Animalcare Group Expects Revenue Growth Despite First Half Fall
Animalcare Group expects revenue decline in the first half but remains confident in meeting market expectations.
Animalcare Group announced on Thursday that it is confident its full-year revenue will meet market expectations and surpass last year's figures, despite a decline in the first half.
The AIM-listed animal-health business stated that there was a decrease in veterinary demand across Europe during the first half. As a result, it anticipates that its revenue for the six months ending June 30 will be £36.7 million ($47.5 million), compared to £38.3 million in the same period of 2022.
However, Animalcare Group expects its underlying Ebitda margins for this period to exceed the 18.3% achieved in the first half of 2022. This will be accomplished through a combination of strong gross margins, disciplined management, and efficient allocation of selling, general, and administrative expenses. The company has also benefited from its strategic focus on a more streamlined portfolio of profitable products.
"We remain confident in the prospects of the group and the long-term fundamentals of the animal health sector, and we will continue to utilize our strong financial position to invest in drivers of growth," stated Animalcare Group.
As of 0908 GMT, shares of Animalcare Group remained steady at 170 pence.