ecuphar NV from 1st January 2017 and Animalcare Group plc's results from the date of acquisition of 13th July 2017.
In order to provide a like-for-like comparison, the financial information and narrative presented below refer to an unaudited pro forma 12 month period to 31st December 2017 with comparatives to 31st December 2016.
Trading review
Total revenue for the 12 month period ended 31st December 2017 were up c.9.5% at AER (c.3.4% at CER) to c.£91.9m (2016: £83.9m), slightly ahead of management expectations. Excluding Nutriscience, which Ecuphar sold in October 2016, like-for-like revenues increased by c.10.9% at AER (c.4.7% at CER). Earnings are expected to be broadly in line with management expectations.
Progress with integration
The integration is progressing as anticipated, but it is still at an early stage and as expected margins for the period to 31st December 2017 have yet to reflect the synergies that we expect to realise in the medium- to long-term. The Group is implementing a wide-ranging change agenda in order to establish a strong platform for the future that will deliver long-term shareholder value through the many opportunities available.
Summary and Outlook
The Board is pleased with the good revenue growth of the enlarged Group. The process to integrate the businesses to create a leading pan-European Animal Health platform is underway. Whilst this process will take some time, the Board remains confident of the strategic rationale for the merger and the prospect of future value creation for our shareholders.
Animalcare expects to announce its preliminary financial results on 15th May 2018 allowing for the additional time to report on the reverse-acquisition of Ecuphar.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
Animalcare Group plc | Tel: 01904 487 687 | |
Chris Cardon, Chief Executive Officer | ||
Chris Brewster, Chief Financial Officer | ||
Iain Menneer, Chief Operating Officer | ||
Panmure Gordon (Nominated Adviser & Broker) | Tel: 020 7886 2500 | |
Corporate Finance | ||
Freddy Crossley / Peter Steel | ||
Corporate Broking | ||
James Stearns | ||
Walbrook PR Ltd | Tel: 020 7933 8780 or animalcare@walbrookpr.com | |
Paul McManus | Mob: 07980 541 893 | |
Lianne Cawthorne | Mob: 07584 391 303 | |
About Animalcare (www.animalcaregroup.co.uk)
Animalcare Group plc is a UK AIM listed veterinary sales, marketing and product development company resulting from the merger of Animalcare and Ecuphar NV.
Post-merger Animalcare is a pan-European animal health company, with a large geographic footprint. The Company now has direct sales in seven countries (UK, Belgium, Netherlands, Spain, Portugal, Italy and Germany) and exports to approximately 50 markets worldwide.
The Company now has nearly 100 sales representatives and 28 agents operating across Europe and owns 50 licensed drugs, eight vaccines and over 100 care and nutraceutical products.
Animalcare invests in developing its own pharmaceutical products, seeks distribution partnerships and product acquisitions.
For more information see Animalcare Ltd (www.animalcare.co.uk) and Ecuphar NV (www.ecuphar.com).