Business
Post-Close Trading Update & Notice of Results
Post-Close Trading Update & Notice of Results.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n \nRNS Number : 3096V Animalcare Group PLC 11 January 2013 \n \n\nAnimalcare Group plc\n(\"Animalcare\" or the \"Group\")\n \nPost-Close Trading Update & Notice of Results\n \nAnimalcare, a leading supplier of veterinary medicines, announces that the Half Yearly Report for the six months ended 31st December 2012 will be released on Thursday 21st February 2013. In keeping with past practice, the Board issues the following trading update ahead of its publication, which confirms a strong first half in line with management expectations and a positive outlook for the full year to June 2013.\n \nAnimalcare has separately announced today that Stephen Wildridge is stepping down as Group CEO and Dr Iain Menneer, currently MD of Animalcare Ltd, has been appointed as his replacement with immediate effect. Stephen will continue to serve on the board and as Executive Director of Strategy and Business Development until 31st October 2013.\n \nTrading update\n \nTrading from continuing operations in the first six months has been strong and is in line with market expectations.\n \nAnimalcare management is pleased to report, in what it believes is a flat veterinary medicines market in the UK, an encouraging set of results for the first half of the financial year with total first half revenue approximately +13% higher than in the comparable period last year at c. £6.1m. Gross profit is performing well ahead of the comparable period, +16%.\n \nAs announced earlier this month, the re-introduction of Buprecare ampoules marked a positive start to 2013. Sales of the single-use Buprecare ampoule will add to the strong sales of the Buprecare multi-dose vial launched just 10 months ago. The total market in the UK for each dosage form is estimated at between £1.5m and £1.8m after all discounts.\n \nWhilst Licensed Veterinary Medicines have continued the strong growth reported in recent years, the Companion Animal Identification product group has, as expected, recovered some of the ground lost during the previous financial year. The re-developed registration database has underpinned much of the progress for this product group.\n \nStrong cash generation has continued and the Company holds circa £2.9m of cash balances at 31st December 2012 (up from £2.3m as at 30th June 2012).\n \nSummary and Outl...