- Underlying operating profits at Animalcare, a leading supplier of veterinary medicines, fell by 2.9% to £1.44m in the six months to the end of December.

Revenues rose by 6.9% to £6.46m and underlying earnings before interest, tax, depreciation and amortisation increased by 0.4% to £1.58m.

Chairman James Lambert said: "I am pleased to report a solid start to our financial year. The board has taken a strategic decision to substantially increase the investment in our product development pipeline over the next five years, focusing primarily on enhanced generic medicines whilst continuing to launch generic veterinary pharmaceuticals to complement our existing portfolio."

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