Animalcare Group (ANCR) H2 2025 earnings summary

Executive summary

• Achieved 20% revenue growth to £89.1m, driven by Randlab acquisition and organic growth of 1.7% at AER (0.7% at CER).

• Underlying EBITDA rose 52.6% to £17.7m, with margin up 500bps to 20.6%.

• Net debt at £9.1m (excluding leases), leverage at 0.7x underlying EBITDA.

• No final dividend proposed due to recommended acquisition by Charterhouse Capital Partners LLP.

• Randlab integration exceeded expectations, boosting Equine revenue share from 10% to 24%.

Financial highlights

• Revenue: £89.1m (+20.0% year-over-year).

• Underlying EBITDA: £17.7m (+52.6% year-over-year).

• Gross margin: 58.8% (up from 55.6%).

• Underlying EPS: 15.7p (+44.0% year-over-year).

• Underlying cash conversion: 79.7%.

• Net debt: £9.1m (excluding leases), leverage 0.7x.

Outlook and guidance

• Board remains confident in standalone prospects but supports acquisition as best outcome for stakeholders.

• Ambitious targets set at March 2026 capital markets event; delivery requires sustained investment.

• R&D investment to increase to c.5% of revenue in 2026.