Eco Animal Health Group PLC Trading update, Appointment of Joint Broker & CMD (1321Y)
12 Enero 2022 - 01:00AM
UK Regulatory
TIDMEAH
RNS Number : 1321Y
Eco Animal Health Group PLC
12 January 2022
ECO Animal Health Group plc
("ECO" or "the ECO Group") (AIM: EAH)
Trading update, Appointment of Joint Broker and Capital Markets
Day
ECO Animal Health Group plc, a leader in the development,
registration and marketing of pharmaceutical products for global
animal health market provides an update on its operations in
China.
The pork price in China has increased from less than RMB12/kg in
early October 2021 to over RMB18/kg in early December 2021 before
settling between RMB15/kg and RMB16/kg in early January 2022.
Whilst the improvement in the pork price has resulted in improved
trading conditions for pork producers, the commodity price
continues to be volatile and producers remain cautious.
Consequently, sales of Aivlosin(R) during the first three quarters
of our financial year are subdued compared to the same period last
year. However, revenue generated elsewhere in the Group continues
in line with the prior year and, overall, the Board expects to
report full year revenue in line with current market expectations.
Cash repatriation from China has progressed as planned with both
the royalty payment and dividend (totalling GBP4.6 million) having
been received by ECO. Additionally, ECO has used some of its cash
in its wholly owned Chinese subsidiary to assist with non-China
cashflows and provide greater headroom for the ECO Group.
ECO is also exploring the possibility of increasing its banking
facilities to provide greater flexibility to support ECO's growth
plans.
Appointment of Joint Broker and Capital Markets Day
As part of the development of the ECO Group, the Board of
Directors has appointed Investec Bank plc ("Investec") as a joint
broker with immediate effect. Singer Capital Markets ("SingerCM")
is retained as Nominated Advisor and joint broker and Peel Hunt LLP
continues as joint broker ("Peel Hunt").
ECO plans to hold a Capital Markets Day at 9.00 a.m. on 26
January 2022. It is currently expected that the meeting will be
held virtually to comply with current Covid-19 guidelines. Planning
is underway and Investec, SingerCM and Peel Hunt will confirm
participation arrangements in due course. The meeting will aim to
provide insight into the ECO Group's research and new product
development activities.
Marc Loomes, CEO said:
"The pork commodity price in China is an important cornerstone
to our business and we look forward to a steady recovery in that
market. Despite difficult market conditions for the business in
China, the Board expects, overall, to be reporting full year
revenue in line with market expectations."
"ECO started a programme of significant R&D investment in
vaccines about four years ago and, notwithstanding that the
programme is on-going, we have seen meaningful progress. We look
forward to sharing some exciting insights and providing further
details of the potential commercial value that exists within our
new product development pipeline to existing and potential
investors, analysts and media at the upcoming Capital Markets
Day."
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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