Animalcare posts flat revenues as supply chain challenges dent sales
Animal health business Animalcare posted flat revenues for the first half as sales were impacted by supply chain issues at a third-party manufacturer.
Revenues were steady at £36.1m, but the company did manage to record a 0.9% improvement on a constant currency basis.
Animalcare said this small improvement was "noteworthy", given previously reported supply challenges which impacted sales by £1.1m during the half.
"We are on track to resolve the supply issues during the current financial year which is anticipated to be reflected in sales during the second half," it said.
The company, which committed to reducing net debt and improving cash conversion, saw net debt come to £21m, down from the £23.6m on 31 December.
Chief executive Jenny Winter said: "We have a clear strategy to become a leading international veterinary pharmaceutical business and we have made good progress towards this goal during the first half of 2019.
"I am pleased that the growth platform that we have been focused on building is coming to fruition and I look forward to updating the market further on our progress."
At 1050 BST, Animalcare shares were up 3.85% to 162p.