Business
Interim Results H1 2020
Interim Results H1 2020.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3709A\n Animalcare Group PLC\n 29 September 2020\n \n \n \n Animalcare Group plc\n \n \n \n \n Interim Results for the six months ended 30 June 2020\n \n \n \n 29 September 2020. Animalcare Group plc (\"the Company\" or \"Group\") (AIM: ANCR), the international animal health business, announces its unaudited interim results for the six months ended 30 June 2020.\n \n The Group is pleased to report a resilient first half performance and remains well-placed to navigate the challenges due to COVID-19. We entered 2020 in a strong financial position and this has been maintained throughout the period, important both in terms of the Group's operational resilience and its ability to focus on the execution of our growth strategy. \n \n Financial Highlights\n \n \n · Resilient financial performance at higher end of the Board's range of pandemic scenario modelling\n \n · Revenue £34.5m (2019: £36.1m), a decline of 4.4% (4.8% at CER) compared to prior year period due to COVID-19. Production Animals sales increased by 13.1%, partially offsetting the negative impact of government pandemic controls on the Companion Animals sector\n \n · Underlying* EBITDA down 2.4% on the prior year, reflecting cost efficiencies generated in 2019 and decisive realignment of SG&A spend during Q2 2020\n \n · Cash conversion rate of 56.9% (2019: 92.3%) for first half as a result of COVID-19 disruption and previously announced strategic stock build in relation to manufacturing transfers\n \n · Net debt £18.1m as of 30 June 2020 (£17.8m at 1 January 2020), adversely impacted by currency variations\n \n · Underlying* basic EPS 5.9 pence (6.4 pence for first half 2019)\n \n · Declared interim dividend of 2.0 pence per share, in line with prior period. Funds initially allocated for 2019 final dividend retained for investment in growth opportunities\n \n \n *The Group presents a number of non-GAAP Alternative Performance Measures (APMs) which exclude non-underlying items as set out in note 3. EBITDA is defined as underlying earnings before interest, tax, depreciation and amortisation.\n \n \n Strategic and Operational Highlights (including post-period)\n \n Despite disruption to Animalcare's markets caused by the COVID-19 pandemic, the Group has maintained a strong focus on delivery...