News blog
Animalcare Group
- BY: Andrew Hore |
- POSTED: 13/07/2010 |
- COMMENTS: Add yours
House broker Brewin Dolphin has increased its profit forecasts for Animalcare following the veterinary medicines and livestock products supplier’s positive trading statement.
Brewin Dolphin has pushed up its forecast for the year to June 2010 from £2.57m to £2.81m. The profit forecast for the current year has been edged up from £2.99m to £3.13m. Net debt is estimated at £3.02m at the end of June 2010 and it could fall to £1.73m by June 2011.
Animalcare had a strong finish to the financial year. Strong drug sales, up 20% over the year, are the main reason for this but the livestock products division also grew its revenues thanks to electronic sheep tagging. The latter is being reviewed and management may decide it is not a core business.
New drugs are selling well. Two more drugs were launched just before the end of June 2010 and two more will be launched in the next six months. This will help this side of the business to continue to grow.
At 119.5p a share, up 14.5p on the day, Animalcare is valued at £24m. The shares are trading on 12 times 2009-10 earnings, falling to 11 times in 2010-11.
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