PARIS (Agefi-Dow Jones)–The veterinary laboratory Virbac on Thursday confirmed most of its outlook for 2022, however reducing its debt reduction target, after recording an increase in its results in the first half.
“Growth in turnover at constant rates and perimeter is still expected in a range of between 5% and 10% and will be refined on the occasion of the publication of turnover for the third quarter”, indicated Virbac in a communicated. “Despite the impact of inflation”, the laboratory is still aiming for a ratio of “current operating income before amortization of assets resulting from acquisitions” of around 15% at constant exchange rates.
The reduction in debt of the laboratory should for its part be around 30 million euros excluding dividends, at constant scope and exchange rates, whereas it was previously counting on a reduction in debt located “around 60 million”. “The increase in our working capital requirement linked to the growth of our activity, to inflation, as well as to management decisions (safety stock for example) has led us to adjust our forecasts downwards. debt reduction for the year 2022”, indicated Virbac.
In the first half, the company saw its consolidated net income increase by 5.2%, to 77.6 million euros. The group’s net income amounted to 77.5 million euros, against 72 million euros a year earlier.
This improvement in net income is explained in particular by “the growth of our activity and the good control of our operating expenses, which remain contained in relative value in proportion to our turnover, and this despite the inflationary pressure”, a indicated Virbac.
Current operating income stood at 115.5 million euros, up 13% compared to the first half of 2021.
At the end of July, the veterinary laboratory had published a turnover of 616.4 million euros for the first half, up 16.4% in published data and 12% at constant exchange rates and scope. .
-Eric Chalmet, Agefi-Dow Jones; +33 (0)1 41 27 47 95; [email protected] ed: LBO
VIRBAC FINANCIAL RELEASES
https://corporate.virbac.com/fr/home/news-media/financial-public-releases.html
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September 15, 2022 12:18 ET (16:18 GMT)