Animalcare Group (ANCR) H2 2025 earnings summary

Executive summary

• Revenue rose 20.0% year-over-year to £89.1m, driven by the Randlab acquisition and organic growth across all product categories.

• Underlying EBITDA increased 52.6% to £17.7m, with margins improving by 500bps to 20.6%.

• Underlying profit after tax from continuing operations was £10.9m, while reported profit after tax was £5.1m, reflecting non-underlying items.

• The Board recommended no final dividend for FY25 due to the pending acquisition by CCP Paw 2 Limited.

• Trading post-period end has continued in line with management expectations.

Financial highlights

• Revenue: £89.1m (up 20.0% year-over-year); gross profit: £52.4m (up 27.2%).

• Gross margin improved to 58.8% from 55.6% year-over-year.

• Underlying EBITDA: £17.7m (up 52.6%); underlying EPS: 15.7p (up 44.0%).

• Cash conversion rate: 79.7%; net debt at year-end: £9.1m (leverage 0.7x underlying EBITDA).

• Reported profit after tax: £5.1m (down from £18.5m in FY24, which included gains from disposals).

Outlook and guidance

• Management remains confident in standalone prospects and is committed to ambitious growth targets.

• Focus for 2026 includes accelerating growth in non-prescription brands via new retail channels and further supply chain simplification.

• Continued investment in R&D and digital marketing to support product pipeline and sales growth.