Apiam Animal Health’s managing director says the company is on track to deliver revenue and earnings growth in the 2019 financial year.
The group recorded a $28.5 million gross profit in the results for the first half of this financial year, up 16.4 per cent from the first half of 2018.
“We’re pretty happy with the results in the half,” Apiam’s Managing Director Dr Chris Richards said. “We have delivered another period of solid growth, despite drier conditions in some parts of our regional operation areas, industry conditions, and market cycles.”
"The strength of our diversified business model and new business initiatives have underpinned our growth," he said.
The company, which has operations in Bendigo, is comprised of 140 of Australia’s leading veterinary practices.
It provides services to production and mixed animals throughout their lifecycle, including the provision of veterinary services and ancillary services.
The financial results for the six months up to December 31, 2018 showed Apiam made a revenue of $56 million, which represented a 10.4 per cent growth in the last year.
Dr Richards said the company successfully executed its strategic plan to build process and capacity, and grow animal numbers.
“We’ve been putting in operating systems that improve efficiencies in clinics,” he said. “We’ve improved profitability for our clients, as well as higher standards of care.”
“We have also seen growth in the number of animals we’re servicing, as well as organic growth in the business,” Dr Richards said.
He said he also expected the company’s ties to Bendigo to remain strong.
“Our business will continue to grow,” he said. “As we grow the business over time, there will also be continued growth in our operations in Bendigo.”
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