Eco Animal Health Group (AIM:EAH), the AIM-listed developer of branded veterinary products for livestock, reported revenue of £87.5m for the year ended 31 March, up 10% on the £79.6m recorded a year earlier.
Adjusted EBITDA rose 16% to £8.5m, around 5% ahead of consensus, as gross margin improved to 49% from 45% on disciplined cost control.
North America revenue grew 22% (28% at constant currency), while Latin America climbed 15%, driven by Brazil.
Profit before tax increased 35% to £5.4m and earnings per share rose 31% to 3.26p.
Net cash stood at £25.4m at year end, against £25m a year earlier, with 39% held outside China.
"Alongside our core business, we have continued to use our generated cash to fund our proprietary R&D pipeline", said David Hallas, chief executive.
The group's lead antibiotic Aivlosin continued to drive sales, while its first vaccine, ECOVAXXIN MS targeting Mycoplasma synoviae in poultry, received EU marketing authorisation ahead of schedule and launched commercially in July, with US approval expected by year-end.
A second vaccine, ECOVAXXIN MG, received a favourable USDA safety assessment, with up to nine pipeline products expected to gain US or EU approval over the next five to six years.
No dividend was declared, as the group continues reinvesting profits into its R&D pipeline, though the board intends to introduce a progressive dividend policy as pipeline revenues materialise.
