25 May 2012

Animalcare on track

26/01/2012 Miles Nolan

Veterinary medicines supplier Animalcare (ANCR) has issued an 'in line' with expectations trading update but argues that it will be more second-half-weighted than usual.

In the first half to December, the AIM company expects to report sales 10 per cent lower than the comparative period – this is due to two factors. The first is down to temporary supply problems of Buprecare ampoules, with Animalcare also stating that it is suffering from some macro pressures on its companion animal identification microchips.

The pipeline of new veterinary pharmaceuticals continues to grow apace, with sales of products launched in the past year up 115 per cent. Animalcare has also held to its objective of launching four new licensed veterinary medicines a year – indeed, all its recent poducts are now making useful contributions.

Animalcare launched its Buprecare multi-dose vial in France last month and it is shortly due to be sold in additional territories, so this should boost second-half trading figures. It also hopes to restart the manufacture of ampoules in the middle of the year. The York-based firm has also appointed Chris Brewster as its new finance director.

Though the veterinary market remains robust, Animalcare warns that some segments of discretionary spend have been hit by the downturn in spending. Despite this and the weak first half, house broker Brewin Dolphin has maintained its 2012 forecasts and predicts pre-tax profits of £3.1 million and EPS of 11.3p. At 147.5p, the shares are a hold.

Tags: AIM market, In line trading, New products, On track

Sector: Pharmaceuticals & Biotechnology

Companies: Animalcare

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