Research on Eco Animal Health Group PLC (EAH:LON) from Equity Development
In a trading update for the six months to 30 September, ECO Animal Health reports revenue of £33.0m, -15%YoY (H1 26: £39.0m), resulting from a decline in revenue from China/Japan, partially offset by overall 6%YoY growth elsewhere including over 50%YoY growth in South & South East Asia. Gross margin improved to c.52% (H1 26: 49.6%) whilst (adj.) EBITDA of c.£3.0m matched H1 26 (£2.96m), and cash stood at £24m (FY26: £25.5m). Of note, the first of the range of new products under development, ECOVAXXIN®MS, recorded initial EU sales. The Group expects FY27 revenue from the China/Japan region to be less than half of FY26 (FY26: £24.1m, 27.5% of total) resulting in overall revenue below market consensus of £89.6m. However, (adj.) EBITDA of £8.5m is expected to be broadly in line with consensus, as is EPS of 3.30p.
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