Product launches help boost revenue for a publicly traded animal health group
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International animal health company Animalcare Group says its revenue reached around £74m, up around 5% on the previous year, in the 12 months to December 31, 2021.
In a business update this morning, the York-based company explains its sStrong commercial performance for the full year was driven by increased demand for companion animals and growth in new products.
And he notes his ethe results should be in line with previously updated market expectations.
Sales growth was concentrated in the first half due to “exceptional” veterinary demand in the first quarter and a return to more normal market levels during the year.
Revenue also benefited from growth in the company’s new products, including Daxocox, which was launched in 2021 as a treatment for osteoarthritis-related pain in dogs.
Animalcare adds that a very strong cash conversion resulted in a further improvement in the balance sheet with net debt reduced to around £5.3m at the end of the year.
Jenny Winter, CEO, said: “The continued evolution of our product portfolio and the successful launch of Daxocox have largely contributed to the Group’s very positive commercial performance in 2021.
“Looking ahead, the continued strengthening of our balance sheet provides us with increased ability to invest in our long-term growth strategy.”
The group’s annual results will be published on March 29, 2022.