Highlights
Strong financial performance with double digit revenue and underlying profit growth (at CER).
Good progress made on delivering our global growth strategy.
EU Pharmaceuticals revenue grew by 3.9% (at CER) with a strong performance in Companion Animal Products (CAP) partly offset by a decline in Food producing Animal Products (FAP).
Excellent performance in North America Pharmaceuticals with a revenue increase of 59.9% (at CER), driven by the growth of our core brands, new product launches and the acquired product, Phycox®.
Continued geographical expansion with trading commencing in two new subsidiaries in Canada and Poland.
Advances in the short term pipeline with approval of TAF Spray® and Osphos® in EU, and filing of Zycortal®.
Investment made in sales resources, infrastructure and manufacturing to support our future growth.
Conditional offer of €51.4 million made for Genera d.d. announced on 3 August 2015 to enable us to enter the poultry vaccines market.
Cash conversion of 107.1% and a net cash position of £13.4 million.
Financial Summary
|
|
2015 |
2014 |
Actual exchange rate |
Constant exchange rate |
|
£m |
£m |
% |
% |
|
|
Revenue |
203.5 |
193.6 |
5.1 |
10.0 |
|
Gross profit |
116.1 |
107.7 |
7.8 |
13.6 |
|
Gross profit % |
57.1% |
55.6% |
|
|
|
Underlying operating profit |
44.4 |
42.2 |
5.2 |
11.6 |
|
Underlying EBIT % |
21.8% |
21.8% |
|
|
|
Underlying EBITDA |
48.0 |
46.2 |
3.9 |
10.2 |
|
|
|
|
|
|
|
Underlying diluted EPS (p) |
39.90 |
36.32 |
9.9 |
16.9 |
|
|
|
|
|
|
|
Dividend per share (p) |
16.94 |
15.40 |
10.0 |
10.0 |
Outlook
Michael Redmond, Chairman said:
"The Board believes that our focus on our key therapy areas, the continued rate of adoption of Osphos and sales in our new territories will drive progress in the short term. Current trading is in line with management expectations; however, the business continues to be exposed to exchange rate volatility. In the long term the delivery of further new products and the integration of potential acquisitions give the Board confidence in the Group's future prospects."
