Agility and resilience helps Animalcare make progress
THE INTERNATIONAL animal health business Animalcare Group said it had made significant strategic progress last year, despite the challenges caused by the pandemic.
York-based Animalcare, which is an AIM-listed international veterinary sales and marketing organisation, has announced its audited full-year results for the year ended December 31, 2020.
The company recorded revenues of £70.5m, a 0.9 per cent decline on the prior year, which it said demonstrated resilience in the face of disruption to key markets caused by the pandemic.
Animalcare exports to around 40 countries.
The group brings new products to market through its own development pipeline, partnerships and via acquisition.
Over the year, the company created STEM Animal Health Inc, a joint venture with Kane Biotech Inc.
Chief executive, Jenny Winter said: “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.
“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.”
Ms Winter added: “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.
“Thanks to the skills and commitment of our people across all our markets, Animalcare has entered 2021 in a strong position and we continue to execute our long-term growth strategy.”
Jan Boone, the non-executive chairman, said: “Looking ahead, it’s evident that the economic and operational uncertainty that prevailed in 2020 will remain a feature in 2021.
“However, we expect that mass vaccination, combined with the lessons learned by veterinary practices and the adaptations made by Animalcare, will support a recovery in our markets.”