Animalcare sells off agricultural business
22 September 2010 00:00 in Animal Health Supplier News
Animalcare has refocused its future strategy via the sale of its agricultural business units to Tru-Test UK for 3.25 million pounds.
The company has divested the entire issued share capital of agricultural subsidiary Fearing International, as well as the business and assets of Ritchey Limited, and will be formulating plans for using the sale proceeds over the coming weeks.
Animalcare's agricultural businesses focused on the provision of livestock identification and welfare products to farmers and retailers in the UK and Ireland, earning the firm around 570,000 pounds in operating profit during the 2008-09 fiscal year.
James Lambert, chairman of Animalcare Group, explained: "With approximately 80 per cent of group profits being generated from the Animalcare veterinary medicines and supplies business, the board has decided on focusing all its resources on optimising the growth of the veterinary business."
According to Animalcare's pre-close trading statement published in July 2010, the firm was able to record a 15 per cent year-on-year increase in its company revenue in the 12 months ending June 30th 2010.
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