For the six months to 30 September 2024 ECO Animal Health reported revenue of £33.2m,-13%YoY and (adj.) EBITDA of £0.45m (H1 23: £0.7m). The gross margin remained firm at 40.3% compared to 40.8% a year earlier. In the October Trading Update (Equity Development report ‘Trading update: headwinds in China’) the Group reported that the combination of a lower incidence of disease and reduced Aivlosin® demand in China and SE Asia markets meant that FY25 (adj.)
EBITDA would be c.£7.2m. Into H2 the Group has seen “demand accelerate” to the extent that 82% of market consensus revenue is now covered by year-to-date revenue combined with orders and run rate across operations worldwide. Consequently, the (adj.) EBITDA outlook is reiterated.