Eco Animal Health Group PLC Pre-close Trading Update (7474E)
15 Marzo 2022 - 01:00AM
UK Regulatory
TIDMEAH
RNS Number : 7474E
Eco Animal Health Group PLC
15 March 2022
ECO Animal Health Group plc
("ECO" or "the ECO Group") (AIM: EAH)
Pre-close Trading update
ECO Animal Health Group plc, a leader in the development,
registration and marketing of pharmaceutical products for global
animal health markets provides an unaudited trading update for the
financial year ending 31 March 2022.
ECO commented in early January 2022 that China pork prices were
volatile, and producers remained cautious. Although these trading
conditions have persisted throughout the first quarter of 2022, ECO
has continued to trade in line with revised revenue and margin
expectations.
Further encouraging progress has been made within the R&D
portfolio and investment was maintained at the budgeted rate,
resulting in R&D cash expenditure, including capitalisation, of
about 13% of revenue in the full year and a charge to the income
statement of GBP8.7million. This charge to the income statement
reflects some exciting early-stage technologies. This, together
with further investment in critical support functions, is expected
to result in EBITDA (for the year ending 31 March 2022) 15% to 20%
below consensus expectations.
Exposure to Russia and Ukraine
The ECO Group has no business in Ukraine. The annual revenue
derived from Russia has been less than GBP0.5m in each of the last
three financial years. The current receivables due from the ECO
distributor in Russia are approximately EUR430,000 and the Board
continues to explore a number of mechanisms to recover this
debt.
Marc Loomes, CEO said:
"The pork commodity price in China continues to be volatile but
we are pleased with recent trading and our expectation of meeting
revenue consensus is an important indicator of a return to more
stable trading conditions. We have kept investment on critical
organisation development and strategic R&D at our planned
levels despite the reduced revenues from China. This decision is
beginning to bear fruit and we look forward with excitement to the
announcement of new regulatory approvals."
"We hope for a speedy resolution to the conflict in Ukraine and
stay ready to support our business partners in Eastern Europe in
any way we can."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR") as it forms part
of United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement
via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.
Contacts:
ECO Animal Health Group plc
Marc Loomes (CEO)
Chris Wilks (FD) 020 8447 8899
IFC Advisory
Graham Herring
Zach Cohen 020 3934 6630
Singer Capital Markets (Nominated Adviser
& Joint Broker)
Mark Taylor
George Tzimas 020 7496 3000
Investec (Joint Broker)
Gary Clarence
Alex Penney
020 7597 5970
Carlo Spingardi
Peel Hunt LLP (Joint Broker)
Dr Christopher Golden
James Steel 020 7418 8900
Equity Developments
Hannah Crowe
Matt Evans 020 7065 2692
About ECO Animal Health
ECO Animal Health Group plc ("ECO" or "the "GROUP") researches,
develops and commercialises products for livestock. Our business
strategy is to generate shareholder value by achieving the maximum
sales potential from the existing product portfolio whilst
investing in Research and Development ("R&D") for new products,
particularly vaccines, and seeking to in-license new products.
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END
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