Trading Update & Notice of Capital Markets Event
Summary by AI BETAClose X
22 January 2026
Animalcare Group plc
("Animalcare", the "Company", or together with its subsidiaries, the "Group")
FY25 Trading Update and Notice of Capital Markets Event
A year of financial delivery and strong strategic execution provide the foundations for growth acceleration
Animalcare Group Plc (AIM: ANCR), the international animal health business, provides the following unaudited trading update for the year ended 31 December 2025 ("FY25"), delivering strong revenue and underlying EBITDA growth, in line with market expectations1.
Highlights
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Revenue up 20% at actual exchange rates ("AER") and constant exchange rates ("CER") to approximately £89.1m (2024: £74.2m) |
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Successful integration of Randlab as part of the Group, delivering significant contribution to both revenue and underlying EBITDA growth |
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Underlying EBITDA growth of approximately 50% versus prior year (2024: £11.6m) |
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Strong cash conversion in line with FY25 guidance of c. 80% (2024: 103%) |
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Financial position remains strong: net debt at £9.1m as at 31 December 2025 (2024: £9.0m), excluding lease liabilities, with leverage well below 1.0 times underlying EBITDA |
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Strengthened R&D pipeline with five key projects in progress, including the VHH NGF antibody programme acquired during the period |
Business and Financial review
Strong revenue growth at higher margins
Animalcare delivered a positive trading performance in the year, with strong revenue growth, improved margins, and strong cash generation. Revenues grew 20% to £89.1m at AER, which includes organic revenue growth of 2% and the benefit of the successful acquisition and integration of Randlab.
Companion Animal revenue growth benefited from strong double-digit momentum in the Group's flagship brands, including Daxocox, fueled by the addition of two new tablet strengths to the range. Animalcare's dental portfolio, encompassing Plaqtiv+ and Orozyme, delivered very strong growth, both domestically and within the Group's International Partners (export) network.
Production Animal revenues returned to more typical single-digit growth demand patterns following a strong prior year performance. Growth was primarily supported by several larger-selling brands.
Equine performed very strongly, benefitting from the significant contribution from Randlab alongside like-for-like organic growth within the existing portfolio. This highly profitable product range now represents around 24% of Group revenues (2024: 10%).
The strong increase in underlying EBITDA, after taking into account R&D expenses of approximately £0.5m, primarily reflects Randlab's significant contribution to EBITDA, underpinned by its high gross margins, alongside like-for-like gross margin expansion through strategic focus on our higher margin, differentiated brands.
Cash conversion strengthened during the second half of the year, with the full year performance in line with our guidance of c. 80%. The Group's balance sheet remains strong, with net debt excluding lease liabilities at 31 December 2025 of £9.1m (31 December 2024: £9.0m), providing the platform and funding headroom to continue to invest in the Group's strategic growth drivers.
Continued execution of the growth strategy
Animalcare made strong progress against each of its three strategic growth pillars.
Organic performance was underpinned by the strength of the portfolio and continued commercial excellence across our markets.
On the M&A front, the Group strengthened its footprint in the Asia-Pacific region through a 25% strategic equity investment in InVetro Pty Ltd, an Australia-based Companion Animal business.
With regards to new product development, the Group continued to advance its R&D pipeline of new products that address significant market opportunities and currently unmet needs within the veterinary sector. At present, the Group has five key projects progressing through various stages within the pipeline. Building on the August 2025 acquisition of the VHH NGF antibody programme and related assets, Animalcare entered into a further licence agreement with 272Bio in December 2025 to access and develop a half-life extension technology for equine biologics. The related research activities and associated costs are planned to be undertaken and incurred through 2026, underpinning our commitment to invest in innovation, targeting an annual spend of approximately 5% of revenue from 2026.
Confident Outlook
Following a strong 2025 performance, Animalcare has entered 2026 with positive momentum. The Group continues to optimise its portfolio and seek opportunities to leverage and efficiently scale its commercial platform, which alongside developing its innovative pipeline and selective M&A activity, will position the Company for accelerated sustainable growth. The Board looks forward to providing insight into these growth initiatives at a Capital Markets Event in March, announced today.
Notice of Capital Markets Event
On 4 March 2026, the Company will host a presentation for investors and analysts to provide greater insight into Animalcare's three strategic pillars: organic growth, inorganic growth, and new product development; highlighting opportunities to accelerate organic revenue growth, both in the shorter-to-medium term and over the longer term, alongside a deeper dive into inorganic growth and pipeline potential.
The event will start at 2pm on 4 March 2026 and will be hosted at Stifel's offices in London. Should you wish to attend, please contact animalcare@almastrategic.com for further details.
Jenny Winter, Chief Executive Officer of Animalcare, commented:
"2025 was a year of strong delivery for Animalcare, marked by the successful integration of Randlab, double-digit growth in our flagship brands and disciplined investment in our exciting development pipeline. We are increasingly well positioned to address the evolving demands of the growing global veterinary market and see considerable opportunity to accelerate growth rates through our three-pillar growth strategy. With a strong balance sheet, a scalable commercial platform and increasing market presence, we look to the future with confidence."
1. Animalcare believes that consensus market expectations for the year ended 31 December 2025 is revenue of £89.2m and underlying EBITDA after R&D costs of £17.6m.
For more information, please contact:
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Animalcare Group Plc Jenny Winter, Chief Executive Officer |
+44 (0)1904 487 687
communications@animalcaregroup.com |
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Stifel (Nominated Advisor & Joint Broker) Ben Maddison Francis North Jason Grossman |
Tel: +44 (0)20 7710 7600
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Panmure Liberum (Joint Broker) Corporate Finance Freddy Crossley/Emma Earl Corporate Banking Rupert Dearden |
+44 (0)20 7886 2500 |
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Alma Strategic Communications Kinvara Verdon Rose Docherty |
+44 (0)20 3405 0205 |
About Animalcare
Animalcare Group plc is a UK AIM-listed international veterinary sales and marketing organisation. Animalcare operates in seven European countries as well as Australia and New Zealand and exports to approximately 40 countries in Europe and worldwide. The Group is focused on bringing new and innovative products to market through its own development pipeline, partnerships and via acquisition.
For more information about Animalcare, please visit www.animalcaregroup.com
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