In a Trading Update for the six months to 30 September 2024, ECO Animal Health reports reduced demand in China and SE Asia markets for its proprietary Aivlosin® porcine treatment, reflecting lower incidence of disease and some customer churn. The Group expects the customary H2 earnings weighting (H2 FY24: 57.5%), whilst Aivlosin® continues to gain market share in India and Brazil. However, the combination of demand, foreign exchange and other factors across the full range of EAH’s global market presence leads the company at this stage to assess that revenue for the full year should be below market estimates: a consensus indicated of £92.6m and (adj.) EBITDA of £8.2m. Consequently the Group expects FY25 (adj.) EBITDA to be close to FY23 levels (£7.2m). At this stage we have adjusted our FY25 outlook accordingly. Our FY25 revenue estimate is reduced by 7%, and (adj.) EBITDA by 10%. We remain prudent but will review further as H2 develops.