Interim Results

RNS Number : 4329H
Animalcare Group PLC
22 February 2010
 



 

 

 

ANIMALCARE GROUP PLC

 

("Animalcare" or "the Company")

 

Unaudited Interim Results for the six months ended 31 December 2009

 

Animalcare, the supplier of pharmaceutical and other premium products and services to the veterinary industry and the manufacturer and supplier of premium quality livestock products to agricultural retailers announces its interim results for the six months ended 31 December 2009.

 

Financial Highlights

·       Revenue up 15% to £8.93m (2008: £7.76m)

·       EBITDA up 26% to £1.21m (2008: £0.82m)

·       Adjusted operating profit up 62% to £0.98m (2008: £0.6m)

·       Stable and improving margins

·       Strong cash generation

·       Reduction of net debt

 

Operational Highlights

·       Continued sales growth across all three product categories:

·       Veterinary medicines sales growth driven by continued new product development

·       Companion animal identification sales growth underpinned by Identichip companion animal microchip

·       Animal Welfare sales growth aided by agricultural and companion animal products

 

James Lambert, Chairman of Animalcare said "I am pleased to report strong growth in revenue and EBITDA, especially in our companion animal business. Although the market for our key livestock products is challenging we anticipate trading to improve in the second half of the year and are confident that our licensed veterinary medicines will continue to deliver revenue and profit growth in line with expectations."

 

 

For further information:

Animalcare plc

James Lambert (Chairman)                                            01765 689541

Simon Riddell (Chief Executive)

 

Brewin Dolphin Investment Banking (NOMAD)                    

Neil Baldwin                                                                   0845 213 4726

Adam Rudd                                                                    0845 213 4847

                                                                    

Walbrook (Financial PR)                                                  0207 933 8780

Ben Knowles: ben.knowles@walbrookpr.com                     Mob: 07900 346 978

Louise Goodeve: louise.goodeve@walbrookpr.com   

 

 

CHAIRMAN'S STATEMENT

 

On behalf of your board I am pleased to report the unaudited results for Animalcare Group plc for the six months to 31 December 2009 which show a substantial increase in revenue to £8.93 million (2008 - £7.76 million) and EBITDA (earnings before interest, taxation, depreciation and amortisation) to £1.21 million (2008 -£0.82 million).

The companion animal business continued to deliver excellent revenue and profit growth with both the core business and the recently introduced licensed veterinary medicines making strong progress. Sales of Benazecare, Buprecare and Cephacare continue to grow in line with our expectations.

The livestock business delivered modest revenue growth but suffered a loss due to one off costs and pressure on profit margins. The bulk of the loss related to the withdrawal from low margin activities unrelated to our ongoing business. In addition the business suffered a modest loss due to higher product costs arising from the sharp fall in the New Zealand $/GB £ exchange rate and a decline in sheep identification market volumes ahead of the implementation of new identification rules.

Adjusted profit before tax (excluding amortisation of acquired intangible assets, impairment of goodwill and fair value losses on interest rate hedging) was £0.89 million (2008 - £0.38 million) and adjusted operating profit (excluding amortisation of acquired intangible assets) was £0.98 million (2008 - £0.60 million). Adjusted basic earnings per share (excluding amortisation of acquired intangible assets, impairment of goodwill and fair value losses on interest rate hedging) increased to 3.1 pence (2008 - 1.4 pence).  Basic earnings per share increased to 2.8 pence (2008 - 0.3 pence). Net cash flow from operating activities was £0.93 million (2008 - £0.94 million) and at 31 December 2009 the group had net debt (total borrowings less cash and cash equivalents) of £3.82 million (2008 - £4.99 million).

In line with previous years the Company is not declaring an interim dividend.

Trading in the second half is in line with market expectations.

The companion animal market remains strong and we are confident that our licensed veterinary medicines will continue to deliver revenue and profit growth in line with market expectations. I am pleased to report that we have been granted a Marketing Authorisation in the United Kingdom and certain other EU markets for a further licensed veterinary medicine which will be launched in the next few months.

The market for our key livestock products is challenging due to the implementation of the new regulations for the electronic identification of sheep and downward pressure on identification tag pricing. We are confident that our livestock business is well placed to deliver an improved performance in the traditionally stronger second half of our financial year.

Your board will continue to focus on delivering strong profit growth behind organic sales growth and, in line with our strategy, will consider acquisitions that will strengthen our market position and enhance earnings.

 

 

J.S. Lambert

Chairman

 

 

HIGHLIGHTS


6 months ended

6 months ended


December 2009

December 2008






Revenue

£8.93m

£7.76m

+15%

Adjusted operating profit*

£0.98m

£0.60m

+62%

Operating profit

£0.92m

£0.55m

+69%

Adjusted Profit before tax+

£0.89m

£0.38m

+138%

Profit before tax

£0.80m

£0.09m

+784%

Adjusted Earnings per share+




      Basic

3.1p

1.4p


      Fully Diluted

2.9p

1.3p


Earnings per share




      Basic

2.8p

0.3p


      Fully Diluted

2.6p

0.3p


Borrowings

£5.07m

£5.95m


Cash and cash equivalents

£1.25m

£0.96m


Net debt

£3.82m

£4.99m

-23%

 

* Excluding amortisation of acquired intangibles and impairment of goodwill.

+ Excluding amortisation of acquired intangibles, impairment of goodwill and fair value movements on interest rate hedging.

 

FINANCIAL REVIEW

In the six months to 31 December 2009 the Group achieved consolidated revenue of £8.93 million (2008 - £7.76 million), operating profit of £0.92 million (2008 - £0.55 million) and profit before tax of £0.80 million (2008 - £0.09 million).

Reported profitability reflects charges of £0.06 million (2008 - £0.06 million) in respect of the amortisation of acquired intangible assets and £0.03 million (2008 - £0.23 million) in respect of fair value movements on interest rate hedging. Excluding these items, adjusted operating profit and pre tax profit for the six months to 31 December 2009 were £0.98 million (2008 - £0.60 million) and £0.89 million (2008 - £0.38 million) respectively.

Consolidated revenue growth was largely driven by the companion animal division as detailed in the Chairman's Statement. The six months to 31 December represents the seasonal low period for the livestock division which typically enjoys a higher proportion of its revenues in the second half of the year.

Consolidated gross profit for the six months to 31 December 2009 was £4.68 million (2008 - £4.40 million) which represents a gross margin of 52.4% (2008 - 56.7%). The reduction in gross margin arises from one off factors, such as changes to overhead cost recovery and the withdrawal from historic business activities, plus underlying pressure on livestock margins as detailed in the Chairman's Statement.

Distribution and administrative expenses, excluding amortisation of acquired intangible assets, totalled £3.70 million (2008 - £3.80 million); these costs continue to be tightly controlled.

Net finance costs for the six months to 31 December 2009 were £0.12 million (2008 - £0.45 million) which include a £0.03 million (2008 - £0.23 million) charge in respect of fair value movements on interest rate hedging.

After provision for corporation tax of £0.26 million (2008 - £0.03 million), retained profit for the period was £0.55 million (2008 - £0.07 million).

Net cash flow from operating activities in the six months to 31 December 2009 was £0.93 million (2008 - £0.94 million). After capital expenditure of £0.40 million (2008 - £0.18 million), proceeds from the issue of shares of £0.07 million (2008 - nil), dividends of £0.49 million (2008 - £0.45 million) and loan repayments of £0.39 million (2008 - £0.74 million), net cash utilised was £0.29 million (2008 - £0.42 million utilised).

Share issue proceeds relate to the issue of 129,859 ordinary shares of 20 pence in respect of approved employee share options.

At 31 December 2009 net debt (borrowings less cash and cash equivalents) was £3.82 million (2008 - £4.99 million) representing 25% of shareholders funds. Group borrowings totalled £5.07 million (2008 - £5.95 million) comprising £4.24 million repayable over five years and £0.83 million repayable over ten years. Additionally, the Group had undrawn committed overdraft facilities at 31 December 2009 to the value of £100,000 which is available for general corporate and working capital requirements until 28 February 2011. At 31 December 2009 the Group held cash and cash equivalents to the value of £1.25 million (2008 - £0.96 million). Further disclosures regarding financing, liquidity and risk are contained in Notes 2 and 8 to the financial statements.

The financial performance of the Group continues to be comfortably ahead of its banking covenants.

 

CAUTIONARY STATEMENT

This Interim Management Report ('IMR') consists of the Chairman's Statement and the Finance Review, which have been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The IMR should not be relied upon by any other party or for any other purpose.

The IMR contains a number of forward-looking statements. These statements are made by the directors in good faith based upon the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

This interim management report has been prepared for the Group as a whole and therefore emphasises those matters which are significant to Animalcare Group plc and its subsidiary undertakings when viewed as a whole.

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

Six months ended 31 December 2009

 

 

 

 

Note

6 month

period ended

31 December 2009

6 month

period ended

31 December 2009

6 month

period ended

31 December 2009

6 month

period ended

31 December 2008

6 month

period ended

31 December 2008

6 month

period ended

31 December 2008











Before

other items

Other

 items (*)

 

Total

Before

other items

Other

 items (*)

 

Total



Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited



£'000

£'000

£'000

£'000

£'000

£'000

















Revenue


8,933

-

8,933

7,761

-

7,761









Cost of sales


(4,256)

-

(4,256)

(3,359)

-

(3,359)









Gross profit


4,677

-

4,677

4,402

-

4,402









Distribution costs


(289)

-

(289)

(272)

-

(272)

Administrative expenses


 

(3,410)

 

(59)

 

(3,469)

 

(3,526)

 

(59)

 

(3,585)









Operating profit /(loss)


 

978

 

(59)

 

919

 

604

 

(59)

 

545

Finance costs


(85)

(31)

(116)

(277)

(225)

(502)

Finance income


1

-

1

48

-

48









PROFIT/(LOSS) BEFORE TAX


894

(90)

804

375

(284)

91









Income tax expense

5

(282)

25

(257)

(106)

80

(26)









PROFIT/(LOSS) FOR THE PERIOD

 

4

 

612

 

(65)

 

547

 

269

 

(204)

 

65

















Basic earnings per share

 

6

 

3.1p

 

(0.3p)

 

2.8p

 

1.4p

 

(1.1p)

 

0.3p

Diluted earnings per share

 

6

 

2.9p

 

(0.3p)

 

2.6p

 

1.3p

 

(1.0p)

 

0.3p









The profit and loss account has been prepared on the basis that all operations are continuing operations.

 (*)"Other items" have been disclosed separately to give an indication of the underlying earnings of the Group; these "Other items" relate to the amortisation of acquired intangible assets (acquired brands and customer relationships), the impairment of goodwill and fair value movements on interest rate hedging. Amortisation of developed intangible assets (new product development and developed software) is treated as a charge against underlying earnings. Prior to 2009 and in last year's interim report amortisation of developed intangible assets was included in "other items". The December 2008 interim results have been restated in line with current practice so as to be comparable with the December 2009 results. 

 

 



CONDENSED CONSOLIDATED INCOME STATEMENT

Twelve months ended 30 June 2009

 

 

 

 

Note

12 month

period ended

30 June 2009

12 month

period ended

30 June 2009

12 month

period ended

30 June 2009








Before

other items

Other

items (*)

 

Total



Audited

Audited

Audited



£'000

£'000

£'000











Revenue


17,638

-

17,638






Cost of sales


(7,749)

-

(7,749)






Gross profit


9,889

-

9,889






Distribution costs


(693)

-

(693)

Administrative expenses


(6,819)

(252)

(7,071)






Operating profit /(loss)


2,377

(252)

2,125

Finance costs


(387)

(227)

(614)

Finance income


16

-

16






PROFIT/(LOSS) BEFORE TAX


2,006

(479)

1,527






Tax

5

(585)

97

(488)






PROFIT/(LOSS) FOR THE PERIOD

 

4

1,421

(382)

1,039











Basic earnings/(loss) per share

 6

 7.2p

 (1.9p)

 5.3p

Diluted earnings/(loss) per share

 6

 6.8p

 (1.8p)

 5.0p






The profit and loss account has been prepared on the basis that all operations are continuing operations.

 (*) "Other items" have been disclosed separately to give an indication of the underlying earnings of the Group; these "Other items" relate to the amortisation of acquired intangible assets (acquired brands and customer relationships), the impairment of goodwill and fair value movements on interest rate hedging. Amortisation of developed intangible assets (new product development and developed software) is treated as a charge against underlying earnings. 

 



CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Six months ended 31 December 2009

 

 

 

 

6 month

period ended

31 December 2009

Unaudited

6 month period ended

31 December 2008

Unaudited

12 month

period ended

30 June

 2009

 Audited



£'000

£'000

£'000






Balance at 1 July


15,382

14,645

14,645

Net profit for the period


547

65

1,039

Dividends paid


(494)

(445)

(445)

Share based payment charges


50

47

143

Issue of shares


72

-

-






Balance at end of period


15,557

14,312

15,382






 



CONDENSED CONSOLIDATED BALANCE SHEET

31 December 2009

 

 

 

 

 


31 December

 2009

Unaudited

31 December

 2008

Unaudited

30 June

 2009

 Audited




£'000

£'000

£'000

NON-CURRENT ASSETS






Goodwill



15,254

15,388

15,254

Other intangible assets



2,302

1,985

2,139

Property, plant and equipment



1,766

1,732

1,817










19,322

19,105

19,210

CURRENT ASSETS






Inventories



2,193

2,054

2,032

Trade and other receivables



2,574

2,150

2,589

Cash and cash equivalents



1,245

963

1,532










6,012

5,167

6,153







TOTAL ASSETS



25,334

24,272

25,363







CURRENT LIABILITIES






Trade and other payables



(2,697)

(2,275)

(2,603)

Current tax liabilities



(412)

(173)

(339)

Bank overdraft and loans



(883)

(883)

(883)

Deferred consideration



(91)

(91)

(91)

Derivative financial instruments



(111)

(166)

(145)







CURRENT LIABILITIES



(4,194)

(3,588)

(4,061)







NET CURRENT ASSETS



1,818

1,579

2,092







NON-CURRENT LIABILITIES






Bank loans



(4,182)

(5,065)

(4,573)

Deferred income



(937)

(818)

(883)

Deferred tax liabilities



(464)

(489)

(464)










(5,583)

(6,372)

(5,920)







TOTAL LIABILITIES



(9,777)

(9,960)

(9,981)







NET ASSETS



15,557

14,312

15,382













CAPITAL AND RESERVES






Called up share capital



3,977

3,951

3,951

Share premium account



5,870

5,824

5,824

Profit and loss account



5,710

4,537

5,607







EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT



 

15,557

 

14,312

 

15,382







 



CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Six months ended 31 December 2009

 

 

 



6 month period ended

31 December 2009

Unaudited

6 month period ended

31 December 2008

Unaudited

12 month

period ended

30 June

 2009

 Audited




£'000

£'000

£'000







Operating profit



919

545

2,125

Adjustments for:






Depreciation of property, plant and equipment



158

160

251

Amortisation of intangible assets



133

116

237

Goodwill impairment charge



-

-

134

Share based payment award



50

47

94

Deferred income



55

43

108

Profit on disposal of property, plant and equipment



-

-

(7)







Operating cash flows before movements in working capital



1,315

911

2,942

Increase in inventories



(161)

(236)

(214)

Decrease/(increase) in receivables



        15

288

(151)

Increase in payables



13

341

671







Cash generated by operations



1,182

1,304

3,248

Income taxes paid



(184)

(132)

(405)

Interest paid



(70)

(277)

(410)

Interest and investment income received



1

48

16







Net cash inflow from operating activities



929

943

2,449







Investing activities:






Payments to acquire intangible assets



(296)

(76)

(311)

Payments to acquire property, plant and equipment



(107)

(108)

(336)

Receipts from sale of property, plant and equipment



-

-

18







Net cash used in investing activities



(403)

(184)

(629)







Financing:






Receipts from issue of share capital



72

-

-

Equity dividends paid



(494)

(445)

(445)

Repayment of bank loans



(391)

(735)

(1,227)







Net cash used in financing activities



(813)

(1,180)

(1,672)







Net (decrease)/increase in cash and cash equivalents



(287)

(421)

148

Cash and cash equivalents at start of period



1,532

1,384

1,384







Cash and cash equivalents at end of period



1,245

963

1,532







Comprising:






Cash and cash equivalents



1,245

963

1,532










1,245

963

1,532







 

 

 

 

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

31 December 2009

 

1.       GENERAL INFORMATION

The unaudited financial information contained in this half yearly report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS).  These condensed consolidated accounts do not include all of the information required for full annual financial statements.

This half-yearly report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006, and should be read in conjunction with the 2009 Annual Report.  The information contained herein has not been reviewed by the company's auditors, nor has it been delivered to the Registrar of Companies.

The financial information for the year ended 30 June 2009 has been derived from the audited financial statements of Animalcare Group plc as delivered to the Registrar of Companies.  The report of the auditors on those statutory accounts was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

2.       BASIS OF PREPARATION - GOING CONCERN

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. The Chairman's Statement also includes a summary of the Group's financial position, its cash flows and borrowing facilities.

The Group's principal committed financing facilities are not due for renewal within the next 5 years. Additionally, the Group had undrawn overdraft facilities at 31 December 2009 to the value of £100,000 which is available for general corporate and working capital requirements until 28 February 2011.

Overall, the directors believe the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook and the Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current committed facilities.

After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed financial statements.

3.       SIGNIFICANT ACCOUNTING POLICIES

The annual financial statements of Animalcare Group plc are prepared in accordance with the IFRSs as adopted by the European Union.  The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union.

The accounting policies and methods of computation applied are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 June 2009 with the exception of new standards adopted in the current period (see below). There have been no changes in the nature of key estimates and judgments made in applying the Group's accounting polices as explained in the 2009 Annual Report and Financial Statements which has been published on the Group's website at: http://www.animalcaregroup.co.uk/corporate-documents-and-shareholders-communications/default.aspx.

The Group has adopted IFRS 8 "Operating Segments" for the first time in this interim report. This standard requires the Group to report segmental information on the basis of internal reports which are regularly reviewed by the Group Board and used to allocate the resources of the business, and superceeds IAS 11 "Segmental Reporting". The Group has complied fully with the requirements of IFRS 8 in the period which apply to disclosure matters only.

The Group has also adopted IAS1 "Presentation of Financial Statements" (revised 2007) for the first time in this interim report. The Group has complied fully with the requirements of IAS1 in the period which apply to disclosure matters only.

 

4.       REVENUE AND OPERATING SEGMENTS

Following the adoption of IFRS 8 "Operating Segments" the Group has identified its reportable segments as those upon which the Group Board basis its assessment of performance.

The Group continues to deem it appropriate to aggregate its reportable segments into two: the companion animal division and the livestock division. The constituent reporting segments have been aggregated because they have similar products and services; processes; types of customer; regulatory environments; and economic characteristics.  

Principal activities are as follows:

The companion animal division supplies and distributes veterinary medicines, identification and other welfare products to the veterinary market.

The livestock division manufactures and distributes livestock identification and welfare products.

Segment information is presented below. Unallocated corporate expenses relate to administrative costs of centralised group management.

 


Companion Animal

6 months

ended 31 December

2009

£'000

Livestock

6 months ended 31 December

2009

£'000

Eliminations

6 months ended 31 December

2009

£'000

Consolidated

6 months ended 31 December

2009

£'000

Companion Animal

6 months

ended 31 December

2008

£'000

Livestock

6 months ended 31 December

2008

£'000

Eliminations

6 months ended 31 December

2008

£'000

Consolidated

6 months ended 31 December

2008

£'000

Revenue









External sales

5,374

3,559

-

8,933

4,313

3,448

-

7,761

Inter-segment sales

36

-

(36)

-

18

-

(18)

-



















Total revenue

5,410

3,559

(36)

8,933

4,331

3,448

(18)

7,761










Result









Segment result before amortisation of acquired intangibles

1,360

(139)

-

1,221

783

42

-

825

Amortisation of acquired intangible assets

(59)

-

-

(59)

(59)

-

-

(59)










Segment result

 

1,301

 

(139)

-

1,162

724

42

-

766










Unallocated corporate expenses




(243)




(221)










Operating profit




919




545

Net finance costs




(115)




(454)










Profit before tax




804




91

Tax




(257)




(26)










Profit after tax




547




65






 

 



 

 


            Companion Animal

12 months ended 30

June 2009

£'000

Livestock

12 months ended 30 June 2009

£'000

Eliminations

12 months ended 30 June 2009

£'000

Consolidated

12 months ended 30 June 2009

£'000

Revenue





External sales

9,606

8,032

-

17,638

Inter-segment sales

89

9

(98)

-






Total revenue

9,695

8,041

(98)

17,638






Result





Segment result before amortisation

2,303

543

-

2,846

Other items*

(118)

(134)

-

(252)






Segment result

2,185

409

-

2,594






Unallocated corporate expenses




(469)






Operating profit




2,125

Net finance costs




(598)






Profit before tax




1,527

Tax




(488)






Profit after tax




1,039

 






* Amortisation of acquired intangibles and impairment of goodwill

5.       TAX ON PROFIT ON ORDINARY ACTIVITIES

The charge for taxation is based on an estimate of the likely effective tax rate for the full year.

 

6.       earnings per share

Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

The following table reflects the income and share data used in the basic and diluted earnings per share computations.  

 


6 month

Period

 ended

31 December 2009

 

Unaudited

6 month

period ended

31 December 2009

Unaudited

6 month

period ended

31 December 2009

Unaudited

6 month

Period

 ended

31 December 2008

 

Unaudited

6 month

period ended

31 December 2008

Unaudited

6 month

period ended

31 December 2008

Unaudited

12 month

period ended

30

 June

2009

Audited

12 month

period

ended

30

 June

2009

Audited

12 month

period ended

30

June

2009

Audited












Before

other items

Other

 items (*)

 

Total

Before

other items

Other

 items (*)

 

Total

 Before

other items

Other

 items (*)

 

Total

Net profit/(loss) attributable to equity holders of the parent £'000

 

 

612

 

 

(65)

 

 

 

 

547

 

 

269

 

 

(204)

 

 

65

 

 

1,421

 

 

(382)

 

 

1,039











Basic weighted average number of shares

 

19,773,961

 

19,773,961

 

 

19,773,961

 

19,756,225

 

19,756,225

 

19,756,225

 

19,756,225

 

19,756,225

 

19,756,225











Dilutive potential ordinary shares:

Employee share options

 

 

 

1,148,353

 

 

 

1,148,353

 

 

 

1,148,353

 

 

 

1,185,124

 

 

 

1,185,124

 

 

 

1,185,124

 

 

 

1,153,176

 

 

 

1,153,176

 

 

 

1,153,176











Diluted weighted average number of shares

 

 

20,922,314

 

 

20,922,314

 

 

20,922,314

 

 

20,941,349

 

 

20,941,349

 

 

20,941,349

 

 

20,909,401

 

 

20,909,401

 

 

20,909,401

 

          * As defined within the condensed consolidated income statement.

7.       DIVIDENDS

 

 



6 month period ended

31 December 2009

Unaudited

6 month period ended

31 December 2008

Unaudited

12 month

period ended

30 June

 2009

 Audited




£'000

£'000

£'000







Final dividend paid for the year ended 30 June 2009 of 2.5p per share



 

494

 

-

 

-

Final dividend paid for the year ended 30 June 2008 of 2.25p per share



 

-

 

445

 

445

 



8. PRINCIPAL RISKS AND UNCERTAINTIES 

The company's principal risks and uncertainties remain those set out in the last annual report together with the  additional uncertainties connected to the electronic identification of sheep.

 

9. COPIES OF STATEMENT

A copy of this report will be posted to shareholders today and will be available on request from the Company's registered office at Fearby Road, Masham, Ripon, North Yorkshire HG4 4ES and will shortly be available to download from its website at www.animalcaregroup.co.uk  


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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