Investor Update
Bendigo, May 8, 2024 AEST (ABN Newswire) - Apiam Animal Health Limited (
ASX:AHX) is pleased to provide an update on Apiam Animal Health's year-to-date performance for FY24 up until 31 March 2024 (FY24 YTD).
Since our last update in February, Management have continued to focus on extracting further earnings and cash flow from Apiam's existing clinic portfolio.
- Revenue +8.5% FY24 YTD
- Gross Profit +12.1% FY24 YTD
- Improved operating leverage with LFL Group opex (2.4)%
- Underlying EBITA +23.0% FY24 YTD
- Underlying EBITA margin 8.0% (vs 7.1% in pcp)
* growth comparisons relative to the prior corresponding period FY23 YTD (to 31 Mar)
The Group's revenue performance has also continued to prove resilient despite challenges to consumer spending in many parts of the economy.
A summary of our key FY24 YTD financial metrics are set out in the following table on an unaudited basis.
1 Jul - 31 Mar 24
------------------
Revenue
FY24 YTD 154.8
FY23 YTD 142.6
%chg. +8.5%
Gross Profit
FY24 YTD 104.2
FY23 YTD 92.9
%chg. +12.1%
EBITA (U/L)
FY24 YTD 12.4
FY23 YTD 10.1
%chg. +23.0%
NPATA (U/L)
FY24 YTD 5.9
FY23 YTD 5.4
%chg. +9.1%
Consistent with the trends at the time of our first half FY24 results, improved underlying industry conditions in the beef feedlot segment and delivery of high-level services in both the beef feedlot and pig segments have driven strong performance in Apiam's intensive animal segment in FY24 YTD.
Our dairy & mixed animal segment contributed ~79% of Apiam's revenues in FY24 YTD, continuing to show revenue resilience.
Pleasingly, we have also seen a strengthening in performance across many of our clinics as we have increasingly moved to our vet-supported management model resulting in cost savings and better patient outcomes.
Our operating cost base continues to benefit from the restructuring program we put in place during 2023. Overall, our Group operating expenses on a like-for-like basis have fallen 2.4% in FY24 YTD as all areas of the business remain focused on generating workflow efficiencies. This is being reflected in our improved EBITA margins.
As we move into the final quarter of the FY24 financial year we remain focused on targeting improvements in operating earnings and free cash flows for our shareholders. Historically, Q4 has contributed the largest share to our second half performance, because of the seasonal component of our dairy and other livestock business.
About Apiam Animal Health Limited
Apiam Animal Health Limited (ASX:AHX) is one of Australia's leading rural veterinary businesses made up of more than 80 Veterinary Clinics and 330 highly experienced veterinarians as part of a team of over 1300 dedicated professionals. The majority of Apiam's vet clinics, production animal, and allied businesses have been around a long time, many of them decades and are spread Australia wide reaching into the heart of dairy, beef, sheep and pig country and the regional towns that are at their centre.
Apiam Animal Health is committed to providing best in class care for its clients, the animals in their care and the communities where people live and work. The Company's purpose, to enrich the lives of animals, people and communities, is applied across all businesses from vet clinic to production animal consultancy, logistics and laboratory with vets and allied staff sharing expertise and specialist knowledge. Apiam is focused on meeting the needs of its clients and shaping the future of the industry to deliver best practice animal health and welfare at a local level and nationally.
| ||
|
