Edison Investment Research

Animalcare

Company overview

Animalcare is a leading supplier of identification and other products to the companion animal veterinary and livestock markets in the UK and Republic of Ireland.

Date	Reports available	Download
Oct 01 2008	Good companions The newly-formed group has produced good figures that clearly demonstrate the advantage of the business combination. Growth is forecast to come from new product launches in generic pharmaceuticals for companion animals, supplemented by underlying growth in that market and recovery in livestock markets. The rating sits at a distinct discount to other quoted animal-related stocks, reflecting the lack of liquidity inherent in the smallest quoted companies. Research type: Review - Final results	Log in to download 8 page note available
Mar 31 2008	Transforming acquisition Animalcare Group plc listed on AIM on 15 January following Ritchey’s acquisition of Animalcare Ltd for an initial £13.4m (with a possible maximum deferred payment of £0.2m) and subsequent name change. This was effectively a reverse takeover, a move that should improve the profile and liquidity in the stock and the earnings’ quality, as well as strengthening management resource. Research type: Outlook - Interim results	Log in to download 12 page note available
Jul 06 2007	Improved Q4 trading Better Q4 trading in improving market conditions means that Ritchey will deliver full year figures better than Edison had been expecting. We have increased our estimates to show the effect of operational gearing on the lower cost base and are increasing our price target for the stock to a range of 80-82p. Research type: Flash note - Trading update	Log in to download 1 page note available
Mar 08 2007	Edging ahead Interim results show that Ritchey is managing to edge its like-for-like revenues and gross margins ahead in markets that continue to be challenging. We are keeping our revenue and profit forecasts unchanged for the full year and for 2008. The business has now been stabilised and can concentrate more on growing revenues. We regard the share price as representing fair value and would regard further weakness as a buying opportunity. Research type: Interim Review	Log in to download 8 page note available
Oct 12 2006	Live stock With the publication of the results to June 2006, Ritchey can now start to look forward to building a sustainable business on the back of its long-established and well-regarded brand in animal husbandry. Its agricultural markets remain challenging, but this should present the new mangement team with opportunities as well as threats. The balance sheet remains sound and the cashflow strong. Research type: Outlook	Log in to download 12 page note available
Mar 15 2006	Tagging along Interim figures published today show a loss for the first half and demonstrate how difficult it has become to make progress in Ritchey's core markets. Early moves by Simon Riddell, the managing director appointed in July 2005, are starting to have an effect, but there remains much to do. The Ritchey brand is long-established and well recognised by its target customers and has good potential for exploitation over a broader product base. Research type: An OFEX company report	Log in to download 8 page note available
Nov 25 2005	Brand identification Ritchey is a long-established and well-recognised brand in the livestock identification and animal husbandry markets. It has historically enjoyed high margins and a strong market share. However, the market is ever-more challenging with the threat of increasing competition likely to exert pressure on margins at a time when Ritchey is still bedding down recent acquisitions. Internal systems are likely to need upgrading in the light of these pressures. Steering the group through these changes will be a major test and opportunity for new Chairman, James Lambert and new managing director, Simon Riddell. There is a significant opportunity to exploit the potential of Research type: Outlook - Initiation of coverage	Log in to download 12 page note available

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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.

Peter Knowles
Director, Fyshe Horton Finney