Edison Investment Research - Animalcare Goup (ANCR) Update: Trading in companion animals is spot on

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Edison Investment Research

Update: Trading in companion animals is spot on

Animalcare continues to perform very much as expected, with the FY15 trading update showing a 5.1% rise in group revenues to Â£13.54m. This was driven by the 8.8% increase in Licensed Veterinary Medicines to Â£8.58m, with Companion Animal Identification down 4.5% to Â£2.31m and Animal Welfare up 2.6% to Â£2.65m. Underlying operating profit is expected to be at least Â£3.0m, slightly higher than our forecast. Cash generation remains strong, higher than expected, with cash of Â£5.78m at June 2015. Rolling forward our DCF model and adjusting for the higher net cash sees our valuation rise from Â£41.9m (201p a share) to Â£48.7m (234p a share).

13/07/2015 3 EN

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.

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GB0032350695 London Stock Exchange United Kingdom

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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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