Half-yearly Report

LONDON--()--

ECO Animal Health Group plc

(AIM: EAH)

Results for the six months ended 30 September 2012

HIGHLIGHTS

  • 14.7 per cent increase in gross profit to £5.1 million (2011: £4.4 million)
  • Revenue of £11.46 million (2011:11.88 million) reflects a significant improvement in product mix with a greater focus on higher margin business
  • Earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements, amounted to £2.0 million (2011: £2.3 million) after product launch costs of £0.3 million in the US and Canada.
  • Net cash of £7.3 million at period end
  • Demand for Aivlosin® continues to grow strongly and now represents some two thirds of total sales
  • Aivlosin® sales commence in US close to period end, initial response is very encouraging
  • Continued growth in China and India
  • Aivlosin® marketing authorisation in Russia received after period end

Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:

“ECO Animal Health Group delivered a robust set of results for the six months ended 30 September 2012. The second half of the year is traditionally a stronger trading period as the incidence of respiratory disease increases and parasite numbers rise during the southern hemisphere spring and it is pleasing to note that our performance in the first two months of the second half has been strong. These traditional factors, coupled with the exciting sales opportunities offered by our entry into new markets for Aivlosin® in Canada, the USA and Russia, enable us to look forward with confidence and we expect to deliver another sound full year result for our shareholders.”

Contacts:

ECO Animal Health Group plc      
Peter Lawrence 020 8336 6190
Spiro Financial
Anthony Spiro 020 8336 6196
Cenkos Securities plc (Nominated Adviser)
Stephen Keys 020 7397 8926

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

Chairman’s statement

I am pleased to report that ECO Animal Health Group has delivered a robust set of results for the six months ended 30 September 2012. It is particularly encouraging that these results were achieved despite continuing general uncertainty in the major economies that we serve.

In July 2012 we were delighted to announce that the Center for Veterinary Medicine (CVM) of the Food and Drug Administration (FDA) had granted ECO a marketing authorisation in the United States for Aivlosin® 625 mg/g water soluble granules for swine. Our product development and regulatory teams had been working towards this approval for many years and shareholders may recall that progress reports have been a regular feature in our results announcements. The significance of this initial approval cannot be over stated as it allows ECO to enter a territory that represents one third of the global market for its products, which until now was closed to the company. It is pleasing to report that while we expected sales of Aivlosin® in the US to take time to gather momentum, the initial orders following launch in September, just before the period end, have been most encouraging and are already ahead of our expectations.

Financial

Gross profit in the period increased over 14 per cent to a record £5.05 million (2011: £4.40 million) and includes only a few weeks’ contribution in the US from Aivlosin®. This excellent outturn reflects a significant improvement in product mix with a greater focus on higher margin business. In the light of the many new opportunities opening up to the Group, we are concentrating our management and financial resources on those products and markets with the greatest potential for profitable growth and reducing exposure to those with limited margins and restricted growth potential. The success of this strategy is reflected in overall sales in the period of £11.45 million (2011: £11.88 million) which were a little lower than last year’s level, mainly due to Latin America where the timing of orders, coupled with the availability of foreign currency can be unpredictable but, in the medium term these issues have tended to unwind. Nevertheless, these factors were more than outweighed by the significant improvement in margin and gross profit.

Earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements, amounted to £2.0 million (2011: £2.3 million) despite the product launch costs of £0.3m in the US and Canada. During the period, we also invested heavily in our infrastructure in China and Mexico and expect to benefit from this as sales build during the year. The balance sheet remains strong with net cash at 30 September of over £7.3 million after investing around £2.4 million in our ongoing drug registration programme and a further £1.5 million in working capital required to prepare stock levels for new markets and increased sales.

Operations and markets

Demand for Aivlosin® continues to grow strongly and now represents some two thirds of total sales. Worldwide demand for animal health products for farmed animals is influenced by many factors ranging from levels of economic activity to outbreaks of disease. These factors were demonstrated again by the varying level of demand for our products across the many territories ECO serves. It is also worth noting that one of the weakest markets in the first half of last year, Japan, has now recovered and has once again shown solid growth, demonstrating that a strong presence in multiple markets and geographic regions is a key factor in spreading risk across our business. Europe remains sluggish (although sales were up by some 12 per cent), the South African business has been affected by the broader economic malaise in that country and Brazil has been impacted by intense price competition but overall demand for our products is buoyant.

The granting of the first marketing authorisation in the United States for Aivlosin® water soluble granules for pigs marked a long awaited and very important step in the Company’s development of its global veterinary product range. It further extended the marketing reach of Aivlosin®, which is used for the treatment of respiratory and enteric diseases in pigs and poultry. We anticipate that within the next few months we should receive a second Canadian registration for Aivlosin in a medicated premix formulation which should allow us to further increase sales in North America, without a corresponding rise in overheads.

Sales of Aivlosin® are already building steadily in Canada following the product’s launch in March 2012. We also experienced continued growth in India and from our Chinese subsidiary, Zhejiang ECO Biok Animal Health Products, which boosted margins and gross profit. ECOPHARMA in Japan has maintained its recovery from the effects of the Japanese earthquake and tsunami in 2011 with sales now back at the level of 2010.

ECO’s strategy of direct entry into the new markets of North America and Mexico and the growth in China, while progressing well, have inevitably carried substantial start up costs. ECO began building its sales infrastructure, offices, personnel and accounting systems in North America some two years ahead of the FDA authorisation. This substantial expenditure is only now being offset by sales revenues but we believed it was essential to have a structure in place ready to move forward by the time the marketing authorisations were obtained. We are following a similar strategy in China by expanding the sales force in preparation of launches into the poultry sector to build on our success achieved to date in swine.

In line with our strategy of moving closer to end users in key markets, ECO has recently negotiated a termination of its long standing agreement with its Mexican distributor and has commenced trading through its wholly owned subsidiary, ECO Animal Health de Mexico, which will also allow us to benefit from the favourable North American Free Trade Area (NAFTA) arrangements.

A local distributor has now been appointed in Russia, the seventh largest pig producing country and the first Aivlosin® marketing authorisation there was granted in November, after the period end. This latest development is another extremely encouraging and positive step in the establishment of Aivlosin® as a truly global brand and underlines ECO’s commitment to becoming a major force in the international market for veterinary pharmaceutical products. In Korea, another key pig producing country, the process of obtaining a first approval has commenced, with assistance from our newly appointed local distributor.

Work on developing products for companion animals continues and in the US our first companion product for this market is under review.

Research in partnership with a number of leading institutions remains ongoing as we seek to extend Aivlosin®’s label claims to include new species and new disease indications .

ECO’s recent investment in additional people and new offices, ahead of imminent further marketing approvals, reflects our confidence in the future of the business and its ability to drive growth.

Outlook

The second half of the year is traditionally a stronger trading period as the incidence of respiratory disease increases and parasite numbers rise during the southern hemisphere spring, and it is pleasing to note that our performance in the first two months of the second half has been strong. These factors, coupled with the exciting sales opportunities offered by our entry into new markets for Aivlosin® in Canada, the USA and Russia, enable us to look forward with confidence and we expect to deliver a sound full year result.

Peter Lawrence

Executive Chairman

11th December 2012

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 30 SEPTEMBER 2012
    Six months   Six months   Year ended
to to
30.09.12 30.09.11 31.03.12
Notes (unaudited) (unaudited) (audited)
 
£000 £000 £000
Revenue 3 11,455 11,880 28,322
Cost of sales

(6,400)

(7,473) (17,504)
Gross Profit 5,055 4,407 10,818
 
Other operating income 89 154 760
Administrative expenses (3,167) (2,324) (5,157)
Currency losses (136) (81) (332)
Amortisation of intangible assets (1,469) (1,756) (3,593)
Share based payments

(162)

(103) (291)
Profit from operating activities: 210

297

2,205
 
Net finance (expense)/income

(78)

17 115
Profit before income tax 132 314 2,320
 
Income tax (charge)/credit (11) 131 307

Profit for the period from
continuing operations

121 445 2,627
Attributable to:
Owners (83) 278 2,218
Minority interest 204 167 409
121 445 2,627
 

BASIC (LOSS)/EARNINGS PER
SHARE

6 (0.16)p 0.53p 4.24p
 

FULLY DILUTED
(LOSS)/EARNINGS PER SHARE

6 (0.16)p 0.52p 4.19p
 

Earnings from continuing activities
before interest, taxation,
depreciation, amortisation, and share
based payments.

1,900

2,225 6,187
 
Exclude foreign exchange differences 136 81 332
 
EBITDA consistent with audited accounts 2,036 2,306 6,519

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS TO 30 SEPTEMBER 2012
      Six months   Six months   Year ended
to to
30.09.12 30.09.11 31.03.12
(unaudited) (unaudited) (audited)
 
£000 £000 £000
Profit for the period 121 445 2,627
 
Foreign currency translation differences (18) 301 201
Defined benefit pension plan – actuarial gains/(losses) - - (151)
Revaluation of investment in Anpario plc

-

(51) (3)

Deferred tax on revaluation of investment in Anpario
plc

- 12 15
Transfer on disposal of investment - - (59)
Other comprehensive income for the period (18) 262 3
Total comprehensive income for the period 103 707 2,630
 
Attributable to:
Owners (73) 441 2,140
Minority interest 176 266 490
103 707 2,630
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2012
                 
Share Share Other Revaluation Treasury Retained Total Minority Total
Capital Premium Reserves Reserves Reserve Earnings Interest Equity
Account Account
£000 £000 £000 £000 £000 £000 £000 £000 £000
 
At 1 April 2011 2,610 46,269 1,330 545 - 5,222 55,976 1,791 57,767

Total comprehensive income
for the period:

Profit for the period - - - - - 2,218 2,218 409 2,627

Other comprehensive income

Revaluation of investment - (2) - - (2) - (2)

Transfer on disposal of
investment

- - - (59) - - (59) - (59)

Tax effect of revaluation/disposal

- - - 15 - - 15 - 15

Foreign currency translation
differences

- - - - - 120 120 80 200

Actuarial gains on pension
scheme assets

-   -   -   -   -   (151)   (151)   -   (151)

Total comprehensive income
for the period

-   -   -   (46)   -   2,187   2,141   489   2,630

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2012 CONTINUED.

Transactions with owners

                 
Arising on issue of shares in the period 146 4,588 - - - - 4,734 - 4,734
Dividends - - - - - (1,568) (1,568) (388) (1,956)
Share based payments - - 291 - - - 291 - 291

Transfer to retained earnings on option
expiry

- - (97) - - 97 - - -
Cancellation of share premium account - (13,250) 3,250 - - 10,000 - - -

Treasury Reserve arising from issue of
jointly owned shares

-   -   -   -   (5,218)   -   (5,218)   -   (5,218)

Total transactions with owners

146   (8,662)   3,444   -   (5,218)   8,529   (1,761)   (388)   (2,149)
At 31 March 2012 2,756 37,607 4,774 499 (5,218) 15,938 56,356 1,892 58,248
 

Total comprehensive income for the
period:

(Loss)/profit for the period - - - - - (83) (83) 204 121

Other comprehensive income

Foreign currency translation differences -   -   -   -   -   10   10   (28)   (18)

Total comprehensive income for the
period

-   -   -           (73)   (73)   176   103

Transactions with owners

Share based payments -   -   162   -   -   -   162   -   162

Total transactions with owners

-   -   162   -   -   -   162   -   162
At 30 September 2012 2,756   37,607   4,936   499   (5,218)   15,865   56,445   2,068   58,513
 
Prior interim period
At 1 April 2011 2,610 46,269 1,330 545 - 5,222 55,976 1,791 57,767

Total comprehensive income for the
period:

Profit for the period - - - - - 278 278 167 445

Other comprehensive income

Revaluation of investment - - - (51) - - (51) - (51)
Tax effect of revaluations - - - 12 - - 12 - 12
Foreign currency translation differences -   -   -   -   -   202   202   99   301

Total comprehensive income for the
period

-   -   -   (39)   -   480   441   266   707

Transactions with owners

Arising on issue of shares in the period 11 395 - - - - 406 - 406
Dividends - - - - - (1,567) (1,567) (389) (1,956)
Share based payments - - 103 - - - 103 - 103

Transfer to retained earnings on option
expiry

-   -   (96)   -   -   96   -   -   -

Total transactions with owners

11   395   7   -   -   (1,471)   (1,058)   (389)   (1,447)
At 30 September 2011 2,621   46,664   1,337   506   -   4,231   55,359   1,668   57,027
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
     
As at As at As at
30.09.12 30.09.11 31.03.12
(unaudited) (unaudited) (audited)
Notes £000 £000 £000
 
ASSETS
Non current assets
Goodwill and other intangibles 9 40,056 38,734 39,109
Property,plant and equipment 10 1,179 1,392 1,268
Investment property 11 153 - 155
Investments 9   93   9
41,397 40,219 40,541
Current assets
Inventories 6,176 4,947 4,417
Trade and other receivables 9,262 8,660 10,756
Income tax recoverable 17 303 16
Other taxes and social security 224 196 292
Cash and cash equivalents 8,033   11,312   14,002
23,712   25,418   29,483
Total assets 65,109   65,637   70,024
 
Current liabilities
Trade and other payables (5,384) (4,370) (6,706)
Short term borrowings (746) (3,414) (4,493)
Income tax (67) (13) (58)
Other taxes and social security (130) (110) (158)
Dividends (30)   (29)   (31)
(6,357)   (7,936)   (11,446)
Total assets less current liabilities 58,752   57,701   58,578
 
Non current liabilities
Deferred tax (239)   (674)   (330)
58,513   57,027   58,248
Equity
Capital and reserves
Called up share capital 2,756 2,621 2,756
Share premium 37,607 46,664 37,607
Treasury Reserve (5,218) - (5,218)
Revaluation reserve 499 506 499
Other reserves 4,936 1,337 4,774
Retained earnings 15,865   4,231   15,938
56,445 55,359 56,356
Minority interest 2,068   1,668   1,892
Total equity 58,513   57,027   58,248

 

CONSOLIDATED STATEMENT OF CASH FLOWS

Six months to   Six months to   Year ended
30.09.12 30.09.11 31.03.12
(unaudited) (unaudited) (audited)
£000 £000 £000
Profit before tax 132 314 2,320
Adjustment for:
Net finance (income)/costs 78 (17) (115)
Depreciation of plant and equipment 59 69 98
Amortisation of intangible assets 1,469 1,755 3,593
Profit on disposal of investment - (46) (28)
Pension payments - - (64)
Pension operating costs - - 3
Share based payments 162   103   291
Operating cash flow before movement in working capital 1,900 2,178 6,098
Change in inventories (1,759) (143) 387
Change in receivables 1,562 882 (1,396)
Change in payables (1,351)   (1,392)   991
Cash generated from operations 352 1,525 6,080
Interest paid (3) (16) (90)
Income tax (paid)/received (94)   (27)   140
Net cash inflow from operating activities 255 1,482 6,130
Cash flows from investing activities
Purchase of property plant and equipment (14) (165) (140)
Purchase of investment property - - (157)
Sale of investments - 253 309
Costs of acquiring drug registrations (2,411) (1,851) (4,064)
Interest received 35   64   127
Net cash (used in) investing activities (2,390)   (1,699)   (3,925)
Cash flows from financing activities
Issue of shares - 63 4,391
Dividends paid - (1,616) (1,614)
Purchase of own shares -   -   (5,218)
Net cash (used in) financing activities -   (1,553)   (2,441)
Net (decrease) in cash and cash equivalents (2,135) (1,770) (236)
Foreign exchange movements (87) 250 327
Cash and cash equivalents at the beginning of the period 9,509   9,418   9,418
Cash and cash equivalents at the end of the period 7,287   7,898   9,509

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2012

1. Basis of preparation

The financial information for the period to 30 September 2012 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2012.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”, which became effective as of 1 January 2009. As a result, the Group presents all non owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2012.

3. Revenue is derived from the Group’s animal pharmaceutical businesses.

4. Change in accounting estimate

Following the receipt of the marketing authorisation for Water Soluble Aivlosin in the USA in July, the directors have changed their estimate of the useful life of Aivlosin marketing authorisations from ten to twenty years and have therefore begun to amortise the remaining value of this asset over the extended remaining useful life with effect from 1st July 2012. The effect of this change in an accounting estimate has been to increase reported profit in the period by £441,864 and to increase the carrying value of marketing authorisations by the same amount. The expected effect on future results is an increase in profit before tax and the carrying value of marketing authorisations of £1,400,000 for the full year ended March 2013 and £1,900,000 for the year ended March 2014. No other authorisations are affected.

5. Principal risks and uncertainties were set out on pages 59-61 of the notes to the consolidated financial statements for the year ended 31 March 2012. The key exposures are to foreign currency exchange rates, potential delays in obtaining marketing authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.

6. Earnings per share

  Six months to   Six months to   Year ended
30.09.12 30.09.11 31.03.12
(unaudited) (unaudited) (audited)
 
 
 
Weighted average number of shares in issue (000’s) 52,516 52,221 52,333

Fully diluted weighted average number of shares in
issue (000’s)

53,278 53,376 52,886
 

(Loss)/Profit attributable to equity holders of
the company (£’s)

(83,572) 277,573 2,217,627
 
Basic (loss)/ earnings per share (pence) (0.16) 0.53 4.24
Fully diluted earnings per share (pence) (0.16) 0.52 4.19

7. Dividends

  Six months to   Six months to   Year ended
30.09.12 30.09.11 31.03.12
(unaudited) (unaudited) (audited)
 
£000 £000 £000
 

Dividend in respect of the year ended 31 March 2012
(2011) 55,119,201 (2011: 52,253,172) shares at nil

- 1,567 1,567

(2011: 3p) per share.
Dividend paid by subsidiary to minority interests

 

-

389

389

- 1,956 1,956

An interim dividend of 3.75p per share was paid on 5 October 2012 amounting to £2,066,970. The Employee Benefit Trust waived dividends of £84,270 resulting in a net dividend figure of £1,982,700.

8. Related party transactions

At the period end, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to £9,457 (30 September 2011: £478,199). During the period the Group provided management services to Anpario plc and C-Corp Limited, companies in which P A Lawrence is a director and holds equity interests. Fees charged were: Anpario plc £13,000 (2011: £13,000) and C-Corp Limited £21,726 (2011: £25,287).

During the period the Group made sales to Zhejiang ECO Biok Animal Health Products Limited on an at arm’s length basis to the value of £634,435 (Six months to 30 September 2011: £1,096,382). At the end of this period there was an intercompany balance owing from this company of £591,033 (30 September 2011: £778,266).

The Group also made sales on an at arm’s length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of £1,098,457 (Six months to 30 September 2011: £1,095,032). At the end of the period there was an intercompany balance of £1,983,522 (30 September 2011: £1,515,949).

The Group also made sales on an at arm’s length basis to ECOpharma Inc to the value of £450,273 (30 September 2011: £85,220). At the end of the period there was an intercompany balance of £258,672 (30 September 2011: £486,361).

The Group also supported the operations of ECO Animal Health de Mexico during the period. At the end of the period there was an inter company balance of £173,539 (30 September 2011: £nil)

The Group also made sales on an at arm’s length basis to ECO Animal Health USA Corp to the value of £281,899 (six months to 30 September 2011: £nil). At the end of the period there was an inter company balance of £353,439 (30 September 2011: £nil).

The Group also made sales on an at arm’s length basis to Pharmgate Animal Health Canada Inc to the value of £56,250 (six months to September 2011: £nil). At the end of the period there was an inter company balance of £44,982 (30 September 2011: £nil).

All of the transactions have been eliminated on consolidation, as well as the whole of the balances relating to the subsidiaries and the group’s share of the balances relating to the US and Canadian joint ventures.

During the period ECO Animal Health Ltd and ECO Animal Health Group plc received no dividend (2011: £404,442) from Zhejiang ECO Biok Animal Health Products Limited.

9. Intangible non current assets

    Distribution   Development  
Goodwill Rights Costs Total
£000 £000 £000 £000
Cost
Cost at 1 April 2011 17,930 1,035 35,460 54,425
 
Additions - - 1,851 1,851
Cost at 30 September 2011 17,930 1,035 37,311 56,276
 
Additions - - 2,213 2,213
Cost at 31 March 2012 17,930 1,035 39,524 58,489
 
Additions - - 2,411 2,411
Cost at 30 September 2012 17,930 1,035 41,935 60,900
Amortisation
Amortisation at 1 April 2011 - 371 15,418 15,789
 
Charge for the period - 28 1,727 1,755
Foreign exchange movements - - (2) (2)
Amortisation at 30 September 2011 - 399 17,143 17,542
 
Charge for the period - 23 1,815 1,838
Amortisation at 31 March 2012 - 422 18,958 19,380
 
Charge for the period - 28 1,441 1,469
Foreign exchange movement - - (5) (5)
Amortisation at 30 September 2012 - 450 20,394 20,844
 
Net book value at 30 September 2012

17,930

585

21,541

40,056

Net book value at 1 April 2012

17,930

613

20,566

39,109

Net book value at 30 September 2011

17,930

636

20,168

38,734

Net book value at 1 April 2011

17,930

664

20,042

38,636

10. Property, plant and equipment

     

Fixtures

 

Motor

 
Freehold Plant and fittings & Vehicles
Property machinery equipment Total
£000 £000 £000 £000 £000
Cost
Cost at 1 April 2011 650 1,135 552 42 2,379
 
Additions 157 3 5 - 165
Foreign exchange movements - 56 - - 56
Cost at 30 September 2011 807 1,194 557 42 2,600
 
Additions - 3 70 60 133
Transferred to Investment Property (157) - - - (157)
Foreign exchange movements - (12) - - (12)

Cost at 1 April 2012

650 1,185 627 102 2,564
 
Additions - 7 7 - 14
Foreign exchange movements - (14) - - (14)
Cost at 30 September 2011 650 1,178 634 102 2,564
Depreciation
Depreciation at 1 April 2011 9 593 490 10 1,102
 
Charge for the period 5 41 17 6 69
Foreign exchange movements - 37 - - 37
Depreciation at 30 September 2011 14 671 507 16 1,208
 
Charge for the period 4 (7) 21 10 28
Foreign exchange movements - 60 - - 60
Depreciation at 1 April 2012 18 724 528 26 1,296
 
Charge for the period 5 16 21 15 57
Foreign exchange movements - 32 - - 32
Depreciation at 30 September 2012 23 772 549 41 1,385
 
Net book value at 30 September 2012 627 406 85 61 1,179

Net book value at 1 April 2012

632

461

99

76

1,268

Net book value at 30 September 2011

793

523

50

26

1,392

Net book value at 1 April 2011

641

542

62

32

1,277

11. Investment property

  Freehold Property   Total
Cost £000 £000
Transfer from property, plant and equipment – March 2012 157 157
Cost at 31 March 2012 and at 30 September 2012 157 157
Depreciation
Charge for the period 31 March 2012 2 2
Depreciation at 31 March 2012 2 2
 
Charge for the period 2 2
Depreciation at 30 September 2012 4 4
Net book value
Net book value at 30 September 2012

153

153
Net book value at 1 April 2012 155 155

12. This financial information was approved by the board on 11 December 2012.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.

DIRECTORS AND OFFICERS   PETER LAWRENCE   (CHAIRMAN)
MARC LOOMES (CHIEF EXECUTIVE)
KEVIN STOCKDALE (FINANCE DIRECTOR)
JULIA TROUSE (EXECUTIVE DIRECTOR AND COMPANY SECRETARY)
BRETT CLEMO (EXECUTIVE DIRECTOR)
DAVID DANSON (NON-EXECUTIVE DIRECTOR)
JULIA HENDERSON (NON-EXECUTIVE DIRECTOR)
 
REGISTERED OFFICE 78 COOMBE ROAD, NEW MALDEN, SURREY KT3 4QS
TEL: 020-8336-2900 FAX: 020-8336-0909
 
COMPANY NUMBER 01818170

Short Name: Eco Animal Health
Category Code: IR
Sequence Number: 355101
Time of Receipt (offset from UTC): 20121210T131422+0000

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