Business
H1 Trading Update and Notice of Interim Results
H1 Trading Update and Notice of Interim Results.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n\nANIMALCARE GROUP PLC\n(\"Animalcare\" or the \"Group\" or the \"Company\")\n \nHalf Year Trading Update and Notice of Interim Results\n \n \n24 July 2024. Animalcare Group plc (AIM: ANCR), the international animal health business, provides the following unaudited trading update for the six months ended 30 June 2024 (\"H1 2024\"), with trading in line with management expectations. The Company expects to announce its H1 2024 interim results on 24 September 2024.\n \nCurrent trading overview \nAnimalcare continues to implement its accelerated growth strategy and is pleased to report positive trading in the first half with revenue from continuing operations, excluding Identicare, of approximately £36.9m (H1 2023: £35.2m), an overall c. 5% increase at AER (c. 7% at CER) for the period.\n \nCompanion Animal revenues benefited from strong double-digit growth in both the Plaqtiv+ oral health range and Daxocox, offset by sales phasing within our International Partner (export) network and some continuing disruption in supply of certain brands, the effects of which we expect to ease in H2. Revenues within Production Animals, which remains an important part of our overall business, grew strongly in the first half driven by demand for a number of our larger-selling brands, while Equine sales increased during the period supported by continuing momentum in Danilon and growth across other equine products.\n \nWe expect underlying EBITDA* from continuing operations to be at least in line with H1 2023 (£6.5m) reflecting sustained gross margins and further targeted SG&A investment.\n \nThe Group's balance sheet saw transformational change through the period following the sale of Identicare and our minority equity stake in STEM Animal Health Inc., coupled with underlying cash conversion well ahead of H1 2023. Net cash balances at 30 June 2024 were £32.9m (31 December 2023: £1.7m), providing the platform and funding headroom to accelerate investment and, with this, future growth.\n \nJenny Winter, Chief Executive Officer said: \"I am very pleased to report a positive first half performance update following strong revenue growth in our operations, notably in our Production Animals and Equine segments, and improved levels of cash conversion. We remain confident in our long-term growth strategy and a...