The USDA has accepted field safety data for ECOVAXXIN MS, moving the poultry vaccine closer to US marketing authorisation by year-end.

"This agreement with Vaxinano is an exciting step forward for ECO, strengthening our position in livestock vaccines, complementing our new and growing vaccines franchise," said David Hallas.

"Alongside our core business, we have continued to use our generated cash to fund our proprietary R&D pipeline", said David Hallas, chief executive.

Panmure Liberum raised its price target on ECO Animal Health to 217p from 185p, keeping a Buy rating after results beat upgraded forecasts.

"ECOVAXXIN MS is a best-in-class vaccine backed by an established EU commercial infrastructure and a network of committed distribution partners ready to reach producers at scale," said Andrew Buglass, Chief Commercial Officer.

It renewed its committed £10 million revolving credit facility with National Westminster Bank on more favourable terms and extended its £5 million overdraft.