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
David Hallas (CEO)
Christopher Wilks (CFO)
|
020 8447 8899
|
|
Singer Capital
Markets (Nominated Adviser & Joint Broker)
Phil Davies
Sam Butcher
|
020 7496 3000
|
|
Investec
(Joint Broker)
Gary Clarence
Lydia Zychowska
|
020 7597 5970
|
|
Equity
Development
Hannah Crowe
Matt Evans
|
020 7065 2692
|
|
ICR Consilium
(Financial PR)
Mary-Jane Elliott
Jessica Hodgson
|
020 3709 5700
ecoanimalhealth@consilium-comms.com
|
|
|
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