Animalcare (LSE:ANCR), the international animal health specialist, reported a 20% rise in 2025 revenue to £89.1 million, supported mainly by the acquisition and integration of Randlab alongside modest underlying growth across all product categories. Underlying EBITDA increased 52.6% to £17.7 million, with margins improving to 20.6%. Net debt remained limited at £9.1 million, leaving leverage at just 0.7 times and providing flexibility for further investment.
Key brands and international expansion drive momentum
The company saw strong double-digit growth from leading brands including Daxocox, Plaqtiv+ and Orozyme, helped by additional product indications and new launches. Equine products continued to gain importance within the portfolio and now contribute close to a quarter of total group revenue.
Animalcare also expanded its presence in the Asia-Pacific region through the Randlab acquisition and by taking a 25% stake in Australian veterinary business InVetro. Research and development spending increased to 4.5% of revenue as the company advanced new biological pain management products and equine therapies.
Charterhouse-backed takeover influences outlook
During the year, the board agreed to a recommended takeover offer from a vehicle backed by Charterhouse. In light of the proposed transaction, the company opted not to declare a final dividend.
Animalcare’s outlook is supported by solid financial fundamentals and favourable corporate developments, although valuation metrics remain pressured by a negative price-to-earnings ratio. Technical indicators point to moderate upside potential, while ongoing strategic expansion initiatives and visible board confidence are viewed positively.
More about Animalcare
Animalcare Group is a UK AIM-listed veterinary sales and marketing business focused on animal health products. The company operates across seven European countries as well as Australia, New Zealand and the UAE, while exporting to around 40 international markets. Its portfolio centres on companion animal and equine products developed internally, through partnerships and via acquisitions.
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