York-based Animalcare Group sees ‘positive’ results as firm returns to revenue growth

The firm has now also seen pre-tax profit jump by £1m to a total of £3.5m for its most recent financial year, as well as underlying EBITDA growth of 1.5 per cent, up to £13.3m.

The group also reduced its net debt significantly throughout the year, recording £1.2m of debt at year end, down from £5.4m the year prior. The firm said this followed it benefiting from improved cash conversion.

Chief executive officer, Jenny Winter said: "A positive trading performance across our direct sales territories and market segments puts Animalcare in a strong position to deliver on our long-term strategic growth objectives.

"The Group's continued focus on larger-selling, more profitable brands in our portfolio contributed to growing revenues, expanding gross margins and improving cash generation over the period.

“The Group is better placed than ever to pursue organic and inorganic growth opportunities that can accelerate future growth and increase the value that the Group creates over the medium to long-term.

"Operationally, we continued to invest in our people with particular attention on sales and marketing and business development capabilities, enabling us to identify opportunities and successfully bring them to our customers.”

In February of this year, Animalcare Group sold its stake in pet microchipping operation, Identicare, for £24.9m

Ms Winter added that the sale had “crystalised” the value of a non-core asset, allowing the firm to focus on its animal health pharmaceuticals business.

During the period, Animalcare also announced that its early-stage VHH antibody collaboration and licensing programme with Orthros Medical had continued to advance, and that it had now been extended to cover equine conditions.

The firm also announced that its Plaqtiv+ dental range had continued to “respond positively” to sales and marketing activities across markets.

Its Daxocox dog painkiller range also recorded double-digit growth across direct sales territories.

In tandem with its latest results, the group has also announced that senior independent director Ed Torr will assume the role of non-executive chair, following the decision of Jan Boone to stand down from the post at the end of last year.

The firm said Mr Torr will bring an “extensive knowledge” of the company and the veterinary pharmaceutical industry to the position.