ECO Animal Health Group plc (LON:EAH) has reported its results for the year ended 31 March 2020.
HIGHLIGHTS
Financials
· Sales 7% higher at £72.1m (2019 restated: £67.3m)
· Gross margin consistent to within 1% (2020 46%, 2019 47%)
· Increased R&D investment results in adjusted EBITDA 33% lower at £8.4m (2019 restated: £12.5m)
· Earnings per share 65% lower at 3.82p (2019 restated: 10.86p)
· Strong cash generation from operations of £5.5m (2019 restated: £7.1m)
· New product development expenditure 17% higher at £10.9m (2019 £9.3m)
· Net cash lower at £9.8m (2019 restated: £16.9m)
Operations
· Demand for Aivlosin® continued to grow strongly, with two new marketing authorisations gained in Europe and Indonesia for breeding chickens and laying chickens, respectively.
· Strong revenue in China in second half as market recovers from worst effects of African Swine Fever (ASF).
· Sales growth and margin recovery in the USA as trade tensions between the USA and China recede.
· Two new poultry vaccine collaborations signed during the year with the Pirbright Institute.
· Transition to remote working and COVID-19 safe working seamless and uninterrupted
· Continued corporate governance improvements.
Marc Loomes, CEO of ECO Animal Health Group plc, commented: “These results reflect a solid recovery in our key markets, particularly in the second half of the year and we have continued our investment at record levels in new product development. We are proud of the Group’s ability to seamlessly adapt to safe working during the Coronavirus pandemic. We are confident that our development programmes will deliver exciting new products which will augment the natural growth from current products and sustain long term growth. For the year ahead we expect to report profitable growth and to perform in line with the market expectations.”
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”). Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
This announcement is the entire text of the Annual report and Accounts for Eco Animal Health Group plc, except for the Corporate Governance Report, Directors Report and Strategic Report. The Annual Report is published today in its entirety on the Company’s website at https://www.ecoanimalhealthgroupplc.com
