York-based Animalcare Group plc, the international animal health business, said its revenues grew 3.8% to £74.4 million in the year to December 31, 2023, and reported profit before tax rose to £3.5 million from £2.5 million.

Full year dividend per share will rise 13.6% to 5p per share.

Animalcare said senior independent director Ed Torr will assume the role of non-executive chair at the conclusion of the AGM on June 20, 2024, following Jan Boone’s decision to stand down.

Animalcare CEO Jenny Winter said: “A positive trading performance across our direct sales territories and market segments puts Animalcare in a strong position to deliver on our long-term strategic growth objectives.

“The group’s continued focus on larger-selling, more profitable brands in our portfolio contributed to growing revenues, expanding gross margins and improving cash generation over the period.

“Our strong financial platform received a material boost in February 2024 with the disposal of Identicare Ltd, a transaction which crystallised the value of a non-core asset, allowing us to focus on our animal health pharmaceuticals business.

“The group is better placed than ever to pursue organic and inorganic growth opportunities that can accelerate future growth and increase the value that the group creates over the medium to long-term.

 “Operationally, we continued to invest in our people with particular attention on sales and marketing and business development capabilities, enabling us to identify opportunities and successfully bring them to our customers.

“I’d like to take this opportunity to thank Jan Boone for his support and wise counsel as chair of the Animalcare board.

“Jan’s contribution to the group’s growth strategy has been vital and I am looking forward to building an equally positive partnership with Ed Torr when he takes on the role of chair after our Annual General Meeting.”