Business
Trading update, revised date for full year results
Trading update, revised date for full year results.
About this update from Animalcare Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4809H\n Animalcare Group PLC\n 25 March 2020\n \n \n \n 25 March 2020\n \n \n \n \n \n \n \n Animalcare Group plc\n \n \n (the \"Group\" or the \"Company\")\n \n \n \n \n \n Trading update and revised date for full year results\n \n \n \n \n \n \n 25 March 2020\n \n . Animalcare Group plc (AIM: ANCR), the international animal health business, today announces that it has deferred publication of its 2019 final results, originally scheduled for 31 March 2020.\n This deferral follows the FCA's request for all listed companies to delay release of upcoming preliminary results in light of the COVID-19 crisis. As an AIM company the decision was made in consultation with our advisers, including the Group's auditors.\n We will advise shareholders of the revised publication date of the audited full year results for the year to 31 December 2019 in due course.\n Current trading\n The Group entered 2020 in a strong financial position. The Company's most recent trading update for the 2019 financial year, issued on 23 January 2020, showed significant improvements against key performance indicators such as net debt and cash conversion while earnings were in line with expectations. At 29 February 2020, both net debt and the net-debt-to-underlying-EBITDA leverage ratio were at similar levels to 31 December 2019.\n Despite the macro uncertainty caused by the pandemic, the Group has been trading in line with market expectations since the start of the financial year. However, feedback from our customers and supply chain partners indicates that some level of disruption to our operations is unavoidable. For example, many veterinary practices in our core markets that treat companion animals are now handling emergency cases only. The production animal sector, which accounts for around 25% of our revenues, appears to be less affected.\n \n Financial strength \n \n Maintaining our financial strength is key, both in terms of the Group's resilience and, importantly, its ability to focus on the execution of its growth strategy. Notwithstanding the acute challenges posed by COVID-19, the Board believes that the Group will continue to be well placed to take advantage of opportunities in a market with attractive fundamentals.\n The Company is implementing a range of measures to preserve cash and ...