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Better animal health

Annual Report for the year ended
31 December 2023

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Our Purpose

Animalcare Group plc is an international, development-focused sales and marketing organisation driven by a collective belief that healthy animals can have a hugely beneficial effect on their owners and wider society.

Animalcare is a passionate organisation staff

HIGHLIGHTS

£74.4m

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3.8%

Revenue

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£13.3m

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1.5%

UNDERLYING EBITDA

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10.9p

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13.5%

Underlying EPS

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£1.2m

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£4.2m

NET DEBT

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Download 'Highlights' PDF

photo of Jan Boone

JENNIFER WINTER

Chief Executive Officer

Animalcare is better equipped than ever to drive growth over the long term, aided by a further strengthening of our balance sheet and growing organisational capabilities.

Our chosen categories

Companion Animals

Our biggest segment accounting for around 70% of Group revenues. This fastest growing category of the animal health market is the main focus for our investment in new product development.

90m

European households
own a pet

Equine

A category often characterised by high spend per animal and specialist knowledge of the health needs of the patient. Equine revenues represent around 8.5% of Group turnover.

2.8%

Percentage of animal health spend in Europe

Production Animals

An important segment of the animal health market for the Group. Production Animals activities are concentrated in Spain and Portugal and account for 21% of Group revenues.

743m

Number of laying hens, pigs, goats, bovines and sheep across Europe

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Our Strategy

We aim to grow our business sustainably through investment in organic and inorganic opportunities in expanding veterinary markets.

pharmacy transaction
doctors with cows
nurse with horse

OUR STRATEGIC PRIORITIES

Organic growth

Inorganic growth

New product development

Developing and nurturing new and existing veterinary brands that deliver sustainable revenue with attractive margins

Key initiatives

  • Optimise the quality of the portfolio; focus on smaller number of bigger-selling, higher-margin brands

Progress

  • 3.8% increase in revenue in 2023, benefiting from sales growth generated by new products
  • Investment in sales and marketing drives double-digit increase in Daxocox uptake in owned operations

Pursuing external opportunities that enhance revenue and profitability, expand geographic reach and scale and strengthen the pipeline through early and latestage in-licensing

Key initiatives

  • Seek opportunities for geographic expansion, in-licensing of lateand early-stage products and the acquisition of products and businesses that generate value-creating growth
  • Build commercial partnerships to exploit growing global markets

Progress

  • Senior Executive Team (SET) resources dedicated to pursuit of business development opportunities
  • Crystallisation of value from non-core asset with £24.9m sale of majority stake in Identicare Ltd post year end

Leveraging science focus and development capability to generate innovative treatments that have the potential to advance veterinary practice

Key initiatives

  • Strengthen pipeline of differentiated products through partnerships, in-licensing and acquisitions

Progress

  • VHH antibody research collaboration with Orthros Medical progressing well
  • Initially focused on canine osteoarthritis, research scope now extended to horses

Organic
Growth

Inorganic
Growth

New Product
Development

Underpinned by our strong foundations

People

We have developed a highly capable team with an intimate knowledge of animal health customers across our markets

Strong finances

Our strong balance sheet provides the firepower and flexibility to pursue inorganic and organic growth opportunities

Operational excellence

We have mature capabilities and processes to capitalise on the opportunities that we identify

Download 'Our Strategy' PDF

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