Trading update & Notice of Results

RNS Number : 4629C

Animalcare Group PLC

22 January 2018

 

Animalcare Group plc

(the "Group" or the "Company")

Trading update & Notice of Results

Animalcare Group plc (AIM: ANCR) provides the following unaudited trading update for the Group's first financial period ended 31^st December 2017 ahead of publishing its preliminary results on 15^th May 2018.

Following the acquisition of Ecuphar NV ("Ecuphar"), completed on 13^th July 2017, the enlarged Group's results for the first financial period ended 31^st December 2017 will comprise the results of Ecuphar NV from 1^st January 2017 and Animalcare Group plc's results from the date of acquisition of 13^th July 2017.

In order to provide a like-for-like comparison, the financial information and narrative presented below refer to an unaudited pro forma 12 month period to 31^st December 2017 with comparatives to 31^st December 2016.

Trading review

Total revenue for the 12 month period ended 31^st December 2017 were up c.9.5% at AER (c.3.4% at CER) to c.£91.9m (2016: £83.9m), slightly ahead of management expectations. Excluding Nutriscience, which Ecuphar sold in October 2016, like-for-like revenues increased by c.10.9% at AER (c.4.7% at CER). Earnings are expected to be broadly in line with management expectations.

Progress with integration

The integration is progressing as anticipated, but it is still at an early stage and as expected margins for the period to 31^st December 2017 have yet to reflect the synergies that we expect to realise in the medium- to long-term. The Group is implementing a wide-ranging change agenda in order to establish a strong platform for the future that will deliver long-term shareholder value through the many opportunities available.

Summary and Outlook

The Board is pleased with the good revenue growth of the enlarged Group. The process to integrate the businesses to create a leading pan-European Animal Health platform is underway. Whilst this process will take some time, the Board remains confident of the strategic rationale for the merger and the prospect of future value creation for our shareholders.

Animalcare expects to announce its preliminary financial results on 15^th May 2018 allowing for the additional time to report on the reverse-acquisition of Ecuphar.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information, please contact:

Animalcare Group plc		Tel: [phone]
Chris Cardon, Chief Executive Officer
Chris Brewster, Chief Financial Officer
Iain Menneer, Chief Operating Officer
Panmure Gordon (Nominated Adviser & Broker)		Tel: [phone]
Corporate Finance
Freddy Crossley / Peter Steel
Corporate Broking
James Stearns
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

About Animalcare (www.animalcaregroup.co.uk)

Animalcare Group plc is a UK AIM listed veterinary sales, marketing and product development company resulting from the merger of Animalcare and Ecuphar NV.

Post-merger Animalcare is a pan-European animal health company, with a large geographic footprint. The Company now has direct sales in seven countries (UK, Belgium, Netherlands, Spain, Portugal, Italy and Germany) and exports to approximately 50 markets worldwide.

The Company now has nearly 100 sales representatives and 28 agents operating across Europe and owns 50 licensed drugs, eight vaccines and over 100 care and nutraceutical products.

Animalcare invests in developing its own pharmaceutical products, seeks distribution partnerships and product acquisitions.

For more information see Animalcare Ltd (www.animalcare.co.uk) and Ecuphar NV (www.ecuphar.com).

 

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