StockMarketWire.com - Animal health business Animalcare Group reported wider losses as costs jumped and revenue slipped amid product supply challenges.

For the year ended 31 December 2019, pre-tax losses widened to £1.6m from £0.4m on-year as revenue declined 1.9% to £71.1m.

'We delivered in line with market expectations, improving cash conversion, increasing underlying EBITDA and reducing net debt despite a decline in revenues due to now-resolved product supply issues,' the company said.

Restructuring costs rose to £1.8m from £1.2m on-year. largely relating to the R&D and technical & regulatory team centralisation and associated costs of implementing headcount reduction in the UK and Spain at a cost of £1.4m, the company said.

'Performance over the first three months of the year was strong with the expected downturn in demand coming into view from Q2,' it added. 'The companion animals sector, where public health measures have often restricted veterinary activity to emergency treatments, has been the most affected. By contrast, the production animals segment has shown real resilience, helping to offset some of the decline in demand.'


At 8:59am: [LON:ANCR] Animalcare Group PLC share price was +5p at 175p



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