York-headquartered animal health business, Animalcare Group, has reported rising revenues in a trading update for the six months ending June 30.

The company, based at Monks Cross, reported “transformational” change after selling Identicare and its minority equity stake in STEM Animal Health Inc.

Excluding Identicare, sales in the first half of the year were £36.9m, compared with £35.2m in the same period last year.

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Companion Animal product sales rose ‘double digits’, producer animal products sales grew ‘strongly’ and Equine product sales also ‘increased’.

EBITDA is expected to remaining at H1 2023’s £6.5m.

Jenny Winter, chief executive officer, said: ”I am very pleased to report a positive first half performance update following strong revenue growth in our operations, notably in our Production Animals and Equine segments, and improved levels of cash conversion.“We remain confident in our long-term growth strategy and are focused on using our strong financial position in pursuit of value-creating opportunities through M&A, licensing and partnerships to accelerate growth in the future and deliver long-term value creation for shareholders.”

“Over the period, we have identified an increasing number of prospects with the potential to grow our business.”

The group’s net cash balances as of 30 June 2024 were £32.9m (31 December 2023: £1.7m), which it says provides it with the platform and funding headroom to accelerate investment and future growth.