REG - Animalcare Group PLC - Trading Update & Notice of Capital Markets Event

AnimalcareAnnouncement

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RNS Number : 8630P  Animalcare Group PLC  22 January 2026

22 January 2026

 

Animalcare Group plc

("Animalcare", the "Company", or together with its subsidiaries, the "Group")

 

FY25 Trading Update and Notice of Capital Markets Event

A year of financial delivery and strong strategic execution provide the
foundations for growth acceleration

 

Animalcare Group Plc (AIM: ANCR), the international animal health business,
provides the following unaudited trading update for the year ended 31 December
2025 ("FY25"), delivering strong revenue and underlying EBITDA growth, in line
with market expectations(1).

 

Highlights

 

 ·         Revenue up 20% at actual exchange rates ("AER") and constant exchange rates
           ("CER") to approximately £89.1m (2024: £74.2m)
 ·         Successful integration of Randlab as part of the Group, delivering significant
           contribution to both revenue and underlying EBITDA growth
 ·         Underlying EBITDA growth of approximately 50% versus prior year (2024:
           £11.6m)
 ·         Strong cash conversion in line with FY25 guidance of c. 80% (2024: 103%)
 ·         Financial position remains strong: net debt at £9.1m as at 31 December 2025
           (2024: £9.0m), excluding lease liabilities, with leverage well below 1.0
           times underlying EBITDA
 ·         Strengthened R&D pipeline with five key projects in progress, including
           the VHH NGF antibody programme acquired during the period

 

Business and Financial review

 

Strong revenue growth at higher margins

 

Animalcare delivered a positive trading performance in the year, with strong
revenue growth, improved margins, and strong cash generation. Revenues grew
20% to £89.1m at AER, which includes organic revenue growth of 2% and the
benefit of the successful acquisition and integration of Randlab.

 

Companion Animal revenue growth benefited from strong double-digit momentum in
the Group's flagship brands, including Daxocox, fueled by the addition of two
new tablet strengths to the range. Animalcare's dental portfolio, encompassing
Plaqtiv+ and Orozyme, delivered very strong growth, both domestically and
within the Group's International Partners (export) network.

 

Production Animal revenues returned to more typical single-digit growth demand
patterns following a strong prior year performance. Growth was primarily
supported by several larger-selling brands.

 

Equine performed very strongly, benefitting from the significant contribution
from Randlab alongside like-for-like organic growth within the existing
portfolio. This highly profitable product range now represents around 24% of
Group revenues (2024: 10%).

 

The strong increase in underlying EBITDA, after taking into account R&D
expenses of approximately £0.5m, primarily reflects Randlab's significant
contribution to EBITDA, underpinned by its high gross margins, alongside
like-for-like gross margin expansion through strategic focus on our higher
margin, differentiated brands.

 

Cash conversion strengthened during the second half of the year, with the full
year performance in line with our guidance of c. 80%. The Group's balance
sheet remains strong, with net debt excluding lease liabilities at 31 December
2025 of £9.1m (31 December 2024: £9.0m), providing the platform and funding
headroom to continue to invest in the Group's strategic growth drivers.

 

Continued execution of the growth strategy

 

Animalcare made strong progress against each of its three strategic growth
pillars.

 

Organic performance was underpinned by the strength of the portfolio and
continued commercial excellence across our markets.

 

On the M&A front, the Group strengthened its footprint in the Asia-Pacific
region through a 25% strategic equity investment in InVetro Pty Ltd, an
Australia-based Companion Animal business.

 

With regards to new product development, the Group continued to advance its
R&D pipeline of new products that address significant market opportunities
and currently unmet needs within the veterinary sector. At present, the Group
has five key projects progressing through various stages within the pipeline.
Building on the August 2025 acquisition of the VHH NGF antibody programme and
related assets, Animalcare entered into a further licence agreement with
272Bio in December 2025 to access and develop a half-life extension technology
for equine biologics. The related research activities and associated costs are
planned to be undertaken and incurred through 2026, underpinning our
commitment to invest in innovation, targeting an annual spend of approximately
5% of revenue from 2026.

 

Confident Outlook

 

Following a strong 2025 performance, Animalcare has entered 2026 with positive
momentum. The Group continues to optimise its portfolio and seek opportunities
to leverage and efficiently scale its commercial platform, which alongside
developing its innovative pipeline and selective M&A activity, will
position the Company for accelerated sustainable growth. The Board looks
forward to providing insight into these growth initiatives at a Capital
Markets Event in March, announced today.

 

Notice of Capital Markets Event

 

On 4 March 2026, the Company will host a presentation for investors and
analysts to provide greater insight into Animalcare's three strategic pillars:
organic growth, inorganic growth, and new product development; highlighting
opportunities to accelerate organic revenue growth, both in the
shorter-to-medium term and over the longer term, alongside a deeper dive into
inorganic growth and pipeline potential.

 

The event will start at 2pm on 4 March 2026 and will be hosted at Stifel's
offices in London. Should you wish to attend, please contact
animalcare@almastrategic.com for further details.

 

Jenny Winter, Chief Executive Officer of Animalcare, commented:

 

"2025 was a year of strong delivery for Animalcare, marked by the successful
integration of Randlab, double-digit growth in our flagship brands and
disciplined investment in our exciting development pipeline. We are
increasingly well positioned to address the evolving demands of the growing
global veterinary market and see considerable opportunity to accelerate growth
rates through our three-pillar growth strategy. With a strong balance sheet, a
scalable commercial platform and increasing market presence, we look to the
future with confidence."

 

(1.        ) Animalcare believes that consensus market expectations
for the year ended 31 December 2025 is revenue of £89.2m and underlying
EBITDA after R&D costs of £17.6m.

 

For more information, please 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 (Nominated Advisor & Joint Broker)                  Tel: +44 (0)20 7710 7600

 Ben Maddison

 Francis North

 Jason Grossman

 Panmure Liberum (Joint Broker)                             +44 (0)20 7886 2500

 Corporate Finance

 Freddy Crossley/Emma Earl

 Corporate Banking

 Rupert Dearden

 Alma Strategic Communications                              +44 (0)20 3405 0205

 Caroline Forde                                             animalcare@almastrategic.com (mailto:animalcare@almastrategic.com)

 Kinvara Verdon

 Rose Docherty

 

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)

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