Animalcare Group (ANCR) H1 2025 earnings summary

Executive summary

• Delivered double-digit revenue and profit growth in H1 FY25, driven by the Randlab acquisition and strong performance of flagship brands such as Daxocox and Plaqtiv+.

• Strategic focus on organic growth, targeted M&A, and new product development, with a robust pipeline targeting launches between 2027 and 2032.

• Expanded international reach and strengthened R&D capabilities, including expansion into Asia-Pacific via a 25% stake in InVetro.

• Board confident full-year results will meet expectations, with continued focus on innovation and portfolio optimization.

Financial highlights

• Revenue rose 18.5% year-over-year to £43.8m, with organic revenue up 1.3%.

• Underlying EBITDA increased 39.5% to £9.2m, with margin improved to 21.1%.

• Underlying EPS rose 67.2% to 9.7p; reported EPS at 4.7p, reflecting prior year one-off gains.

• Gross margin improved to 57.9%, benefiting from high-margin Randlab portfolio.

• Interim dividend increased by 10% to 2.2p per share.

Outlook and guidance

• Board expects full-year results in line with expectations, with continued growth from core brands and Randlab.

• Targeting R&D investment at approximately 5% of revenue to support pipeline.

• Focus on expanding innovative product pipeline and pursuing further M&A and partnerships, with £20-25 million available for acquisitions.