PET drugs group Animalcare said first half revenues will be 10 per cent down on last year, partly due to temporary supply problems with its key product Buprecare.
The York-based company said that good progress has been made on the re-introduction of Buprecare, a morphine based pain relief for dogs, and the other core veterinary medicine business has held up well.
Animalcare also said that poor economic conditions have hit sales of discretionary products such as pet microchips and healthcare products.
The group said trading from continuing operations in the year to date continues to be in line with market expectations for the full year, although performance is expected to be more second half weighted than in previous years.
The group said revenues from its pipeline of new vet drugs continue to grow strongly, with sales of products launched in the previous year showing a 115 per cent increase year on year.
Animalcare said that while the overall veterinary market remains fundamentally sound, segments that are more exposed to discretionary spend by pet owners are not immune from the general economic climate.
Animalcare’s chief executive Stephen Wildridge said the new product development pipeline is carrying the group forward. He added that the board is confident that, as the supply issues for Buprecare are resolved, the business will make good progress in the remainder of the financial year.
Animalcare also announced the appointment of Chris Brewster as chief financial officer. He joins from Findus Group.