Eco Animal Health Group Plc (AIM:EAH) reported underlying profits ahead of expectations as sales in the US and the rest of the Americas continued to grow strongly.
Group sales at the animal antibiotic and vaccines group increased by 5% to £89.4 million in the year to end of March 2024 though at constant currency were up by 11% to £94.5 million.
North American sales were up by 22% to £19.5 million and Latin America 10% ahead at £19.9 million while China dropped 6% to £24.7 million.
Underlying profits, adjusted EBITDA, improved 11% to £8 million from £7.2 million with pretax profits of £2.97 million (2023: £4.44 million).
Net cash at the end of the year was £22.4 million.
David Hallas, chief executive, said: "These results show that ECO continues to maintain a robust market-leading position with Aivlosin [pig and poultry antibiotic] while at the same time positioning itself well for future growth with a launch of its first product in the ECOVAXXIN, poultry vaccine portfolio.
“ECOVAXXIN launches are expected to commence from 2025 with a broader portfolio of next-generation animal health products being rolled out in future years.
“We are seeing robust growth in a number of our key territories and despite continuing volatility in currency, we have generated EBITDA above market forecasts at year-end."
"Our focus is on supporting our core business while investing prudently in R&D pipeline which is our growth engine, and these results show us achieving these key objectives.
“We're cautiously encouraged by trading as we move into the 2025 financial year, despite continuing volatility in currency, with robust activity in key markets.”
Shares rose 1% to 128.5p.