The AIM 100 animal health product maker reported adjusted earnings (EBITDA) for the year of £19.6mln, up 15% on the year before
Eco Animal Health Group Plc (LON:EAH) has hiked its dividend in full-year results as its balance sheet was boosted by sales increases and new market approvals.
The AIM-100 animal health product maker reported adjusted earnings (EBITDA) for the year of £19.6mln, up 15% on the year before, while revenues increased 9.4% to £67.2mln.
The firm also hiked its total dividend for the year 30% to 9.2p.
The group said its sales growth had been driven by strong performances in its flagship product Aivlosin, which treats diseases in pigs and poultry, which were up nearly 14% compared to last year.
Eco also saw growth in its regional markets, with sales in the USA, Canada and South East Asia rising by 35%, 20%, and 23% respectively, however, the group saw a decline of 23 in its Brazilian market which it blamed on slow regulatory responses and a “generally weak economic environment”.
The firm also said sales of Aivlosin by its Chinese subsidiary, Zhejiang ECO Biok Animal Health Products, grew by just over 10% while net profit in the country climbed by more than 61% compared to the same period last year.
In its outlook, Eco’s chairman Peter Lawrence said the firm was “actively seeking to acquire drugs that fit comfortably in our portfolio and serve our specialised markets” as the animal health industry continued to consolidate.
In early morning trading Monday, Eco’s shares were up 1.8% at 545p.