Proactiveinvestors United Kingdom Eco Animal Health Group Plc

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ECO Animal Health reports strong interim results; sees upbeat second half - UPDATE

Mon, 12 Dec 2011 14:51:00 +0000

---Adds broker comments and share price ---

ECO Animal Health (LON:EAH) reported an increase in interim profits and said that following a positive start to the second half, it expects nine month sales to be “comfortably ahead” of last year.

In the six months to end September, the veterinary pharmaceutical company saw its profits from continuing operations rise from £0.42 million for the same period of 2010 to £0.44 million, while earnings per share jumped 50 percent from a year earlier to 0.53 pence.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were unchanged at £2.2 million and pre-tax profits reached £0.31 million compared to £0.5 million in the first half of 2010.

Sales declined from £12.3 million a year earlier to £11.9 million, however, in US dollar terms, revenues climbed 5 percent due to ECO’s “strong” performance in major markets - Latin America, Asia and the Middle East.

ECO had £8 million at the end of September after spending £2 million on further drug registration work and the annual dividend; cash generation during the period reached £1.5 million.

The group said that based on orders booked for delivery in the third quarter, total sales after nine months should be “comfortably ahead” of last year. ECO highlighted the approval for its Aivlosin product in Canada, which was received late last month.

The approval is expected to have a significant impact in the next financial year, said ECO, adding that it plans to begin sales after the end of the current year.

In addition, ECO is currently preparing to launch Aivlosin in the United States, where it said it expects to receive a long awaited registration from the Federal Drug Administration shortly.

"I am pleased to report that ECO Animal Health Group has again delivered a good set of results...Sales and operating profit were comfortably ahead of our budget although below last year’s outturn," said chairman of ECO Peter Lawrence.

“ECO’s recent additional investment in people and new offices, ahead of imminent further marketing approvals, reflects management’s confidence, despite continuing worldwide troubled economies, in the future of the business and its ability to drive growth."

Broker Killik and Co said the outlook remained positive for the firm, with the second half reported as starting well, boosted by the receipt of orders deferred from the first half.

"As always, the key value driver to the business remains the approval of the Aivlosin antibiotic in the US, which management hope to secure “shortly”.

It said if the group could capture 10 per cent of the total market for antibiotics in pigs and poultry, which is estimated at around $1.2bn, the total gross profit for the product could be in the order of around £30 million per annum.

"This would represent a very attractive revenue stream to a large veterinary pharmaceutical player with an established sales force."

As at 3pm, the firm's shares were up 1.83 per cent, to trade at 222.5 pence.

ECO Animal Health reports strong interim results; sees upbeat second half

Mon, 12 Dec 2011 08:37:00 +0000

ECO Animal Health (LON:EAH) reported an increase in interim profits and said that following a positive start to the second half, it expects nine month sales to be “comfortably ahead” of last year.

In the six months to end September, the veterinary pharmaceutical company saw its profits from continuing operations rise from £0.42 million for the same period of 2010 to £0.44 million, while earnings per share jumped 50 percent from a year earlier to 0.53 pence.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were unchanged at £2.2 million and pre-tax profits reached £0.31 million compared to £0.5 million in the first half of 2010.

Sales declined from £12.3 million a year earlier to £11.9 million, however, in US dollar terms, revenues climbed 5 percent due to ECO’s “strong” performance in major markets - Latin America, Asia and the Middle East.

ECO had £8 million at the end of September after spending £2 million on further drug registration work and the annual dividend; cash generation during the period reached £1.5 million.

The group said that based on orders booked for delivery in the third quarter, total sales after nine months should be “comfortably ahead” of last year. ECO highlighted the approval for its Aivlosin product in Canada, which was received late last month.

The approval is expected to have a significant impact in the next financial year, said ECO, adding that it plans to begin sales after the end of the current year.

In addition, ECO is currently preparing to launch Aivlosin in the United States, where it said it expects to receive a long awaited registration from the Federal Drug Administration shortly.

"I am pleased to report that ECO Animal Health Group has again delivered a good set of results...Sales and operating profit were comfortably ahead of our budget although below last year’s outturn," said chairman of ECO Peter Lawrence.

“ECO’s recent additional investment in people and new offices, ahead of imminent further marketing approvals, reflects management’s confidence, despite continuing worldwide troubled economies, in the future of the business and its ability to drive growth."

Investors welcomed the news as shares in ECO rose 2 percent to 222.5 pence, valuing the company at £122.5 million.

RNS press release - Half-yearly Report

Mon, 12 Dec 2011 07:00:00 +0000

RNS press release - Holding(s) in Company

Wed, 30 Nov 2011 12:10:00 +0000

Canada and US could provide over third of ECO Animal Health’s future market, says Cenkos

Tue, 29 Nov 2011 13:44:00 +0000

Canada and the United States can provide over a third of the potential world market for ECO Animal Health’s products, according to analysts at City broker Cenkos.

ECO Animal Health shares rise after Canadian regulatory approval

Mon, 28 Nov 2011 07:27:00 +0000

Shares in veterinary pharmaceutical company ECO Animal Health (LON:EAH) gained around 5 per cent today after it received a key approval for its Aivlosin product in Canada.

It revealed today that the Veterinary Drugs Directorate (VDD) of Health Canada has granted a marketing authorisation for Aivlosin 625 mg/g water soluble granules for pigs.

This formulation will be marketed for the treatment of an enteric disease of pigs, ECO said.

The firm said that this is the group’s first approval in North America and it marks a very important step in its development of Aivlosin as a global veterinary product.

“Following years of investment in regulatory applications in North America via our Princeton, New Jersey office, we are delighted to receive our first registration in this important continent,” said chairman and chief executive Peter Lawrence.

“Canada and the USA represent more than one third of the world market for our products and this breakthrough will benefit our future profitable growth.

He added: “We expect our first approval from the FDA in the USA in the near future.

“This approval, coupled with our existing approvals in other countries, will in effect give us the rights to sell Aivlosin around the world. This will be another important step in making ECO one of the most important global animal health companies”.

According to ECO, Canada is currently enjoying an increase in its pig population following consolidation among producers, which bodes well for company. ECO has established its own company in Canada to help ensure a successful launch.

Aivlosin is a water soluble product which comes in the form of granules that dissolve readily in water. This enables a simple solution for the accurate and simultaneous treatment of large numbers of animals.

The company said that the new Canadian approval means that ECO can extend its marketing reach for Aivlosin.

ECO also noted that it will announce its interim results on Monday 12 December.

RNS press release - Regulatory Approval

Mon, 28 Nov 2011 07:00:00 +0000

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