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.”
