StockMarketWire.com - Animalcare Group swung to an annual loss as supply challenges and delays to some new product launches dented performance.

For 2018, the company reported a pre-tax of £0.4m, compared with a profit of £0.4m a year earlier, while revenues from were up 16.3% to £72.5m.

Sales growth was affected towards the end of the year by 'supply challenges related to third-party manufacturers, some of which impacted the wider market,' the company said.

It also blamed the weaker performance on 'some delays to new product launches and lower demand in the large animal portfolio, particularly for antibiotics which was reflective of an overall market decline in demand.'

'Whilst our performance was not as strong as originally expected, we have made steady progress across the business over the last 12 months and delivered growth at a time of much change within our business and the market,' the company said.

Looking ahead, the company said it would focus on portfolio optimisation, improving service and driving efficiencies in our supply chain, all of which would require investment.

'Our goal is to deliver sustainable and profitable growth and to achieve this, we will focus on meeting the needs of vets in therapeutic areas where we have existing strengths and can further add value,' said Jenny Winter, CEO of Animalcare Group.

'Improving cash generation is a key focus for the business and we will continue to drive improvements in supply chain efficiency and closely monitor our cost base, whilst selectively investing in future innovation.'


At 9:10am: [LON:ANCR] Animalcare Group PLC share price was +4p at 145.5p



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