REG - Animalcare Group PLC - 2024 Full Year Trading Update

AnimalcareAnnouncement

23/01/2025 07:00

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RNS Number : 3663U  Animalcare Group PLC  23 January 2025

ANIMALCARE GROUP PLC

(the "Company" or the "Group")

 

2024 Full Year trading update

 

Revenue and EBITDA in line with market expectations

 

 

23 January 2025. Animalcare Group plc (AIM: ANCR), the international animal
health business, provides the following unaudited trading update for the year
ended 31 December 2024, with trading in line with market expectations.

 

Trading overview

Animalcare is pleased to report positive trading performance for the full year
marked by strong growth in revenue, with sales increasing across all three
market segments.

 

Overall, full year revenues from continuing operations, excluding Identicare,
are expected to be approximately £74.2 million (2023: £70.7 million) an
increase of c. 4.9% at actual exchange rates (c. 7.2% at constant exchange
rates). Headline revenues continued to benefit from demand for key products,
notably the Plaqtiv+ oral health range and the Daxocox brand which recorded
strong double-digit increases in sales.

 

Underlying EBITDA is anticipated to be in line with market expectations and
the prior year (2023: £11.6 million excluding Identicare), reflecting a
combination of healthy gross margins and targeted SG&A spend, primarily
focused on our people and investment in operational excellence.

 

There was continued improvement in cash generation through the year with cash
conversion at a rate well above that of the prior year and ahead of prior
guidance of 85-90%. We announced the completion of the Randlab acquisition on
3 January 2025 which necessitated the transfer of funds on 31 December 2024,
albeit with a number of transaction related expenses due in January. As a
result, the Group's net debt position at year end was £11.5 million (31
December 2023: £1.2 million debt). The Group's strong financial platform
enables Animalcare to pursue further inorganic and organic opportunities that
support the long-term growth strategy.

 

Jenny Winter, Chief Executive Officer commented: "We are delighted to report
positive trading performance for the full year, in line with market
expectations. Strategically, 2024 has been transformative for our business
with the disposal of Identicare Ltd and the sale of our minority stake in STEM
Animal Health Inc. supporting our expansion into new attractive markets with
the post year-end acquisition of Australia-based Randlab. With the Group's
strong financial platform, we maintain the headroom for further investment in
growth opportunities as we continue to pursue our strategy."

 

* The Group presents a number of non-GAAP Alternative Performance Measures
(APMs) which exclude non-underlying items. EBITDA is defined as underlying
earnings before interest, tax, depreciation and amortisation.

 

About Animalcare

Animalcare Group plc is a UK AIM-listed international veterinary sales and
marketing organisation. Animalcare operates in seven European countries as
well as Australia and New Zealand and exports to approximately 40 countries in
Europe and worldwide. The Group is focused on bringing new and innovative
products to market through its own development pipeline, partnerships and via
acquisition.

 

For more information about Animalcare, please visit www.animalcaregroup.com
(http://www.animalcaregroup.com) or contact:

 Animalcare Group Plc                      +44 (0)1904 487 687

 Jenny Winter, Chief Executive Officer

 Chris Brewster, Chief Financial Officer

 Media/investor relations                  communications@animalcaregroup.com

 Stifel Nicolaus Europe Limited            Tel: +44 (0)20 7710 7600

 (Nominated Advisor & Joint Broker)

 Ben Maddison

 Nicholas Harland

 Francis North

 Panmure Liberum                           +44 (0)20 7886 2500

 (Joint Broker)

 Corporate Finance

 Freddy Crossley/Emma Earl

 Corporate Banking

 Rupert Dearden

 

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