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Eco Animal Health revenue jumps in H1 on strong demand in China
StockMarketWire.com
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Scientific research company Eco Animal Health reported a sharp uptick in revenue in the first half of the year, led by a recovery in demand from China.
For the six months ended 30 September, revenue rose to £42.5 million from £28.3 million, driven by Asian swine flu recovery in China.
The company also provided its full-year results through 31 March, with pre-tax profit falling to £5.2 million from £10.1 million year-on-year, while sales increased 7% higher to £72.1 million.
Looking ahead, the company said the 'strength in the Chinese market, supported by the rebuilding of pig herds and the high price for pork, continued through the third quarter and the outlook for the final quarter sales continued these strong trading trends.'
'The rate of restocking of the pig herd has been ahead of most predictions; the strong pork commodity price driving a number of mechanisms to increase the number of breeding sows and resulting in extraordinary farm profitability,' the company said.
'This is turn has resulted in the greater use of premium medications such as Aivlosin,' it added.
The gross margin rose to an average of 48% from 43% last year.
The company said it would defer its decision to declare a dividend, citing 'significant' investment in new product development.
Story provided by StockMarketWire.com
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