Animal vaccine firm Eco Animal Health has beaten earnings expectations for the year to 31 March 2024 due to what it described as “robust” demand for its flagship vaccine.
The AIM-listed firm, headquartered in London, said group sales rose by five per cent across all regions in the year.
Growth was particularly strong in its fledgling North and Latin American divisions, where sales increased by 22 and 10 per cent, respectively.
Sales in its main market, China, declined six per cent overall to £24.7m down from £26.4m.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose from £7.2m in 2023 to £8m this year.
However, its gross profit margin fell from 45 per cent to 42 per cent due, the firm said, to currency volatility.
Particularly strong demand in the Americas for the firm’s flagship jab Aivlosin, which is used to treat infectious diseases like pneumonia and dysentery in pigs and chickens, helped Eco Animal Health to the bumper performance.
The company also claimed to be making continued positive progress towards the successful regulatory filing of its new poultry vaccine Ecovaxxin, which its said was on track for launch next year.
Overall, the group reported earnings per share of 1.55p. It ended the year with net cash of £22.4m with 36 per cent of cash held outside of its main market, China.
David Hallas, CEO at Eco Animal Health, said: “These results show that Eco continues to maintain a robust market leading position with Aivlosin while at the same time positioning itself well for future growth with a launch of its first product in the Ecovaxxin vaccine portfolio.
“Ecovaxxin launches are expected to commence from 2025 with a broader portfolio of next-generation animal health products being rolled out in future years.
“We are seeing robust growth in a number of our key territories and despite continuing volatility in currency, we have generated EBITDA above market forecasts at year-end.