News blog
Animalcare Group
- BY: Andrew Hore |
- POSTED: 10/10/2010 |
- COMMENTS: Add yours
Animalcare Group has completed the sale and closure of its livestock products related businesses and it will focus on its pet treatments business from now on.
The livestock products business was sold for £3.25m in September - £2m was paid up front and the rest will be paid before the end of 2010. The Travik Chemicals business is being closed.
The cash raised from the disposal will move the company into a net cash position. House broker Brewin Dolphin forecasts net cash of £2.3m by the end of June 2011. The latest dividend was raised from 2.5p a share to 3p a share.
In the year to June 2010, Animalcare’s revenue increased 13% to £19.9m. Both sides of the business grew revenues but the growth in the livestock products side came from low margin electronic tags for sheep. All the growth in profit came from the companion animals business. Underlying pre-tax profit increased by 50% to £3.02m.
That figure excludes the £3.58m of exceptional charges that mainly relate to the jettisoning of the non-core businesses. They also include a £212,000 pay off to the former chief executive.
Ongoing revenues rose from £9.7m to £11.2m and ongoing operating profit jumped from £2.3m to £2.87m.
Brewin Dolphin forecasts a profit of £3.1m in 2010-11, rising to £3.4m the following year.
Animalcare is keen to acquire further treatments that it can sell through its existing distribution routes. Some treatments are too small to interest larger companies but they generate steady revenues.
At 118.5p a share, Animalcare is valued at £23.8m. The shares are trading on 11 times prospective 2010-11 earnings, falling to 10 the following year.
Download the October edition of AIM Journal at http://www.hubinvest.com/AIMPDFOctober2010_13.pdf
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