Business
Final Results for the Year Ended 31 March 2023
Final Results for the Year Ended 31 March 2023.
About this update from Eco Animal Health Group Plc
[{"type":"text","content":"\n\n \n10 July 2023\nECO Animal Health Group pc (\"ECO\", the \"Company\" or the \"Group\")\n(AIM: EAH)\nResults for the year ended 31 March 2023\n \nHIGHLIGHTS\nFinancial\n \n· Revenue and adjusted EBITDA ahead of market expectations\n· Group sales increased by 4% to £85.3m, driven primarily by growth in revenues from South & Southeast Asia (excl. China and Japan) and Latin America\no China and Japan sales representing 31% of group sales (2022: 35%), declined by 7%\no Rest of world sales increased by 9%\n· Gross margin increased to 45% (2022: 43%)\n· Adjusted EBITDA increased to £7.2m (2022: £5.4m)\n· Adjusted EBITDA margin improved to 8.5% (2022: 6.6%)\n· New product development expenditure £8.3m (2022: £9.0m) as planned\n· Earnings per share 1.49p (2022: loss per share 1.01p)\n· Net cash at the end of the period £21.7m (2022: £14.3m), reinforcing the Group's strong balance sheet\n· RCF facility (£10m) available and undrawn\n \n \nOperational\n \n· Aivlosin® demand remained strong in key markets, with increasing market share\n· Unwinding of stock, as new China factory becomes operational\n· Continuing positive progress towards regulatory filing for poultry mycoplasma vaccines\n· New partnership with Imperial College London for self-amplifying RNA technology to deliver swine vaccines and biologics\n· New partnership with Moredun Research Institute to deliver a poultry red mite vaccine\n \nDavid Hallas, Chief Executive Officer of ECO Animal Health Group plc, commented: \"I am pleased to present these results, which also represent the first full financial year since I became CEO. I am delighted that the Group has performed robustly, with encouraging growth in revenues; and profitability whilst also significantly improving our cash position. The strong performance in the second half of the year has continued and we are delighted that this momentum is evident in buoyant...