Eco Animal Health Group PLC Trading Update (4126R)
08 Marzo 2021 - 1:00AM
UK Regulatory
TIDMEAH
RNS Number : 4126R
Eco Animal Health Group PLC
08 March 2021
ECO Animal Health Group plc
("ECO" or "the Group")
(AIM: EAH)
Trading Update
The Board of ECO Animal Health Group plc is pleased to issue a
positive update on Group trading and the impact of a strong Chinese
market on the business:
-- Group revenue and EBITDA for the year ending 31 March 2021 to
be significantly ahead of market expectations and the prior
year
-- Continuing strength in the Chinese market despite localised outbreaks of ASF
-- Restocking of the pig herd continues with total China hog
herd numbers reported to be 350-380 million head compared with 250
million head in 2019 and 430 million head pre-ASF in 2018*
-- Pork commodity price in China remains high
-- Record Chinese revenues continue
-- Strong performance in other territories in particular the USA
* Source: MARA/Rabobank
In January, the Group provided a revenue update and indicated
that the revenue for the first nine months was ahead of management
expectations and the prior year with continuing strength seen in
the Chinese and US markets. February is traditionally a low revenue
month in China, associated with the Chinese New Year Festival and
national holidays. Notwithstanding the traditional national shut
down, in February 2021 the demand for the Group's products in China
resulted in an unusually high continuation of production throughout
the month.
The Board is pleased to confirm that initial February revenue
reports indicate that the recent strong trading trends have
continued. With one month remaining in the current financial year
and a continuation of strong revenue results in China, elsewhere in
the world and in particular the USA, the Board believes that
revenue for the year ending 31 March 2021 will significantly exceed
market expectations.
It is expected that the consolidated Group EBITDA for the year
ending 31 March 2021 will also be significantly ahead of market
expectations and the prior year.
Marc Loomes, CEO said:
"We are delighted that we will be trading ahead of market
expectations and the current momentum that we are seeing in China
with record revenues reflects the increasing demand for the Group's
flagship Aivlosin (R) product line. We believe that our customers
appreciate the superior performance of the Group's products and we
should not overlook the solid growth being experienced in most of
the other geographical markets that ECO addresses. We remain
appreciative that our staff, customers and all stakeholders are
supportive and aligned in our future ambition."
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"). 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)
Christopher Wilks (CFO) 020 8447 6906
IFC Advisory
Graham Herring
Zach Cohen 020 3934 6630
N+1 Singer (Nominated Adviser & Joint Broker)
Mark Taylor
Peter Steel
Iqra Amin 020 7496 3000
Peel Hunt LLP (Joint Broker)
James Steel
Dr Christopher Golden 020 7418 8900
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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