Last checked at 25 Apr 2024 07:00
25 April 2024
ECO Animal Health Group plc
("ECO" or the "Company")
Trading Update
Company to report stronger than anticipated revenue performance
EBITDA in-line with market expectations
ECO Animal Health Group plc (AIM: EAH), a rapidly growing global animal health company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, today announces a preliminary update on its profits for the year ending 31 March 2024.
As announced on 21 March 2024, the Board expected revenues for the year ending 31 March 2024 to be in line with market expectations. Market expectations for FY24 Revenue as at the date of this announcement are £88.7m. With full visibility on trading for the year, the Company can report that final revenues were greater than market expectations and nearly £90m.
Overperformance in revenue generation was achieved despite foreign exchange headwinds experienced in the early part of the financial year. When presented on a constant currency basis the Board expects to report revenue growth in excess of 10% over the year ended 31 March 2023.
Subject to audit, EBITDA for the year ended 31 March 2024 will be in line with market expectations (current market expectations are £7.8m). This robust EBITDA result was delivered against a backdrop of heavy investment in new product innovation, which the Board believes will be a key driver of future growth, and against challenging market conditions in some regions.
Total cash on 31 March 2024 was approximately £22m.
David Hallas, Chief Executive Officer of ECO Animal Health Group plc, commented: "I am delighted to be able to confirm that ECO has delivered strongly on its profit expectations. We are particularly pleased to have achieved these positive results despite experiencing challenging market conditions, currency headwinds, and while continuing to invest heavily in our promising R&D pipeline, which we believe has significant potential to drive future growth and value for shareholders. We look forward to completing the audit and releasing our Annual Report and Accounts in July."
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About ECO Animal Health
ECO Animal Health is a world leader in animal health, developing and marketing branded veterinary pharmaceuticals globally, with expertise in antibiotics and vaccines for pigs and poultry. We have a maturing proprietary R&D pipeline.
Headquartered in the UK, with global offices including R&D and manufacturing, we have marketing authorisations in over 70 countries and employ over 200 people worldwide.
Our lead product, Aivlosin® is a proprietary, patented medication which is effective against both respiratory and intestinal diseases in pigs and poultry.
Click here for more information: https://ecoanimalhealth.com