Business
Full Year Results 2020
Full Year Results 2020.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8798T\n Animalcare Group PLC\n 30 March 2021\n \n \n \n \n Animalcare Group plc\n \n \n (\"Animalcare\", the \"Company\" or the \"Group\")\n \n \n Full Year Results for the 12 months ended 31 December 2020\n \n \n \n \n \n \n 30 March 2021.\n \n Animalcare Group plc (AIM: ANCR), the international animal health business, announces its audited full year results for the year ended 31 December 2020.\n \n \n \n \n \n Financial Highlights\n \n \n · \n Revenues of £70.5m, a 0.9% decline (2.0% at CER) on prior year (2019: £71.1m), demonstrating resilience in the face of COVID-19 disruption to key markets\n \n \n · \n Underlying* EBITDA decreased by 8.0% to £12.1m (2019: £13.1m) mainly due to increased investment in growth in second half, partially offset by reduced SG&A spend in the first half\n \n \n · \n Statutory profit before tax, incorporating non-underlying items, increased to £0.2m (2019: £1.6m loss), with reported basic profit per share at 0.4 pence (2019: 2.2 pence loss per share) \n \n \n · \n Continued strong underlying* cash conversion of 102.9% (2019: 118.4%) \n \n \n · \n Net debt further reduced by £4.2m to £13.6m. Net debt to underlying* EBITDA leverage ratio reduced to 1.1 times (2019: 1.4 times)\n \n \n · \n Proposed final dividend of 2.0 pence per share\n \n \n \n Strategic and Operational Highlights\n \n \n · \n Creation of STEM Animal Health Inc., joint venture with Kane Biotech Inc. to commercialise and develop biofilm-targeting treatments\n \n \n · \n Internal pipeline on track to deliver with Daxocox (enflicoxib) receiving positive opinion from Europe's CVMP in February 2021\n \n \n · \n Significant progress in rebalancing, refocusing and defragmenting of product portfolio\n \n \n · \n New organisation structure implemented to support delivery of growth strategy\n \n \n · \n 11% improvement in employee engagement levels measured in annual Gallup survey \n \n \n · \n Investment in sales and marketing excellence in advance of Daxocox and STEM launches in H2 2021\n \n \n *\n Underlying measures are before the effect of non-underlying items which excludes fair value adjustments on acquired inventory, amortisation of acquired intangibles and acquisition and integration costs. A reconciliation to statutory measures is provided in the Chief Financial Officer's Review.\n \n ...