Investment Case

Jan Boone
The acquisition of Ecuphar has provided enhanced scale and capabilities for the Group and creates a pan-European animal health platform from which to accelerate growth. Our direct sales operation has expanded to cover seven countries and our international reach covers 50 export markets. We have greatly increased the depth and diversity of our licensed veterinary medicines product range and as an enlarged Group we expect to deliver a growing, highly cash generative, dividend paying company with a solid pipeline of new products and multiple cross-selling opportunities.

Jan Boone, Chairman

Investment Case

Animalcare to benefit from transformational acquisition
Bringing together two highly complementary businesses, with regard to their geographic markets, product portfolios and new product development pipelines. The reverse acquisition provides enhanced scale and capabilities for long term growth.

Animalcare is a sustainable growing business in a growing market
Unaudited pro forma aggregated financials for the year ended 31 December 2017 shows combined revenues of £91.9m, an increase of 9.6% versus 2016.

Animalcare is cash generative and in a strong financial position to invest in future growth.

Animalcare is dividend paying and given its strong balance sheet expects to maintain its current dividend policy whilst continuing to invest in new product development.

Animalcare has a clear strategy for growth through an enhanced geographic footprint and sales, marketing and distribution network, and a strong product development pipeline.