York-based Animalcare Group, which is an international animal health business, has announced its audited full year results for the year ended 31 December 2020.
The company recorded revenues of £70.5m, a 0.9% decline on the prior year, which it said demonstrated resilience in the face of disruption to key markets caused by the pandemic.
After underlying adjustments totalling £7.8m, the profit before tax on a reported basis was £0.2m, compared with a £1.6m loss before tax the year before.
Over the year, the company created STEM Animal Health Inc., a joint venture with Kane Biotech Inc. to commercialise and develop biofilm-targeting treatments
Commenting on the full year results, chief executive, Jenny Winter said: "It's testament to Animalcare's resilience, agility and focus that we were able to further strengthen our financial position and make significant strategic progress during an extraordinarily challenging year.
"The impact of COVID-19 was felt across all our markets in 2020, especially in the second quarter and most acutely in the Companion Animals sector.
"But despite widespread disruption to the operation of veterinary practices, we returned revenues ahead of market expectations, delivered continuing strong cash conversion and further reduced our net debt while investing in drivers of future growth.
"The encouraging trading levels over the early months of 2021, combined with the evident benefits of the mass vaccination programmes and the adaptations made by the group, makes us confident that we will return to normal business conditions and growth this year.
"Thanks to the skills and commitment of our people across all our markets, Animalcare has entered 2021 in a strong position and we continue to execute our long-term growth strategy."