Head of pet drugs company departs

PET drugs company Animalcare yesterday revealed that its chief executive, Simon Riddell, had stepped down on "amicable terms".

Analysts said Mr Riddell's departure reflected the dominance of the company's pharmaceutical division.

His replacement, Stephen Wildridge, has worked in the life sciences sector for more than 30 years.

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James Lambert, Ripon-based Animalcare's chairman, told the Yorkshire Post: "The best time to change a business is when it's going well."

In a statement to investors, Animalcare said: "The new appointment reflects the increasing significance of the veterinary medicine business, which now accounts for over 80 per cent of group profits and the need for a chief executive with strong veterinary pharmaceutical experience to support the development plans for the group."

Financial director John Tobin will remain on the board as commercial director with responsibility for the operations and services functions of the agricultural businesses.

Group financial controller Peter Warner will continue in this post "for the time being", with responsibility for the group's finance function.

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The company was previously known as Ritchey, prior to the 14m acquisition of Animalcare at the beginning of 2008.

Masham-based Ritchey, which provides tough tags that can be used on everything from livestock to shipwrecks, is part of the Animalcare Group.

Mr Lambert said: "I would personally like to thank Simon Riddell for the role he has played in the last five years in transforming the old Ritchey business into the rapidly-growing veterinary medicine business which it is today.

"Stephen Wildridge has managed the Animalcare business for the past seven years and is responsible for its very successful drug development programme. Before that he worked in senior roles in life sciences businesses, including agriculture, for more than 25 years.

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"I believe Stephen has the knowledge and management experience to continue the rapid growth of the Animalcare business.

"We are very pleased to report that current trading, after nine months of our current financial year, is in line with expectations."

Analyst Sahill Shan from Brewin Dolphin, said in a note: "The change essentially reflects the evolvement of the group towards the pharmaceutical activities and overall strategic direction going forward. We are reassured that Simon Riddell's departure is on amicable terms and investors should not interpret the change negatively."

Mr Shan said he understood that agricultural related activities, after a weak first half, had seen a "noticeable pick up" in trading in March, and the order book for April was strong.

Brewin Dolphin rates the shares as a "hold". Last night they closed at 121p. In October 2008 they were 55p.

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