ECO Animal Health Group PBT increased significantly to £20.3m

ECO Animal Health Group

ECO Animal Health Group plc (LON:EAH) have today provided results for the year ended 31st March 2021.

HIGHLIGHTS

Financials

·      Sales up 46% at £105.6m (2020: £72.1m)

·      Gross margin increased to 51% (2020: 46%)

·      Profit before tax increased significantly to £20.3m (2020 restated: £6.1m)

·      Earnings per share increased significantly to 12.08p (2020 restated: 5.77p)

·      Cash generated from operations significantly stronger at £15.8m (2020: £5.5m)

·      Net cash at the end of the period £19.5m (2020: £9.8m)

·      New product development expenditure 17% lower at £9.1m (2020: £10.9m)

·      Dividend re-introduced – 1p per share (2020: Nil)

Operations

·      Aivlosin® demand increased by 44% led by

o  Rapid recovery & return to profitability in China as swine herds rebuilt following worst effects of African Swine Fever (ASF)

o  Strong growth in USA amid domestic demand & strengthening exports

o  Strong export driven growth in Brazil

·      Aivlosin® water soluble formulation approval in pigs for M. hyopneumoniae granted in USA, Canada & EU

·      First vaccine licence approval in Brazil

·      Two worldwide exclusive research partnerships signed to develop & licence novel vaccines for pigs against Porcine Respiratory & Reproductive Syndrome virus (PRRSV)

·      Business logistics, volumes and access uninterrupted during COVID-19 remote working

Marc Loomes, CEO of ECO Animal Health Group plc, commented: “These excellent results reflect the strong recovery in selected key markets which, together with the adaptability and innovation shown by our employees has delivered a record result during a year of formidable operational challenges arising from macroeconomic events.  We are excited about the progress within our new product development programmes, with previous announcements demonstrating the potential of our in-house science and external collaborations.  This year has had a solid start, we carefully monitor the demand for our products and recognise the easing in China, but remain confident of a successful out-turn for the year.”

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Find more news, interviews, share price & company profile here for:
Eco Animal Health Group plc

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