ECO Animal Health Group plc AIM:EAH
- Incorporated
- United Kingdom
- Chief executive
- David Hallas
- Employees
- 213
- Reports in
- GBP
- Companies House
- 01818170
Read straight from the annual reports
97.0p at close on 5 Oct 2026 · 12 reported years, 2015–2026
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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North America growth (Aivlosin usage and new business wins)
North America revenue up 22% at actual rates (28% constant currency) to £26.1m, described as a growing share of Group sales; Aivlosin usage supported by mycoplasma eradication programmes.
page 2Latin America growth, led by Brazil
Latin America revenue up 15% (21% constant currency) to £18.8m; Brazil revenue grew 25% in the year at higher gross margins.
page 2Disciplined cost control and pricing
Gross margin rose to 48.6% (FY25 45.1%); management attributes this to disciplined cost control and pricing and to a geographic mix favouring higher-margin markets.
page 2Geographic mix shift toward high-margin markets
Growth in North America and Latin America (higher gross margins) drove the margin improvement.
page 6£954k credit: Exceptional items FY2025 (net gain £954k): Ecomectin horsepaste disposal gain £1,073k, Aquilon first instalment £(249)k, Southern African licences disposal gain £176k, other £(46)k. Nil in FY2026.
page 65The Board is confident that the improved gross margin performance seen during FY2026 is sustainable, and that ECO will be able to deliver performance in FY2027 in line with current market expectations for profitability.
page 9ECOVAXXIN MS commercially launched in July 2026 with first orders received; further regional launches expected in Q3 2026 and Q1 2027.
page 2No final dividend is recommended for the year ended 31 March 2026 (FY2025: nil). The Board's stated intention is to reinvest profits in the R&D pipeline, and over time to support a progressive dividend policy as cash flows from the pipeline grow. Cash of £2.494m was paid in FY2026 to non-controlling shareholders of the 51%-owned China subsidiary (no Group dividend).
page 9Unmodified (clean) opinion from HaysMac LLP (senior statutory auditor Christopher Cork) on the Group and parent financial statements, dated 14 July 2026. Directors concluded there is a reasonable expectation the Group can continue for at least 12 months, including reverse-stress testing; the auditor reported no material uncertainty related to going concern. Key audit matters: revenue recognition at year end (sales cut-off and delivery terms) and IAS 38 capitalisation and recoverability of development costs (carrying value £26.180m). Group materiality £840,000 (9.8% of adjusted EBITDA).
page 44- Reliance on Aivlosin: over 90% of revenue comes from one product, and demand, pricing and margins depend on it.p.8
- Generic competition for Aivlosin and the risk that the product's clinical advantage erodes.p.23
- Dependence on suppliers of key active ingredients, including single-source or second-source supply.p.23
- R&D and regulatory risk: pipeline products may fail or be delayed in obtaining approval (ECOVAXXIN MG, ECOFlor, PRRSV mAb).p.23
Read from C000401-AR-2026-ch.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 19 Jul 2027