York’s Animalcare Group has returned revenues ahead of market expectations despite “significant strategic progress during an extraordinarily challenging year”.
For the twelve months ended 21 December 2020, the listed animal health company reported revenue of £70.5 million (down from £71.1 million in 2019).
Statutory profit before tax, incorporating non-underlying items, was £200,000 (compared to a £1.6 million loss the year before).
Due to increased investment in growth in second half, partially offset by reduced SG&A spend in the first half, underlying EBITDA decreased by 8% to £12.1 million.
During the year, the company said it made significant progress in rebalancing, refocusing and defragmenting its product portfolio, with a new organisation structure implemented to support its growth strategy.
“It’s testament to Animalcare’s resilience, agility and focus that we were able to further strengthen our financial position and make significant strategic progress during an extraordinarily challenging year,” said Chief Executive, Jenny Winter.
“The impact of COVID-19 was felt across all our markets in 2020, especially in the second quarter and most acutely in the companion animals sector.
“But despite widespread disruption to the operation of veterinary practices, we returned revenues ahead of market expectations, delivered continuing strong cash conversion and further reduced our net debt while investing in drivers of future growth.
“The encouraging trading levels over the early months of 2021, combined with the evident benefits of the mass vaccination programmes and the adaptations made by the group, makes us confident that we will return to normal business conditions and growth this year.”