Half-yearly Report

Half-yearly Report

Eco Animal Health Group Plc

ECO Animal Health Group plc

Interim Results for the six months ended 30 September 2010

Key features

  • Turnover on continuing operations rises 39 per cent to £12.3 million (2009: £8.9 million).
  • EBITDA and before share based payments increases 15 per cent to £2.24 million (2009: £1.94 million)
  • Aivlosin® sales 55 per cent ahead of same period last year
  • Preparations for launch of Aivlosin® in USA continue
  • Strong performances in major markets - China, Japan and Latin America
  • Net cash at period end of £9.8 million

Peter Lawrence, Chairman of ECO Animal Health Group plc, commented:

“The momentum of the first half of the year is being maintained, boosted by further sales growth in our main markets. Overall we look forward with confidence, well placed to deliver another period of sound performance”

Contacts:

ECO Animal Health Group plc  
Peter Lawrence 020 8336 6190
Spiro Financial
Anthony Spiro 020 8336 6196
 
 
Cenkos Securities plc (Nominated adviser)
Stephen Keys 020 7397 8926
Elizabeth Bowman 020 7397 8928

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

ECO ANIMAL HEALTH GROUP PLC

DIRECTORS AND OFFICERS   PETER LAWRENCE   (CHAIRMAN)
MARC LOOMES (CHIEF EXECUTIVE)
KEVIN STOCKDALE (FINANCE DIRECTOR)
JULIA TROUSE (EXECUTIVE DIRECTOR AND COMPANY SECRETARY)
BRETT CLEMO (EXECUTIVE DIRECTOR)
DAVID DANSON (NON-EXECUTIVE DIRECTOR)
JULIA HENDERSON (NON-EXECUTIVE DIRECTOR)
 
REGISTERED OFFICE 78 COOMBE ROAD, NEW MALDEN, SURREY KT3 4QS
TEL: 020-8336-2900 FAX: 020-8336-0909
 
COMPANY NUMBER 01818170  

Chairman’s statement

I am pleased to report that ECO Animal Health Group has delivered a strong set of results for the six months to 30 September 2010. This performance builds on the growth generated in the previous year and reflects our success in achieving international marketing authorisations and selecting appropriate distribution channels for our exciting range of animal pharmaceutical products. We believe that after some ten years study, The Food and Drug Administration in the US is now in the final stage of its assessment of Aivlosin®, our patented macrolide antibiotic. ECO is well advanced in its own preparations so that when the approval is received, the company will be able to move quickly to commence marketing in the US, a territory that comprises some 30 per cent of the world market.

Financial

Turnover on continuing operations increased by almost 39 per cent to £12.3 million (2009: £8.9 million) and EBITDAS (earnings before interest, tax, depreciation, amortisation and share based payments) rose over 15 per cent to £2.24 million (2009: £1.94 million). The second half of the year has historically produced a larger proportion of sales and profit as ECO’s markets are boosted in that period by treating winter and spring diseases. ECO’s balance sheet is strong; at the period end the Company had net cash of £9.8 million and during the six months to end September 2010 generated £6.2 million (2009: £2.7 million) from operations.

ECO operates in global markets with over 90 per cent of sales generated outside the UK. The Company’s principal non sterling currencies are the US dollar and the euro. While management follows a conservative policy of hedging known cash flows, results are inevitably affected by currency movements. Over time the impact of these movements on translating results into sterling may be quite small, in the short term they can have a significant effect.

The dividend of 2.30 pence for the year ended 31 March 2010 was paid to shareholders in September. A scrip alternative was again offered and taken up by investors representing over 42 percent of the Company’s issued share capital. This has helped us to preserve cash to invest in and grow the business and I would like to thank these shareholders for their continuing support. Since introducing the scrip alternative in 2008, the Company has conserved over £3.5 million of cash, which has been invested in the business.

Operations and markets

Worldwide demand for animal health products for farmed animals is influenced by many factors ranging from levels of economic activity to the influence of outbreaks of diseases. This was demonstrated by the varying level of demand for our products across the different regions.

Across ECO’s global business, while sales were strongly ahead of last year, margins were slightly lower, held back by the regional mix of Aivlosin® sales and currency movements, principally the strength of sterling against the US dollar. Sales of Aivlosin® grew by nearly 55 per cent and continued to command a higher weighting within the product portfolio. The ongoing implementation of aggressive stock and debtor management policies resulted in significant cash flow benefits for the Group.

Trading in our major markets, China, Japan and Latin America, continued to develop positively. In China, sales from our subsidiary, Zhejiang ECO Biok Animal Health Products Limited, were up nearly 30 per cent in sterling, despite a difficult trading environment. In Japan, ECOPHARMA delivered its maiden six months contribution, following its acquisition in December 2009. The result was ahead of budget, reflecting the positive impact of management changes. The performance was achieved in tough market conditions including outbreaks of foot and mouth disease, which affected sales for swine. Sales to markets in Latin America moved ahead strongly, up over 50 per cent in sterling over the corresponding period last year, whilst South East Asia also performed well.

ECO’s sales improve during our traditionally stronger second half when the incidence of respiratory disease increases during the winter months and parasite numbers rise during the spring.

The joint venture with Pharmgate LLC in the USA began in April 2010 with the hiring of two managers, who will lead the sales and marketing effort for the launch of Aivlosin®. Inevitably, there is an investment cost of set up and administration in the period before sales can commence. This, together with the investment made to date in order to obtain regulatory approval for Aivlosin®, should be rewarded by significant sales and increased Group profits from a market into which, to date, we have not been authorised to sell.

We understand that the Aivlosin® regulatory timeline has been extended by the Federal Drug Administration (FDA), owing to its excessive workload. The FDA is now unable to commit to the original review timeline for the final component of the development programme, which relates to laboratory testing. Although the approval timeline is not under ECO’s control, the Company is making every effort to encourage the FDA to complete the approval of this final component as soon as possible.

In Europe, lower levels of trading reflected the difficult economic environment. However, the last of the Aivlosin® legacy distribution agreements has now been terminated with the final newly appointed distributor starting in January 2011. Sales in the UK, where ECO does direct business rather than through third parties, were up nearly 19 per cent. The new presentation of Aivlosin® water soluble granules for pheasants has been very positively received.

Sales of our Ecomectin® range of antiparasitic drugs were up 21 per cent over the same period last year, a reflection of increased demand in Japan and the launch of the Ecomectin® range in Mexico which has been very well received.

The development of selected, differentiated generic pet medications of potential major importance to ECO’s future is progressing well and within our expected timeframes.

Building on the basic research conducted by the Virology Division of the Department of Pathology at the University of Cambridge, funded by the UK Medical Research Council, into the inhibition of viruses by Aivlosin®, ECO has commissioned further research with other institutions and the results will be reported in due course.

Outlook

The momentum of the first half of the year is being maintained, boosted by further sales growth in our main markets. Overall we look forward with confidence, well placed to deliver another period of sound performance.

Peter A Lawrence

Executive Chairman

7 December 2010

CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2010
    Six months   Six months   Six months
to to to
30.09.10 30.09.09 31.03.10
Notes (unaudited) (unaudited) (unaudited)
(as restated)
£000 £000 £000
Revenue 3 12,313 8,877 21,768
Cost of sales (7,435) (5,233) (12,743)

 

 

 

Gross Profit 4,878 3,644 9,025
 
Other operating income 87 60 185
Administrative expenses (2,300) (1,430) (3,883)
Currency (losses) (501) (390) (162)
Amortisation of intangible assets (1,562) (1,380) (2,869)
Share based payments (103) (72) (203)

 

 

 

Results from operating activities: 499 432 2,093
 
Net finance income/(expense) 1 (47) (88)

 

 

 

Profit before income tax 500 385 2,005
 
Income tax (81) (45) (337)

 

 

 

Profit for the period from continuing operations 419 340 1,668
 
Loss for the period on discontinued operations (net of tax) - - (101)

 

 

 

Profit for the period 419 340 1,567
 
Attributable to:
Owners 183 166 1,239
Minority interest 236 174 328

 

 

 

419 340 1,567

 

 

 

BASIC EARNINGS PER SHARE 4
Continuing operations 0.35p 0.36p 2.79p
Discontinued operations - - (0.21)p

 

 

 

0.35p 0.36p 2.58p

 

 

 

 
FULLY DILUTED EARNINGS PER SHARE 4 0.35p 0.36p 2.58p

PRE TAX BASIC EARNINGS PER SHARE

4 0.46p 0.46p 3.49p
 
Earnings from continuing activities before interest, taxation, depreciation, amortisation, and share based payments. 2,241 1,941 5,310

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2010
  Six months   Six months   Six months
to to to
30.09.10 30.09.09 31.03.10
(unaudited) (unaudited) (unaudited)
(as restated)
£000 £000 £000
Profit for the period 419 340 1,567
 
Foreign currency translation differences (29) (177) (41)
Defined benefit pension plan – actuarial losses - - (25)
Revaluation of investment in Kiotech International plc 79 - 269
Deferred tax on revaluation of investment in Kiotech (19) - -
Revaluation of freehold property 52 - -
Deferred tax on revaluation of freehold property (72) - -

 

 

 

Other comprehensive income for the period 11 (177) 203

 

 

 

Total comprehensive income for the period 430 163 1,770
 
Attributable to:
Owners 232 78 1,468
Minority interest 198 85 302

 

 

 

430 163 1,770

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2010
               
Share Share Other Revaluation Retained Total Minority Total
Capital Premium Reserves Reserves Earnings Interest Equity
Account Account
£000 £000 £000 £000 £000 £000 £000 £000
 
At 1 April 2009 2,320 38,287 939 250 6,113 47,909 1,098 49,007
Effect of prior year adjustment (note 6) - - - - 590 590 - 590
At 1 April 2009 (as restated) 2,320 38,287 939 250 6,703 48,499 1,098 49,597
Total comprehensive income for the period:
Profit for the period - - - - 1,239 1,239 328 1,567
Other comprehensive income
Foreign currency translation differences - - - - (15) (15) (26) (41)
Actuarial losses on pension scheme - - - - (25) (25) - (25)
Revaluation of investment -   -   -   269   -   269   -   269

 

 

 

 

 

 

 

 

Total comprehensive income for the period -   -   -   269   1,199   1,468   302   1,770

 

 

 

 

 

 

 

 

Transactions with owners
Arising on issue of shares in the period 261 7,201 - - - 7,462 - 7,462
Dividends - - - - (3,333) (3,333) - (3,333)
Share based payments -   -   203   -   -   203   -   203

 

 

 

 

 

 

 

 

Total transactions with owners 261   7,201   203   -   (3,333)   4,332   -   4,332

 

 

 

 

 

 

 

 

At March 2010 2,581 45,488 1,142 519 4,569 54,299 1,400 55,699
 
Total comprehensive income for the period:
Profit for the period - - - - 183 183 236 419
Other comprehensive income
Revaluation of freehold property - - - 52 - 52 - 52
Revaluation of investments - - - 79 - 79 - 79
Tax effect of revaluations - - - (91) - (91) - (91)
Foreign currency translation differences -   -   -   -   9   9   (38)   (29)

 

 

 

 

 

 

 

 

Total comprehensive income for the period -   -   -   40   192   232   198   430

 

 

 

 

 

 

 

 

Transactions with owners
Arising on issue of shares in the period 24 690 - - - 714 - 714
Dividends - - - - (1,191) (1,191) - (1,191)
Share based payments -   -   103   -   -   103   -   103

 

 

 

 

 

 

 

 

Total transactions with owners 24   690   103   -   (1,191)   (374)   -   (374)

 

 

 

 

 

 

 

 

At September 2010 2,605   46,178   1,245   559   3,570   54,157   1,598   55,755

 

 

 

 

 

 

 

 

 
Prior interim period
 
At 1 April 2009 2,320 38,287 939 250 6,113 47,909 1,098 49,007
Effect of prior year adjustment (note 6) - - - - 590 590 - 590
At 1 April 2009 (as restated) 2,320 38,287 939 250 6,703 48,499 1,098 49,597
Total comprehensive income for the period:
Profit for the period - - - - 166 166 174 340
Other comprehensive income
Foreign currency translation differences -   -   -   -   (88)   (88)   (89)   (177)

 

 

 

 

 

 

 

 

Total comprehensive income for the period -   -   -   -   78   78   85   163

 

 

 

 

 

 

 

 

Transactions with owners
Arising on issue of shares in the period 12 358 - - - 370 - 370
Dividends - - - - (3,333) (3,333) - (3,333)
Share based payments -   -   72   -   -   72   -   72

 

 

 

 

 

 

 

 

Total transactions with owners 12   358   72   -   (3,333)   (2,891)   -   (2,891)

 

 

 

 

 

 

 

 

At 30 September 2009 2,332   38,645   1,011   250   3,448   45,686   1,183   46,869

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 
    As at   As at   As at
30.09.10 30.09.09 31.03.10
Notes (unaudited) (unaudited) (unaudited)
(as restated)
£000 £000 £000
 
ASSETS
Non current assets
Property, plant and equipment 8 1,151 1,152 1,088
Goodwill & other intangibles 7 37,968 35,838 37,544
Investments 385   287   289

 

 

 

39,504 37,277 38,921
Current assets
Inventories

3,491

5,388 5,697
Trade and other receivables 7,029 6,608 8,984
Income tax recoverable 340 213 340
Other taxes and social security 233 151 261
Cash and cash equivalents 10,970   3,952   9,882

 

 

 

22,063   16,312   25,164

 

 

 

Total assets 61,567   53,589   64,085

 

 

 

 
Current liabilities
Trade and other payables (3,352) (3,194) (3,612)
Short term borrowings (1,138) (776) (3,979)
Income tax (36) (20) (42)
Other taxes and social security (176) (164) (102)
Dividends (397)   (2,563)   (29)

 

 

 

(5,099) (6,717) (7,764)
 
Total assets less current liabilities 56,468 46,872 56,321
 
Non current liabilities
Deferred tax (713) - (622)
Provision for pension deficit -   (3)   -

 

 

 

55,755   46,869   55,699

 

 

 

Equity
Capital and reserves
Called up share capital 2,605 2,332 2,581
Share premium 46,178 38,645 45,488
Revaluation reserve 559 250 519
Other reserves 1,245 1,011 1,142
Retained earnings 3,570   3,448   4,569

 

 

 

54,157 45,686 54,299
Minority interest 1,598   1,183   1,400

 

 

 

55,755   46,869   55,699

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS
     
Six months to Six months to Year ended
30.09.10 30.09.09 31.03.10
(unaudited) (unaudited) (unaudited)
(as restated)
£000 £000 £000
 
Profit before tax 500 385 1,904
 
Adjustment for:
Net finance (income)/costs (1) 47 88
Depreciation of plant and equipment 77 57 145
Amortisation of intangible assets 1,562 1,380 2,869
Pension payments - - (54)
Pension operating costs - - 5
Share based payments 103   72   203

 

 

 

Operating cash flow before movement in working capital 2,241 1,941 5,160
 
Change in inventories 2,206 (466) (264)
Change in receivables 1,967 1,618 (567)
Change in payables (185)   (324)   (831)

 

 

 

Cash generated from operations 6,229 2,769 3,498
 
Interest paid (39) (56) (101)
Income tax paid (87)   (20)   (62)

 

 

 

Net cash inflow from operating activities 6,103 2,693 3,335
 
Cash flows from investing activities
Acquisition of undertaking, net of cash acquired

-

-

(801)
Purchase of property, plant and equipment (88) (51) (72)
Purchase of investments - (1) (3)
Cost of acquiring drug registrations (1,986) (1,686) (3,479)
Interest received 40   9   16

 

 

 

Net cash (used in) Investing activities (2,034)   (1,729)   (4,339)

 

 

 

 
Cash flows from financing activities
Issue of shares 208 - 5,716
Dividends paid (319)   (417)   (1,578)

 

 

 

Net cash (used in)/generated from financing activities (111)   (417)   4,138

 

 

 

 
Net increase in cash and cash equivalents 3,958 547 3,134
Foreign exchange movements (29) (180) (40)
Cash and cash equivalents at the beginning of the period

5,903

  2,809   2,809

 

 

 

Cash and cash equivalents at the end of the period 9,832 3,176 5,903

 

 

 

 

 

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2010

1. Basis of preparation

The financial information for the period to 30 September 2010 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2010.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”, which became effective as of 1 January 2009. As a result, the Group presents all non owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2010.

3. Revenue is derived from the Group’s animal pharmaceutical business.

4. Earnings per share

  Six months to   Six months to   Year ended
30.09.10 30.09.09 31.03.10
(unaudited) (unaudited) (unaudited)
(as restated)
 
 
Weighted average number of shares in issue (000’s) 51,773 46,571 48,025
Fully diluted weighted average number of shares in issue (000’s) 51,773 46,593 48,025
 
Profit attributable to equity holders of the Company (£’s) 183,274 166,895 1,239,068
Pre tax profit attributable to equity holders of the company(£’s) 239,438 212,248 1,676,481
 
Basic earnings per share (pence) 0.35 0.36 2.58
Fully diluted earnings per share (pence) 0.35 0.36 2.58
Pre tax earnings per share (pence) 0.46 0.46 3.49

5. Dividends

  Six months to   Six months to   Year ended
30.09.10 30.09.09 31.03.10
(unaudited) (unaudited) (unaudited)
(as restated)
£000 £000 £000
 
Interim dividend in respect of the year ended 31 March 2009
46,402,407 shares at 1.70p per share - 789 789
Final dividend in respect of the year ended 31 March 2009
46,633,189 shares at 5.45p per share - 2,544 2,544
Interim dividend in respect of the year ended 31March 2010
51,777,768 shares at 2.30p per share 1,191   -   -

 

 

 

1,191   3,333   3,333

 

 

 

6. Prior year adjustment

The income statement for the period ended 30 September 2009 has been restated to accurately reflect the results as they would have been for that period in view of the management’s decision to reclassify certain expenditure (previously included within goodwill in the Statement of Financial Position as at 31 March 2009) to Distribution Rights and to amortise that expenditure over a 20 year useful life as more fully described in note 11 to the Group’s Financial statements for the year ended 31 March 2010. The effect of this restatement has been to reduce the retained profit for the six months ended 30 September 2009 by £27,659 and to reduce the intangible assets and reported equity by £226,450 at that date.

The consolidated statement of changes in equity for the period ended 30 September 2009 has been restated to exclude an interim dividend of £788,841 which as paid in May 2009 but which had been recognised as a liability in the Group financial statements for the year ended 31 March 2009. The effect of this restatement was to increase retained earnings bought forward as at 1 April 2009 by £788,841 and reduce the retained earnings for the period ended 30 September 2009 by the same amount.

The consolidated statement of cash flows for the period ended 30 September 2009 has been restated to reflect the increased amortisation charge mentioned above, to eliminate the non-cash element of dividends paid and share capital issued during the period ended 30 September 2009 as a result of the take up of the scrip alternative and to move exchange differences out of the opening cash flow figure. This has no effect on earnings or net assets for any period.

7. Intangible non current assets

    Distribution   Development  
Goodwill Rights Costs Total
£000 £000 £000 £000
Cost
Cost at 1 April 2009 19,892 - 26,723 46,615
Prior year adjustment (2,439)   1,035   -   (1,404)

 

 

 

 

Cost at 1 April 2009 (restated) 17,453 1,035 26,723 45,211
 
Additions -   -   1,686   1,686

 

 

 

 

Cost at 30 September 2009 17,453 1,035 28,409 46,897
 
Additions 477 - 1,792 2,269
 
Acquired with subsidiary -   -   926   926

 

 

 

 

Cost at 31 March 2010 17,930 1,035 31,127 50,092
 
Additions -   -   1,986   1,986

 

 

 

 

Cost at 30 September 2010 17,930   1,035   33,113   52,078

 

 

 

 

Amortisation
Amortisation at 1 April 2009 1,466 ----- 9,419 10,885
Prior year adjustment (1,466)   260   -   (1,206)

 

 

 

 

Amortisation at 1 April 2009 (as restated) - 260 9,419 9,679
 
Charge for the period -   28   1,352   1,380

 

 

 

 

Amortisation at 30 September 2009 - 288 10,771 11,059
 
Charge for the period -   28   1,462   1,490

 

 

 

 

Amortisation at 31 March 2010 - 316 12,233 12,549
 
Charge for the period -   28   1,534   1,562

 

 

 

 

Amortisation at 30 September 2010 -   344   13,767   14,111

 

 

 

 

 
Net book value at 30 September 2010 17,930   692   19,346   37,968

 

 

 

 

Net book value at 31 March 2010 17,930   720   18,894   37,544

 

 

 

 

Net book value at 30 September 2009 17,453   747   17,638   35,838

 

 

 

 

Net book value at 1 April 2009 17,453   775   17,304   35,532

 

 

 

 

8. Property, plant and equipment

      Fixtures  
Freehold Plant and fittings &
property machinery equipment Total
£000 £000 £000 £000
Cost
Cost at 1 April 2009 650 703 520 1,873
 
Additions -   47   4   51

 

 

 

 

Cost at 30 September 2009 650 750 524 1,924
 
Additions - 12 8 20
 
Acquired with subsidiary -   -   3   3

 

 

 

 

Cost at 31 March 2010 650 762 535 1,947
 
Additions -   51   37   88

 

 

 

 

Cost at 30 September 2010 650   813   572   2,035

 

 

 

 

Depreciation
Depreciation at 1 April 2009 39 278 398 715
 
Charge for the period 6   24   27   57

 

 

 

 

Depreciation at 30 September 2009 45 302 425 772
 
Charge for the period 7   57   23   87

 

 

 

 

Depreciation at 1 April 2010 52 359 448 859
 
Revaluation in the period (52) - - (52)
 
Charge for the period 5   56   16   77

 

 

 

 

Depreciation at 30 September 2010 5   415   464   884

 

 

 

 

 
Net book value at 30 September 2010 645   398   108   1,151

 

 

 

 

Net book value at 1 April 2010 598   403   87   1,088

 

 

 

 

Net book value at 30 September 2009 605   448   99   1,152

 

 

 

 

Net book value at 1 April 2009 611   425   122   1,158

 

 

 

 

9. Related party transactions

At the date of the consolidated statement of financial position, Eco Animal Health Group plc owed P A Lawrence, a director of Eco Animal Health Group plc, and members of his family, a balance amounting to £4,864 (30 September 2009: £402,489). During the period the Group provided management services to Kiotech International plc, a company in which P A Lawrence is a director and holds share options. Fees charged were £13,083 (six months to 30 September 2009: £20,484).

During the period the Group made sales to Zhejiang Eco Biok Animal health Products Limited on an arm’s length basis to the value of £577,551 (six months to 30 September 2009: £562,834). At the end of this period there was an inter company balance owing from this Company of £563,339(six months to 30 September 2009: £545,137).

The Group also made sales on an arm’s length basis to Eco Animal health do Brasil Comercio de Productos Veterinarios Ltda to the value of £1,329,221 (six months to 30 September 2009: £542,834). At the end of the period there was an inter company balance of £1,762,146 ( six months to 30 September 2009: £761,166).

The Group also made sales on an arm’s length basis to Ecopharma Inc to the value of £621,279. Ecopharma Inc was not a related party during the comparative period, but the comparative figure for the previous year was £525,668. At the end of the period there was an inter company balance of £420,296 (six months to 30 September 2009: £511,061).

Since the last three of these companies are subsidiaries of Eco Animal Health Group plc these transactions and balances have been eliminated on consolidation with the exception of the Ecopharma Inc comparative figures.

10. The Group’s principal risks and uncertainties were set out on pages 61-62 of the notes to the consolidated financial statements for the year ended 31 March 2010.

11. This financial information was approved by the board on 6 December 2010.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.

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