Animalcare delivers strong revenue, underlying growth in 2025

22nd Jan 2026 12:28

(Sharecast News) - Animalcare Group said on Thursday that it delivered strong revenue and underlying EBITDA growth in 2025, in line with market expectations, as the veterinary medicines group highlighted successful integration of acquisitions and continued execution of its growth strategy.

In an unaudited trading update for the year ended 31 December, Animalcare said revenue rose 20% year-on-year to £89.1m, both at actual and constant exchange rates, compared with £74.2m in 2024.

The AIM-traded firm said the increase reflected modest organic growth alongside a significant contribution from the acquisition and integration of Randlab.

Underlying EBITDA increased by 50% versus the prior year, from £11.6m in 2024, despite research and development costs of around £0.5m during the period.

The group said growth was delivered at higher margins, supported by strong performance in companion animal products, where flagship brands including Daxocox recorded double-digit growth following the launch of two new tablet strengths.

It said the dental portfolio, including Plaqtiv+ and Orozyme, also delivered strong growth both domestically and across international partner markets.

Production animal revenues returned to more typical single-digit growth after a strong prior year, while the equine division performed "very strongly", driven by Randlab's contribution and underlying organic growth.

Equine products now accounted for around 24% of group revenue, up from 10% a year earlier.

Cash conversion strengthened in the second half and was in line with full-year guidance of around 80%, compared with 103% in 2024.

Animalcare ended the year with net debt of £9.1m, excluding lease liabilities, broadly unchanged from the prior year and representing leverage well below one times underlying EBITDA.

The company said the balance sheet provided headroom to continue investing in strategic growth initiatives.

Animalcare said it made progress across its three strategic pillars of organic growth, inorganic expansion and new product development.

During the year, the group strengthened its Asia-Pacific presence through a 25% strategic equity investment in Australia-based InVetro, while continuing to advance its research and development pipeline.

Five key projects were currently in progress, including the VHH NGF antibody programme acquired in August, and a further licence agreement signed in December with 272Bio to access half-life extension technology for equine biologics.

From 2026, the group said it planned to invest around 5% of revenue annually in innovation.

"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," said chief executive Jenny Winter.

"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."

Looking ahead, Animalcare said it had entered 2026 with positive momentum and expected to accelerate sustainable growth by optimising its portfolio, scaling its commercial platform and pursuing selective mergers and acquisitions.

At 1138 GMT, shares in Animalcare Group were up 1.54% at 257.92p.

Reporting by Josh White for Sharecast.com.