ECO Animal Health’s interim results highlight continued growth, with Aivlosin® generating strong demand. Sales of the antimicrobial increased 18% and is on track to meet our full year estimate of £53m. EBITDA and EPS increased by 36% and 13% respectively. The balance sheet remains robust (£20.3m net cash at period end) and the interim dividend of 3.2p is 28% higher than last year. H2 has reportedly started well with a strong and growing order book. Our EBITDA forecast is unchanged and we upgrade our dividend assumptions. We remain positive on ECO Animal Health and look forward to additional marketing authorisations of Aivlosin®.
