The following amendments have been made to the 'Trading Update' announcement released on 21 March 2024 at 07.00 under RNS No 7016H.
The announcement did not include the below footnote:
1Market expectations for FY24 Revenue as at the date of this announcement are £88.7m.
No other changes have been made.
The full text of the amended announcement is set out below.
ECO Animal Health Group plc
("ECO" or the "Company")
Trading Update
Trading in-line with market expectations
ECO Animal Health Group plc (AIM: EAH), a rapidly growing global animal health company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, today announces an update on trading and business progress for the year ending 31 March 2024.
Strong trading from health products globally
Revenue for the fourth quarter and second half of the year ending 31 March 2024, was in line with expectations, driven by continued strong performance of Aivlosin®, the Company's patented antimicrobial used under veterinary prescription for the treatment of economically important respiratory and gastrointestinal diseases in pigs and poultry.
Sustained demand continues in key territories despite economic headwinds experienced by pig producers in certain countries.
The Board expects that revenue for the full year ending 31 March 2024, will be in-line with market expectations1. The Board intends to provide a trading update towards the end of April commenting further on the margin and profit performance for the full year ending 31 March 2024.
R&D - broad portfolio will drive value
ECO continues to invest in developing its R&D pipeline to create a new growth engine, focusing in particular on its late stage Mycoplasma vaccines for poultry and vaccines for swine. ECO recently announced that it had received trademark approval for the ECOVAXXIN® family across the EU, USA and the UK, providing brand protection for a range of vaccine products supporting ECO's plan for multiple product launches and sales growth in key territories expecting to start in 2025 and continuing over the next decade.
Governance - bolstering animal health experience
On 12 February 2024, ECO announced that it had strengthened its Board of Directors with the appointment of Dr. Joachim Hasenmaier as a Non-Executive Director. Dr Hasenmaier brings a wealth of experience, having spent more than two decades in the international animal health industry, ultimately leading one of the largest companies and will support the Company with strategic oversight and governance.
David Hallas, Chief Executive Officer of ECO Animal Health Group plc, commented: "I am pleased to be able to confirm that ECO is on track to meet its full year revenue growth expectations.
"While supported by the growth of Aivlosin®, which continues to take market share from more established products, the Company is making good headway building an R&D engine by creating a pipeline of new vaccines and exciting preventatives for the future and focusing the business on its competitive strengths. While the economic environment requires vigilance, we remain cautiously optimistic.
"Meanwhile, as approved at a General Meeting this week, the Company will begin to purchase shares in the market. This has been facilitated by the use of some of the proceeds from recent property disposals to purchase stock at an attractive price. The Board is confident in the shareholder value creation story at ECO and excited about the Company's future prospects."
1Market expectations for FY24 Revenue as at the date of this announcement are £88.7m.
-Ends-
For further information please contact:
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About ECO Animal Health
ECO Animal Health is a world leader in animal health, developing and marketing branded veterinary pharmaceuticals globally, with expertise in antibiotics and vaccines for pigs and poultry. We have a maturing proprietary R&D pipeline.
Headquartered in the UK, with global offices including R&D and manufacturing, we have marketing authorisations in over 70 countries and employ over 200 people worldwide.
Our lead product, Aivlosin® is a proprietary, patented medication which is effective against both respiratory and intestinal diseases in pigs and poultry.
Click here for more information: https://ecoanimalhealth.com
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