YORK veterinary medicine specialist Animalcare says it is “well placed” to benefit from upcoming microchipping legislation as it sees half year turnover rise to £6.5 million.
In a trade update covering the first six months to December 31, the business, based at Poppleton’s York Business Park, says trading has been in line with management expectations, with revenue up 5.9 per cent from the same period in 2012.
Animalcare bosses have attributed sales growth to newly-launched products, which are underpinned by “a robust core of longstanding products”.
New products launched in the first half of the year include an enhanced version of its drug Phenoleptil, devised for preventing epileptic seizures in dogs, and new tablets Marbocare which act as an antibiotic for dogs and cats to treat skin, respiratory and urinary tract infections, as well as Thiafeline, which is licensed for the management of hyperthyroidism in cats.
In its trade update the Animalcare board said: “The UK licensed veterinary medicines market has shown single digit growth in recent months and Animalcare management is pleased to announce that sales in its Licensed Veterinary Medicines product group continue to track comfortably ahead of the wider market.
“Furthermore, the Companion Animal Identification product group revenue has increased over the period, both from microchip sales and database services.
“Our focus on the Companion Animal Identification group has delivered a return to revenue growth and leaves Animalcare well placed to benefit from the compulsory microchipping legislation that is planned for England and Wales.”
The firm’s operating cash flows were in line with management expectations and according to the board, reflect the higher working capital carried by the business.
Cash balances at the end of 2013 were £3.6 million compared to £3.7 million at the previous year end of June 30, 2013, and up from £3 million for the same period up to December 31, 2012.