REG - Animalcare Group PLC - Trading Update and Notice of 2023 FY Results

AnimalcareAnnouncement

25/01/2024 07:00

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RNS Number : 8290A  Animalcare Group PLC  25 January 2024

ANIMALCARE GROUP PLC

 

(the "Company" or the "Group")

 

Trading Update and Notice of 2023 Full Year Results

 

25 January 2024. Animalcare Group plc (AIM: ANCR), the international animal
health business, provides the following unaudited trading update for the year
ended 31 December 2023. Preliminary unaudited results are expected to be
published on 9 April 2024.

 

Trading overview

Animalcare is pleased to report growth in revenue and underlying EBITDA* in
line with market expectations along with a further strengthening of the
financial platform.

 

The Group returned to revenue growth in 2023 with sales increasing across all
product segments and direct operations. Overall, full year revenues are
expected to be approximately £74.4 million (2022: £71.6 million), an
increase of c. 4.0% at AER (c. 2.0% at CER). Headline revenues benefited from
strong growth in the Companion Animals oral health range, notably Plaqtiv+,
demand for Danilon in Equine and continuing momentum of the Identicare pet
microchipping and consumer-focused services business. Additionally, Daxocox
recorded double-digit growth across Animalcare's direct sales territories.

 

The Group anticipates that underlying EBITDA will be in line with market
expectations and at least in line with 2022 (2022: £13.1 million), reflecting
a combination of strong gross margins and targeted SG&A investment,
primarily on our people.

 

Continued strong cash generation, approximately in line with the rate
delivered in 2022, further reinforced the balance sheet. The Group ended the
financial year in a net cash position, pre IFRS16 leases, of £1.7 million,
(31 December 2022: £2.4 million debt). This very strong financial platform
enables the pursuit of inorganic and organic opportunities that support the
Group's long-term growth strategy.

 

Jenny Winter, Chief Executive Officer commented: "I am delighted to deliver
such a positive performance update for the full year which underlines our
growing capability as well as the attractive fundamentals of the markets in
which we operate. Our financial platform - stronger than ever - equips us with
the firepower and flexibility to grow our business over the long term through
investment in our people, our pipeline and external business development
opportunities. That remains a key priority."

 

* 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 countries 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            +44 (0)20 7710 7600

(Nominated Adviser & Joint Broker)

 Ben Maddison

 Nick Adams

 Nicholas Harland

 Panmure Gordon                            +44 (0)20 7886 2500

 (Joint Broker)

 Corporate Finance

 Freddy Crossley/Emma Earl

 Corporate Broking

 Rupert Dearden

 

 

 

 

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