Animalcare Group is celebrating a strong financial performance, with profits before tax up 27.6% to £1.76m in the last six months of 2014.
The York-based company, made up of three product groups – licensed veterinary medicines, companion animal identification and animal welfare products – says revenues rose to £6.93m, an increase of 7.2% over the six-month period to December 31, 2013.
Operation highlights included:
- Strong revenue growth from its licensed veterinary medicines group, up 10.6% to £4.40m (£3.98m; 2013), in part due to a non-recurring benefit from sales of its painkiller Buprecare as a result of competitor supply issues.
- Revenue growth of 5% in its companion animal identification sector, reaching £1.26m (£1.2m 2013). Sales of both microchips and database services increased in the period.
- Continued focus on investment in product development and further recruitment planned to expand the business development team and support growth plans.
- Cash generation stronger than expected, with group cash balances up £1.23m to £5.04m (2013; £3.64m).
The company’s financial year ends on June 30 and chairman James Lambert said he was delighted to report a solid start in the first six months in all three areas of the business.
“The group remains on target to perform in line with management expectations for the full year,” he said. “The board is committed to its strategy to invest in enhanced generic medicines that will deliver growth and protectable revenue to the medium to long-term.”