Business
2022 Preliminary Results
2022 Preliminary Results.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n \n \n \n Animalcare Group plc\n \n \n \n \n (\"Animalcare\", the \"Company\" or the \"Group\")\n \n \n \n \n Preliminary Unaudited Results for the year ended 31 December 2022\n \n \n \n \n \n \n \n \n \n 28 March 2023.\n \n Animalcare Group plc (AIM: ANCR), the international animal health business, announces its preliminary unaudited results for the year ended 31 December 2022.\n \n \n \n \n \n \n Financial Highlights\n \n \n \n ●\n Revenues of £71.6m (2021: £74.0m) reflecting growth from product launches offset by moderation in post-pandemic demand, conclusion of distribution agreements and application of EU laws in Spain to reduce antibiotic use\n \n \n ●\n Focus on Top 40 brands and an improved sales mix drove marked 3.5% improvement in gross margins\n \n \n ●\n Careful targeting of SG&A investment, including Orthros-related R&D, contributed to underlying* EBITDA of £13.1m (2021: £13.5m); underlying* EBITDA margin 18.3% (2021: 18.2%)\n \n \n ●\n Reported profit before tax was £2.5m (2021: £0.9m)\n \n \n ●\n Underlying* basic earnings per share increased by 5.0% to 12.6 pence (2021: 12.0 pence); reported basic earnings per share of 3.3 pence (2021: 0.1 pence loss per share)\n \n \n ●\n Supported by good rates of cash conversion, net debt was £5.4m at year end (2021: £5.3m) maintaining the Group's capacity to invest in growth strategy\n \n \n ●\n Board proposes final dividend of 2.4 pence per share, in line with 2021\n \n \n \n \n \n \n Strategic and Operational Highlights\n \n \n \n ●\n Daxocox becomes a top 10 selling product in the Group's portfolio\n \n \n ●\n Plaqtiv+ dental range launched after receiving accreditation from Veterinary Oral Health Council\n \n \n ●\n Identicare re-positioned as subscription-based services business under specialist digital leadership\n \n \n ●\n Preclinical pipeline projects initiated following licensing and R&D collaboration agreement with Orthros Medical to explore therapeutic potential of VHH antibodies\n \n \n ●\n Tailored talent management programme implemented to identify and develop future leaders\n \n \n ●\n Doug Hutchens and Sylvia Metayer joined the Group Board as Non-Executive Directors\n \n \n ●\n Sustainability Task Force established to develop and drive Group-wide ESG strategy\n \n \n \n \n \n \n * Alternative Performance Measures (APMs) a...