Veterinary medicine producer Animalcare (LON:ANCR) reported solid results across the board for the first half of the year, driven by strong domestic and export growth.
The half year results were ahead of the group’s expectations in both sales and profit terms, with strong revenue growth from the Licensed Veterinary Medicines group arm pushing figures higher.
Group revenue rose 12 percent to £7.97 million in the six months to 31st December, Animalcare’s fiscal first half. Underlying operating profit up 22.6 precent to £1.90 million, with underlying EBITDA up 26 percent to £2.12 million.
Animalcare, whose business is divided into three product main groups including Licensed Veterinary Medicines, Animal Welfare Products and Companion Animal Identification, saw its interim dividend rise 11.1 percent to 1p.
Licensed Veterinary Medicines group saw the strongest growth for the half, with revenue up 17.2 percent to £5.37 million ahead of 2015’s £4.58 million. The figures were driven by strong domestic and export like-for-like growth of 13.0 percent.
James Lambert, Chairman of Animalcare Group, commented: “The business continued to perform strongly during the first six months of its financial year with sales up by 12 percent to £8.0m.”
“Basic earnings per share in the first half have increased by 23.0 percent to 7.5p. Given this and the strong cash flow generation your Board is pleased to announce an 11.1 percent increase in the interim dividend to 2.0p.
“Given the strong start to the current financial year, and the expected launch of more new pharmaceutical products in the second half, the Board remains confident about the Group’s prospects for the full year and beyond.”
Animalcare shares are currently trading up 2.44 percent at 315.00 (0909GMT).