REG - Eco Animal Health Gp - Trading Update on year ended 31 March 2024

ECO Animal HealthAnnouncement

25/04/2024 07:00

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RNS Number : 9132L  Eco Animal Health Group PLC  25 April 2024

25 April 2024

 

 

ECO Animal Health Group plc

("ECO" or the "Company")

 

Trading Update

Company to report stronger than anticipated revenue performance

EBITDA in-line with market expectations

ECO Animal Health Group plc (AIM: EAH), a rapidly growing global animal health
company with a portfolio of marketed veterinary products and a maturing
proprietary R&D pipeline, today announces a preliminary update on its
profits for the year ending 31 March 2024.

As announced on 21 March 2024, the Board expected revenues for the year ending
31 March 2024 to be in line with market expectations. Market expectations for
FY24 Revenue as at the date of this announcement are £88.7m. With full
visibility on trading for the year, the Company can report that final revenues
were greater than market expectations and nearly £90m.

Overperformance in revenue generation was achieved despite foreign exchange
headwinds experienced in the early part of the financial year. When presented
on a constant currency basis the Board expects to report revenue growth in
excess of 10% over the year ended 31 March 2023.

Subject to audit, EBITDA for the year ended 31 March 2024 will be in line with
market expectations (current market expectations are £7.8m). This robust
EBITDA result was delivered against a backdrop of heavy investment in new
product innovation, which the Board believes will be a key driver of future
growth, and against challenging market conditions in some regions.

Total cash on 31 March 2024 was approximately £22m.

David Hallas, Chief Executive Officer of ECO Animal Health Group plc,
commented: "I am delighted to be able to confirm that ECO has delivered
strongly on its profit expectations. We are particularly pleased to have
achieved these positive results despite experiencing challenging market
conditions, currency headwinds, and while continuing to invest heavily in our
promising R&D pipeline, which we believe has significant potential to
drive future growth and value for shareholders. We look forward to completing
the audit and releasing our Annual Report and Accounts in July."

-Ends-

For further information please contact:

 ECO Animal Health Group plc                                    020 8447 8899

 David Hallas (CEO)

 Christopher Wilks (CFO)
 Singer Capital Markets (Nominated Adviser & Joint Broker)      020 7496 3000

 Phil Davies

 Sam Butcher
 Investec (Joint Broker)                                        020 7597 5970

 Gary Clarence

 Lydia Zychowska
 Equity Development                                             020 7065 2692

 Hannah Crowe

 Matt Evans
 ICR Consilium (Financial PR)                                   020 3709 5700

 Mary-Jane Elliott                                              ecoanimalhealth@consilium-comms.com

 Jessica Hodgson

About ECO Animal Health

ECO Animal Health is a world leader in animal health, developing and marketing
branded veterinary pharmaceuticals globally, with expertise in antibiotics and
vaccines for pigs and poultry. We have a maturing proprietary R&D
pipeline.

Headquartered in the UK, with global offices including R&D and
manufacturing, we have marketing authorisations in over 70 countries and
employ over 200 people worldwide.

Our lead product, Aivlosin® is a proprietary, patented medication which is
effective against both respiratory and intestinal diseases in pigs and
poultry.

Click here for more information: https://ecoanimalhealth.com
(https://ecoanimalhealth.com)

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