Animalcare, a veterninary products group, has produced an anaemic set of full-year results with both turnover and profits below last year's levels.
For the full year ended June 30th, revenue was down 8.2% at £10.9m with pre-tax profits down 27.5% at £2.1m. The results were in line with the profit warning given earlier this year.
A slight positive was growth in its veterinary medicines business.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Analyst Chris Glasper from House broker N+Singer writes: 'Key to the investment case remains organic growth in the Vet Meds category, with underlying growth continuing at 17%, well ahead of the market.
"The regulatory approval already of the first two of a planned four new products in the year bodes well for sustaining this momentum, and the re-launch of Buprecare in calendar year 13 should help further."
The company reports that current trading is "comfortably above" the same period last year so the hope is that its move up the value chain won't leave investors feeling as sick as a parrot.
CM
