Eco Animal Health revenue set to top expectations

25th Apr 2024 10:16

(Sharecast News) - Eco Animal Health said in an update on Thursday that, despite initial foreign exchange challenges, its revenue for the year surpassed market expectations, reaching almost £90m, compared to the anticipated £88.7m.

The AIM-traded firm said that when accounting for constant currency fluctuations, it anticipated reporting revenue growth exceeding 10% over the prior financial year, marking a substantial stride forward.

In terms of earnings, subject to audit, the company's EBITDA for the year ended 31 March was expected to match market expectations, currently estimated at £7.8m.

Despite facing challenging market conditions in certain regions, the company said its solid financial performance demonstrated its capacity to navigate complexities and capitalise on opportunities in the global animal health sector.

As of 31 March, the firm's total cash stood at £22m.

"I am delighted to be able to confirm that Eco has delivered strongly on its profit expectations," said chief executive officer David Hallas.

"We are particularly pleased to have achieved these positive results despite experiencing challenging market conditions, currency headwinds, and while continuing to invest heavily in our promising research and development pipeline, which we believe has significant potential to drive future growth and value for shareholders.

"We look forward to completing the audit and releasing our annual report and accounts in July."

At 0900 BST, shares in Eco Animal Health were up 6.91% at 100.5p.

Reporting by Josh White for Sharecast.com.