York-headquartered veterinary sales and marketing group, Animalcare, says it is on track to achieve its long-term growth plans as it releases its preliminary unaudited results for the year ended 31 December 2023.
Revenues rose 3.8% to £74.4m (2022: £71.6m) reflecting improved performance in the second half, with sales growth across all three product categories. And reported profit before tax was £3.5m (2022: £2.5m). Underlying EBITDA grew by 1.5% to £13.3m.
Chief executive officer, Jenny Winter said: “A positive trading performance across our direct sales territories and market segments puts Animalcare in a strong position to deliver on our long-term strategic growth objectives.
“The group’s continued focus on larger-selling, more profitable brands in our portfolio contributed to growing revenues, expanding gross margins and improving cash generation over the period.
“Our strong financial platform received a material boost in February 2024 with the disposal of Identicare Ltd, a transaction which crystallised the value of a non-core asset, allowing us to focus on our animal health pharmaceuticals business.
“The group is better placed than ever to pursue organic and inorganic growth opportunities that can accelerate future growth and increase the value that the group creates over the medium to long-term.”
Animalcare senior independent director, Ed Torr, will assume the role of non-executive chair at the conclusion of the AGM on 20 June 2024 following Jan Boone’s decision to stand down from the Board post year end.
Torr will bring extensive knowledge of the company and the veterinary pharmaceutical industry to the position.
He joined the Animalcare Board in 2017 after a management career which included 13 years as commercial director on the Board of Dechra Pharmaceuticals plc, where he was responsible for the integration of several major acquisitions and global licensing and launches of key brands.