Report

Update: Companion animals are good for the company

Animalcare’s trading update confirms it is performing as we expected. The 7.2% rise (y-o-y) in group revenues was driven by a 10.6% increase in Licensed Veterinary Medicines. Three new product introductions are planned for H215. Companion Animal Identification revenues were up 5.0%, while the continuing streamlining of the Animal Welfare portfolio saw revenues drop 1%, but profitability was increased slightly. Cash generation remains strong, with cash of c £5.0m at December 2014. Our DCF valuation remains essentially unchanged at £41.9m (201p a share), against our previous £41.5m (198p a share).
Underlying
Animalcare Goup

Animalcare Group is a supplier of generic veterinary medicines and animal identification products to companion animal veterinary markets. Co. develops and sells goods and services to veterinary professionals principally for use in companion animals; operating directly in the United Kingdom and through distribution and development partners in key markets in Western Europe. Co.'s principal product lines are licensed veterinary medicines and companion animal identification products and services. Co. distributes its products to Veterinary Surgeons, Veterinary Nurses and Practitioners.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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