A transformational year
FINANCIAL HIGHLIGHTS
REVENUE
£74.2m
+4.9%
CONTINUING UNDERLYING EBITDA¹
£11.6m
-0.4%
UNDERLYING EPS¹
11.0p
+1.0%
NET DEBT¹
£9.0m
+£7.8m
¹ Alternative Performance Measures (APMs) are reconciled to reported results in the Chief Financial Officer’s review and within the notes to the consolidated financial statements. APMs are calculated in line with the Group’s accounting policies and therefore may not be directly comparable with other companies.
A year of strategic delivery
STEM Minority equity sale
ATTRACTIVE RETURN ON INVESTMENT WITH ENHANCED LICENSING RIGHTS
The disposal of STEM added to our investment firepower for future M&A. In addition, Animalcare secured extended sales channel licence rights in Europe and the UK, enabling the Group to maximise the value of our dental franchise through both veterinary and retail channels.
Conditional acquisition of Randlab
TRANSFORMATIVE ACQUISITION UNDERPINNED BY £20M EQUITY RAISE
The proceeds from the Identicare and STEM disposals added significantly to the Group’s balance sheet firepower, helping to fund the transformative acquisition of Randlab for approximately £60m. The accompanying successful £20m equity raise, means we’ve retained the firepower to further invest in growth opportunities.
Our Strategy
Scaling the business through targeted investment in growth areas of the animal health market, including acquisitions, underpinned by a balance of ambition, discipline and our strong foundations – great people, operational excellence and financial firepower.
Developing and nurturing a high-quality portfolio diversified across species and geographies to deliver strong and resilient growth
Pursue external opportunities that accelerate revenue growth with accretive margins, expand geographic reach and scale, and strengthen the pipeline through late stage in-licensing
Building a balanced pipeline while increasing innovation that will generate a flow of new products that meet the needs of our dynamic markets is a key contributor to sustainable organic growth
Our Strategy
Scaling the business through targeted investment in growth areas of the animal health market, including acquisitions, underpinned by a balance of ambition, discipline and our strong foundations – great people, operational excellence and financial firepower.
Organic growth
Developing and nurturing a high-quality portfolio diversified across species and geographies to deliver strong and resilient growth.
Inorganic growth
Developing and nurturing a high-quality portfolio diversified across species and geographies to deliver strong and resilient growth.
New Product Development
Pursue external opportunities that accelerate revenue growth with accretive margins, expand geographic reach and scale, and strengthen the pipeline through late stage in-licensing.
Organic Growth
KEY INITIATIVES
- Commercial focus on brands with the greatest opportunity for long-term growth and higher margins
- Continue to build capabilities in our commercial teams to drive effectiveness and focus on the needs of our customers
PROGRESS
- 4.9% revenue growth with increases across all product categories
- Growth driven by new products and continued contribution from strong mature brands
- International Partners (export) continues to deliver with focus on territory expansion for certain key brands in 2024
- Growth underpinned through continued focus on customers and commercial team effectiveness
- The systems and processes to launch new products and maximise our portfolio are embedded and provide a strong platform to scale the business
Inorganic Growth
KEY INITIATIVES
- Seek opportunities that deliver near-term revenue and EBITDA growth that also:
- Expand our geographic footprint
- Develop a high-quality product offering diversified across species
- Build scale in our existing markets
- Identify opportunities to build the pipeline for the future that are mid-stage products requiring minimal clinical and regulatory resource, which deliver revenue in excess of our largest current brands
PROGRESS
- Significant increase in the number of opportunities identified and progressed as a consequence of Senior Executive Team focus
- The disposal of Identicare – a non-core asset – and sale of equity stake in STEM, generated firepower for acquisitions
- Transformative post year-end acquisition of Randlab provides international scale in attractive Equine sector while opening access to new markets; expected to be accretive to earnings by more than 20% in 2025
New Product Development
KEY INITIATIVES
- Identify opportunities to build our existing portfolio through new indications and formulations
- Work with partners to access products that offer significant longer term revenue opportunities through licensing and partnerships
PROGRESS
- Two new indications for Daxocox filed with the European Regulatory authorities
- Two new products developed for skin and ear conditions, launching in 2025
- A new product development project initiated in canine, equine and feline pain
- Early-stage VHH antibodies are progressing through development as planned, with a focus on equine as the potential first launch indication followed by canine
©2025 Animalcare Group plc
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Animalcare Group plc, Moorside, Monks Cross, York, YO32 9LB, UK
©2025 Animalcare Group plc
Powered by Jones and Palmer