animalcare group plc
annual report for the year 
ended 30
th
 june 2012 
 
stock code ancr
veterinary products for companion animals
developing and supplying animalcare group plc is focused  
on growing its veterinary business
animalcare is a leading supplier of generic veterinary 
medicines and animal identiﬁcation products to 
companion animal veterinary markets
it develops and sells goods and services to veterinary 
professionals principally for use in companion animals 
operating directly in the uk and through distribution and 
development partners in key markets in western europe
its principal product lines are licensed veterinary 
medicines and companion animal identiﬁcation products 
and services
read more online at 
wwwanimalcaregroupcouk our governance our financials our business
01
animalcare group plc
annual report and accounts 2012
financial highlights
operational highlights
contents
our business
01 highlights
02 our business and strategy
04 chairman’s statement 
06 chief executive’s review
09 financial review
our governance
10 board of directors
12 directors’ report
15 statement of directors’ responsibilities
our financials
16 independent auditors’ report
17 consolidated statement of comprehensive income
18 statements of changes in shareholders’ equity
19 balance sheets
20 cash flow statements
21 notes to the accounts
ibc ofﬁcers and professional advisors
1122
2010
1183
2011
1086
2012
revenue 
— continuing operations 
£m
82
at £1086m
260
2010
305
2011
229
2012
underlying 
operating proﬁt 
— continuing operations 
£m
249
at £229m
85
2010
112
2011
92
2012
underlying fully diluted 
earnings per share 
— continuing operations 
pence
179
at 92p
 ❱ launch of ﬁve new generic veterinary medicines during the year
 ❱ growth in uk sales of licensed veterinary medicines signiﬁcantly ahead 
of market
 ❱ development pipeline on track for products already in regulatory 
review and new products in development 
 ❱ successful development and implementation of new identiﬁcation 
microchip database
 ❱ strong net cash ﬂow from operating activities with yearend cash 
balances at £23m
read more about our performance page 04
read more about our strategy page 02
year ended 
june 2012 
year ended
june 2011
revenue — continuing operations                                                                                      £1086m £1183m
profit for the year £173m £233m
underlying operating profit — continuing operations £229m £305m
underlying profit before tax — continuing operations £230m £300m
underlying profit for the year — continuing operations £190m £229m
underlying fully diluted earnings per share — continuing operations 92p 112p
interim dividend paid 15p 10p
proposed final dividend 30p 30p
cash and cash equivalents £231m £118m
  underlying measures exclude where applicable amortisation of acquired intangibles impairment of goodwill fair value movements on interest hedging impairments to 
current and noncurrent assets and other charges relating to group reorganisation 02
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
our business and strategy
“the targeted growth 
opportunities will bring 
sustainability to the group 
through the inclusion 
of intellectual property 
protected processes and 
technology”
the overall strategy for the animalcare group changed to reﬂect the success of 
animalcare ltd the veterinary supplies activity of the group the nonproﬁtable 
underperforming business of the old ritchey group has now been disposed of leaving 
only animalcare ltd all the group’s efforts are now focused in driving this business 
forward
the growth of animalcare ltd was based on strategies designed to build a sustainable 
high performing business in the uk through the development and sale of generic 
veterinary medicines and other complementary products the success of those 
strategies has now given the group a platform from which it is now capable of making 
stepwise changes in the rate of development of the business in addition the targeted 
growth opportunities both in businesses and product areas will bring sustainability 
to the group through the inclusion of intellectual property protected processes and 
technology
the strategies we will follow during 2012–13 are
 ❱ continue our new product development of differentiated generic medicines at the 
current rhythm
 ❱ increase the sales of our current products outside the uk
 —with existing distribution in current markets
 —increased geographic cover with new distribution in new markets particularly 
within the eu and north america
 ❱ selectively strengthen uk companion animal identiﬁcation range of goods and 
services
 ❱ continue to rationalise other product groups
 ❱ accelerate project sustain initially in enhanced generics
 ❱ reorganise business leadership and operational management to reﬂect our focus 
and concentration on the pharmaceutical side of the veterinary supplies business
see an example of our strategy in action page 06
what is a generic veterinary medicine
to obtain a marketing authorisation a licensed generic has to be “essentially 
similar” to the originator product pharmaceutical performance in particular 
must be almost identical ie not substantially better or worse than the 
originator product
within animalcare we classify generic veterinary medicines in three broad 
types
 — undifferentiated generics — these are generics whose pharmaceutical 
action is the same as the originator product and are almost identical 
in all aspects packaging composition dosage size to the originator 
product
 — differentiated generics — these are generics whose pharmaceutical 
action is the same as the originator product but have one or more 
aspect of packaging ﬂavouring coating tablet size etc modiﬁed to 
improved its acceptance by vets owners or pets
 — enhanced generics — these are generics using wellestablished 
veterinary medicines but which have been formulated in such a way that 
their pharmaceutical performance is enhanced in use
550 £597m
licensed and veterinary medicines
215 £234m
companion animal identiﬁcation
235 £255m
animal welfare products
percentage of total 
company revenue our governance our financials our business
03
animalcare group plc
annual report and accounts 2012
animalcare group
animalcare ltd
 
licensed vet
medicines
companion animal 
identiﬁcation
animal welfare
products
 
 
veterinary surgeons 
veterinary nurses 
and practitioners
animalcare group
animalcare ltd
licensed ve v v t
medicines
companion animal 
identiﬁcation
animal welfare
products
ve v v terinary surgeons
ve v v terinary nurses
and practitioners
our business model
veterinary medicines  
new product  
development pipeline
our new product development npd pipeline 
is key to the future success of the group we 
maintain our target of the introduction of four 
new licensed veterinary medicines per year 
originating from our npd pipeline and that of 
our development and distribution partners in 
europe
in a dynamic and diverse market such as 
veterinary medicine it is important that our 
development direction is reviewed regularly 
and targets adjusted accordingly unlike many 
larger organisations with resource and ﬁxed 
asset commitments in deﬁned areas our 
development model allows great ﬂexibility of 
approach and direction
our npd pipeline reﬂects our focus on the 
companion animal market but also our 
strategies to increase our geographic reach 
and to introduce products with the potential to 
deliver sustained intellectual property protected 
growth to the group
veterinary medicines new product  
development pipeline
our new product development npd pipeline is key to the future success 
of the group we maintain our target of the introduction of 4 new licensed 
veterinary medicine per year originating from our npd pipeline and that of our 
development and distribution partners in europe
in a dynamic and diverse market such as veterinary medicine it is important 
that our development direction is reviewed regularly and targets adjusted 
accordingly unlike many larger organisations with resource and ﬁxed asset 
commitments in deﬁned areas our development model allows great ﬂexibility 
of approach and direction
our npd pipeline reﬂects our focus on the companion animal market but also 
our strategies to increase our geographic reach and to introduce products 
with the potential to delivery sustained intellectual property protected growth 
to the group
project sector
expected 
launch date
target
markets
years to 
maturity from 
launch
simple and differentiated generics
stone 1 livestock 2013 limited eu 5
stone 2
companion 
animal
2013 limited eu 3
poppy ii
companion 
animal
2013 selected eu 2
raleigh
companion 
animal
2014 eu and others 3
amigo
companion 
animal
2014 selected eu 3
calm
companion 
animal
2014 selected eu 3
isle
companion 
animal
2015 eu and others 3
beat
companion 
animal
2015 eu and others 3
sustain projects
archipelago 
companion 
animal
2016 eu and others 2
phoenix
companion 
animal
2016 selected eu 3
sally
companion 
animal
2017 eu and others 2
cardinal
companion 
animal
and livestock
2018 eu and others
all dates are calendar year
“the expected revenue from these projects in the uk 
alone is between £5 million and £7 million at maturity” 04
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
chairman’s statement
introduction
this has been a difﬁcult year for animalcare but i 
believe the measures the board has taken will see it 
beginning to grow again during the current ﬁnancial 
year animalcare is currently made up of three 
product groups licensed veterinary medicines 
companion animal identiﬁcation and animal welfare 
products that are all sold mainly through veterinary 
practices whilst the licensed veterinary medicines 
have continued to grow albeit slower than 
anticipated there has been a marked reduction in 
sales of both identichip and animal welfare products 
during the year your board is refocusing the 
management on these two areas plus the continued 
development of new licensed veterinary products 
and this should return your company to growth 
during the current year
financial trading
sales during the ﬁnancial year fell by 82 per cent 
from £118 million to £109 million this resulted 
in a reduction in underlying proﬁt before tax from 
£23 million to £18 million and fully diluted 
earnings per share from continuing operations fell 
18 per cent from 112p to 92p however your 
company continues to be strongly cash generative 
and the yearend cash position has grown from 
£118 million to £231 million which helps improve 
the strength of our balance sheet the reduction of 
sales was mainly caused by the delay to relaunch 
a replacement “single dose buprecare ampoule” 
in the veterinary medicine market a 28 per cent 
fall in sales in our companion animal identiﬁcation 
business and a 9 per cent reduction in sales in 
animal welfare products to reverse this trend your 
board promoted dr iain menneer from marketing 
director to managing director animalcare ltd in 
charge of all sales and marketing in the uk this 
allows stephen wildridge chief executive ofﬁcer to 
concentrate on increasing and delivering our product 
development pipeline and sales of our licensed 
veterinary medicines through our european partners
dividend
with the increase in cash and the strong underlying 
cash ﬂow of your business the company increased 
the interim dividend from 10 pence per share to 
15 pence per share which was paid on 4
th
 may 
2012 with this in mind the board proposes to 
maintain the ﬁnal dividend at 3 pence per share 
this gives a total dividend for the year of 45 pence 
per share an increase of 125 per cent over the 
previous ﬁnancial year and is covered 21 times 
by earnings the dividend which is subject to 
shareholders’ approval at our annual general 
meeting to be held on 6
th
 november 2012 will be 
paid on 16
th
 november 2012 to the shareholders on 
the register on 19
th
 october 2012
“this has been a difﬁcult year for animalcare but i believe 
the measures the board has taken will see it beginning to 
grow again during the current ﬁnancial year”
buprecare multi dose 
vial launched during 
the financial year our governance our financials our business
05
animalcare group plc
annual report and accounts 2012
the board
your board has been considerably strengthened 
during the year with the appointment to the board of 
dr iain menneer managing director of animalcare ltd 
and also ray harding as a nonexecutive director 
until 2010 ray was an owner and managing director 
of cyton bioscience ltd a leading company in 
multiservice consultancy to both the animal health 
and pharmaceutical industries and he remains as a 
parttime consultant to it chris brewster also joined 
the board towards the end of the ﬁnancial year as 
chief financial ofﬁcer and company secretary 
he gained considerable commercial experience as 
group accounting manager at findus group prior to 
this chris was a senior manager in the kpmg audit 
department in the leeds ofﬁce i would like to thank 
on behalf of the board all our customers suppliers 
and colleagues who have helped support and develop 
animalcare during the year
prospects
the board believes with the focus on growing our 
companion animal identiﬁcation business the 
resumption of supply of buprecare ampoules and 
the planned launch of four new licensed veterinary 
products during the ﬁnancial year animalcare should 
return to growth 
your board is encouraged by current trading for the 
beginning of the ﬁnancial year
james lambert
chairman 06
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
chief executive’s review
introduction
the animalcare group is now fully focused on 
serving the professional veterinary industry through 
its expanding licensed veterinary medicines portfolio 
and highly proﬁtable companion animal identiﬁcation 
range at a time when temporary supply difﬁculties 
with one key product strongly affected the 
business our proven strategy of growth through the 
introduction of generic licensed veterinary medicines 
has meant that our performance in this key segment 
has been signiﬁcantly better than the overall market 
see below
our pipeline for new products remained productive 
with our target of four new licensed generic 
veterinary medicines launched in the year being 
surpassed with the introduction of ﬁve new 
products the remainder of our development 
programme continued on track with other products 
in development meeting their milestones and other 
target products being brought forward into the 
pipeline
it is clear however that the competition in licensed 
generic veterinary medicines will accelerate and 
intensify over the shortterm and although we remain 
very well placed to continue to compete and grow 
we have been adapting our strategy to deliver even 
more durable success in the future our efforts in 
this regard referred to as project sustain focus 
on accelerating our development activities beyond 
differentiated generics initially in enhanced generics 
the work we have been doing during 201112 on 
project sustain is designed to provide the sustained 
protected growth of the animalcare group project 
sustain will become a more evident and important 
part of the business from here on in
business overview
the animalcare business was strongly affected by 
the abrupt loss for the whole year of one of our 
key products buprecare ampoules at the same 
time rationalisation of lower margin products and 
a downturn in sales within our companion animal 
identiﬁcation products negatively affected the 
business overall revenues were down £09m 
82 per cent and gross proﬁt was down £05m 
83 per cent on last year although it will take a little 
longer than we had initially hoped to reintroduce 
buprecare ampoules we are now signiﬁcantly 
along the way to achieving this in the current 
ﬁnancial year we have made signiﬁcant progress in 
strengthening our companion animal identiﬁcation 
segment through cost of goods and cost to serve 
reductions and the implementation of improved data 
handling capabilities which lead to increased selling 
opportunities
it is very encouraging that in a period when the 
overall economic climate has been troubled the 
resilience of the market for licensed veterinary 
medicines in key markets has been notable and 
our growth in the segment has been strong in the 
uk which remains the animalcare group’s largest 
market 922 per cent of revenue and 919 per cent 
of gp excluding buprecare ampoules the growth 
in revenue from our licensed veterinary medicines 
was 168 per cent even when buprecare ampoules 
are included growth was still 33 per cent year on 
year
2011 2012  change
uk market £2726m £2691m 13
animalcare
†
£51m £59m 168
  noah website — noah members 12 months to march 2012 
net of all discounts
†
  animalcare results — ﬁnancial years 2011 and 2012 excluding 
buprecare ampoules
“animalcare group is well placed to deliver a strong 
performance in the year moving back to the growth 
levels recently experienced” our governance our financials our business
07
animalcare group plc
annual report and accounts 2012
revenue from our sales outside the uk were 
13 per cent lower than the previous ﬁnancial year 
affected by the loss of buprecare ampoules and the 
continued poor market conditions in spain gross 
proﬁt was however 295 per cent higher as a result 
of increased sales in higher value markets
it is our target to launch four new licensed generic 
veterinary medicines in course of each ﬁnancial year 
a rate which is at the forefront for the market during 
the course of ﬁnancial year 2011–12 we launched a 
total of ﬁve new licensed veterinary medicines
 torphosol a sedative and shortterm analgesic 
for use in horses
 detonervin a deep sedative and mild analgesic 
for use in horses
 emdocam an antiinﬂammatory for use in 
horses cattle and pigs
 tilmodil an antibacterial for use in cattle and 
sheep
 buprecare mdv a multidose vial version of our 
successful severe pain analgesic for cats and 
dogs
in addition our currently marketed range of 
companion animal licensed generic medicines 
continued to perform well
sales revenue from the companion animal 
identiﬁcation products group was £09 million 
277 per cent below last year principally due to the 
oneoff effect of ending the low margin distribution 
of sureﬂap cat ﬂaps £051m and the reduced 
sales of identichip our pet identiﬁcation microchips 
£025m gross proﬁt in the segment was 
£038 million 188 per cent lower than last year 08
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
during the course of the year we took the important 
step of reorganising the senior management team 
to meet the needs of the business now and for the 
future chris brewster joined the group as chief 
financial ofﬁcer and dr iain menneer took over the 
role of managing director for animalcare ltd with the 
primary responsibility of managing the uk business 
to achieve its shortterm operational targets this 
concentration of the uk business with iain has 
allowed other members of the senior management 
team to concentrate on another three key areas of 
the business
 increased penetration of our current products in 
existing markets
 controlled expansion of the geographic reach of 
the business
 driving the development programme notably 
project sustain
future developments
in the shortterm licensed generic medicines for 
companion animals in our main target markets 
uk france and germany will provide the engine 
for growth of the animalcare group this growth 
will be supplemented by better penetration of our 
existing products in markets outside the uk where 
we currently operate we will improve sales through 
the selective geographic expansion of the markets 
we address
in early september we launched vitofyllin in the 
uk and ireland in a market worth approximately 
£15 million per annum it is a product which ﬁts 
well into our growing portfolio of products to treat 
chronic diseases and conditions of old age in 
this case a central nervous system stimulant for 
older dogs our next two products are in the ﬁnal 
stages of development and have almost completed 
regulatory review we expect to be able to launch 
both products in the uk in q3 of the ﬁnancial year 
a fourth product has just entered regulatory review 
and should be available for launch in q4 of the 
ﬁnancial year we are therefore conﬁdent of once 
more achieving our target of the launch of four new 
licensed generic veterinary medicines in ﬁnancial 
year 2012–13
we have moved two projects to the next phase in 
development and remain conﬁdent that through 
our own product development pipeline and that 
of our development partners this rate of product 
innovation and introduction can be maintained for 
the foreseeable future
outlook
in my ceo’s statement last year i commented 
that 2011–12 “may be a difﬁcult year” it was 
although challenging the difﬁculties were however 
uncomplicated market issues which have been 
recognised and addressed or are well in the course 
of resolution 2012–13 will not be without its 
challenges but the animalcare group is well placed 
to deliver a strong performance in the year in line 
with expectations moving back to the growth levels 
recently experienced current trading is in line with 
expectations and comfortably above last year
the group has moved away from its previous 
position as an undifferentiated supplier of low 
value animal welfare products into a predominantly 
veterinary pharmaceutical based business that 
trend must continue and intensify i believe that 
with the support it needs in terms of product 
development expenditure and leadership evolution 
that we are well positioned to move to the next level 
and provide even higher levels of sustained  
ip protected growth in the future
stephen wildridge
chief executive ofﬁcer
chief executive’s review continued our governance our financials our business
09
animalcare group plc
annual report and accounts 2012
financial review
group overview — revenue and proﬁt
overall revenue from continuing operations reduced 
by 82 per cent to £109 million driven principally 
by our companion animal identiﬁcation group 
£09 million together with the full year loss of 
buprecare ampoules £08 million this was 
partially offset by the strong performance within 
our licensed veterinary medicines segment which 
beneﬁted from the launch of ﬁve new medicines 
during the year
despite the increased competition in licensed 
veterinary medicines gross margin remained 
consistent with prior year at 54 per cent
distribution costs reduced by 103 per cent 
compared to 2011 broadly in line with the reduction 
in revenues administrative expenses increased by 
86 per cent reﬂecting in particular investment in 
personnel including nonexecutive directors
both underlying operating proﬁt and underlying 
proﬁt before tax were £23 million for the year 
compared to £31 million and £30 million 
respectively in 2011
exceptional and other items
exceptional and other items in the year comprised 
executive severance costs and amortisation of 
acquired intangible assets full details are provided 
in note 6
finance income and costs
following the repayment of bank debt on 31
st
 march 
2011 the group has continued to maintain healthy 
positive cash balances hence has eliminated its 
borrowing costs in full during 2012
taxation
the group’s effective tax rate reduced from 
23 per cent to 179 per cent primarily due to the 
current year beneﬁt of prior year research and 
development tax credits
earnings per share and dividends
the group achieved 93 pence 2011 — 
118 pence underlying basic earnings per share
an interim dividend of 15 pence per share was paid 
on 4
th
 may 2012 2011 — 10 pence per share the 
board proposes the payment of a ﬁnal dividend of 
30 pence per share 2011 — 30 pence per share 
given the satisfactory cash ﬂow performance of the 
business during 2012 giving a total dividend of  
45 pence per share up 125 per cent 2011 —  
40 pence per share
cash ﬂows
the group generated £11 million 2011 — cash 
outﬂow £04 million cash during the year resulting 
in a strong net cash position at 30
th
 june 2012 of 
£23 million 2011 — £12 million working capital 
reduced by £01 million 2011 — £05 million 
increase in line with the reduced year end sales and 
phasing of strategic inventory purchases
income taxes paid were £04 million 2011 — 
£08 million the reduction principally reﬂecting the 
decrease in the group’s taxable proﬁts together with 
the beneﬁt of prior year research and development 
tax credits
we have increased our investment by 75 per cent 
in new product development of licensed veterinary 
medicines compared to 2011 and will continue this 
trend during the next ﬁnancial year new product 
development will continue to be funded from 
operational cash ﬂows
underlying results are before the effect of exceptional costs 
and other items disclosed in note 6 to the ﬁnancial statements
chris brewster
chief financial ofﬁcer
“the group generated £11 million cash during the 
year resulting in a strong net cash position at  
30
th
 june 2012 of £23 million” 10
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
board of directors
james lambert
nonexecutive chairman
james was appointed chairman in 
october 2005 having been a non
executive director since 2003 he started 
richmond foods in 1998 leading a series 
of acquisitions to make richmond the 
largest ice cream manufacturer by volume 
in the uk richmond exited the stock 
market in april 2006 when it was bought 
by oaktree capital for £176 million and 
merged with roncadin james is now 
running the enlarged group
ray harding
nonexecutive director
ray harding was until 2010 owner 
managing director of cyton bioscience 
ltd a multiservice consultancy for 
both animal health and pharmaceutical 
industries ray remains a consultant for 
cyton advising and providing training on 
new product development and registration 
in europe ray has been both chairman 
of the association of veterinarians in 
industry and president of the federation 
of european veterinarians in industry and 
research in addition ray is a member 
of the institute of directors and is a fellow 
of the organisation for professionals in 
regulatory affairs earlier in his career ray 
has held positions at glaxo animal health 
in the united kingdom and rhône mérieux 
in france 
lord downshire
nonexecutive director
lord downshire has been a nonexecutive 
director since 1998 he trained as a 
chartered accountant with touche ross 
before transferring to the corporate 
ﬁnance department where he worked for 
three years on acquisitions ﬂotations and 
new ventures following this he worked 
for 13 years at scheduling technology 
group limited a venture capital backed 
international software company becoming 
finance director until the sale of the 
business in 2001 he currently farms and 
manages an estate in yorkshire and holds 
nonexecutive directorships in companies 
operating in rfid agricultural supplies 
hotels and insurance our governance our financials our business
11
animalcare group plc
annual report and accounts 2012
chris brewster
chief financial ofﬁcer and  
company secretary 
chris was appointed chief financial  
ofﬁcer on 1
st
 june 2012 chris joined 
animalcare from findus group where 
he has worked since 2010 as group 
accounting manager in this role chris’s 
responsibilities included the consolidation 
and preparation of the management 
accounts across the business units 
within the uk and europe prior to joining 
findus chris was a senior manager at 
kpmg within the leeds audit practice 
chris qualiﬁed as an associate chartered 
accountant in 2003 and holds a chemistry 
degree from the university of shefﬁeld
stephen wildridge
group chief executive ofﬁcer
stephen spent 16 years with rhone
poulenc now bayer crop science in a 
variety of sales marketing and strategic 
planning and general management roles 
encompassing agrochemicals animal 
health and animal nutrition subsequently 
he spent ﬁve years with monsanto as 
general manager of operations for 
northern europe and director of business 
development europeafrica he was 
appointed managing director of animalcare 
ltd in 2003 developing the strategic plan 
and product development programme for 
the business
iain menneer
managing director 
animalcare limited
iain has a phd in chemistry from the 
university of newcastle and worked in the 
brewing industry for six years in research 
at an independent brewing consultancy 
and then in new product and technical 
development roles at bass brewers 
subsequently he spent two years in the 
research and innovation ofﬁce at the 
university of york working with academics 
to commercialise their research via 
licensing or spinout companies he joined 
animalcare ltd in december 2003 and 
has worked in marketing and business 
development roles notably working on the 
new product development pipeline iain 
has been head of marketing since july 
2009 and director of marketing from  
june 2011 being promoted to the board 
on 1
st
 july 2011 iain was appointed 
managing director of animalcare ltd on 
12
th
 march 2012 12
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
directors’ report
the directors present their annual report on the affairs of the group 
together with the ﬁnancial statements and auditors’ report for the 
year ended 30
th
 june 2012
principal activities
the principal activity of the group during the year was the 
manufacture and distribution of veterinary medicines identiﬁcation 
and other products for companion animals
business review and future developments
a review of the business and future developments is provided in the 
chairman’ s statement chief executive’ s review and financial review
research and development
the group is committed to the development of new and innovative 
products to meet the needs of its customers during the year to 
30
th
 june 2012 the group invested in developments in veterinary 
medicines and in enhancements to its pet owner database
dividends
a ﬁnal dividend of 30 pence per share will be proposed at the annual 
general meeting on 6
th
 november 2012 and is proposed to be paid 
on 16
th
 november 2012 to all shareholders on the share register at  
19
th
 october 2012 this will combine with an interim dividend of 
15 pence per share paid on 4
th
 may 2012 to give a total of 45 pence 
for the year
capital structure
the company’ s issued share capital as at 30
th
 june 2012 
was 20720204 ordinary shares of 20 pence each each credited 
as fully paid
directors
the following directors held ofﬁce during the year ended 30
th
 june 
2012 and subsequently
j s lambert
lord downshire
r b harding appointed 11
th
 november 2011
s m wildridge
p o r warner resigned 11
th
 november 2011
i d menneer appointed 1
st
 july 2011
c j brewster appointed 21
st
 june 2012
details of directors’ share options and longterm incentive plans are 
provided in note 9 to the ﬁnancial statements
the company maintains directors’ and ofﬁcers’ liability insurance 
for the beneﬁt of its directors which was in place throughout the 
year ended 30
th
 june 2012 and remains in place at the date of this 
report
principal risks and uncertainties
new product development
a key element of the group’ s strategy is to expand its portfolio 
of veterinary medicines the success of which depends on these 
products meeting the required regulatory standards and achieving 
the necessary marketing authorisations rejection of applications or 
delays in the regulatory process could have an important impact on 
the group’ s results also there can be no guarantee of the commercial 
success of these products following their launch the risks of failure 
rejection or delay are mitigated or reduced by the careful selection of 
development strategies that although they may increase initial cost or 
time of development reduce the likelihood of complete unexpected 
failure of a project at the same time the overall risk of any one project 
failure having a major inﬂuence on the performance of the business is 
reduced by having a product development pipeline that has numerous 
projects within it at various stages of development our governance our financials our business
13
animalcare group plc
annual report and accounts 2012
key customers
the group derives a substantial proportion of its revenue from a 
number of key customers in the event that these relationships are 
lost the effect on the group’s revenue could be signiﬁcant in the 
uk however such effect is likely to be temporary as the supply 
chain would rapidly adjust to take up the slack brought about by 
any catastrophic failure equally as our business develops its scope 
into new markets the key customer base continues to grow
key suppliers and contract manufacturers
the group purchases goods for resale under supply and 
distribution agreements with a number of key suppliers and contract 
manufacturers failure of supply under these arrangements could 
result in signiﬁcant loss of group revenue we however endeavour 
to have where possible more than one supplier for key elements of 
the range and where that is not possible different parts of the range 
with different suppliers
retention of key employees
the group has a small senior executive management team whose 
skills knowledge and experience are key to the success of group 
strategy loss of any of these team members could signiﬁcantly 
affect group performance
financial instruments
the group’s exposure to and arrangements for the management of 
ﬁnancial risks are described in notes 20 and 22 to the accounts
creditor payment policy
it is the group’s policy to maintain good relationships with its 
suppliers suppliers are made aware of the terms of payment which 
are agreed with them in advance and these terms are adhered to 
the number of days purchases included in trade creditors at 
30
th
 june 2012 was 50 days 2011 48 days
corporate governance
the directors support the underlying principles of the combined 
code notwithstanding that the company is not required to comply 
with all of the code’s recommendations the board recognises its 
overall responsibility for the group’s systems of internal control and 
their effective operation and it has sought to comply with those 
provisions of the code judged appropriate for the current size and 
nature of the group being the establishment of an audit committee 
a remuneration committee and a nominations committee
formally constituted audit remuneration and nominations 
committees with membership comprising the company’s three 
nonexecutive directors were established on the group’s 
admission to aim and are active in the conduct of internal ﬁnancial 
control executive performance and remuneration and board 
appointments
charitable and political donations
during the year the group made charitable donations of £166 
2011 — £178 no political donations were made during the year 
2011 — £nil
employees
applications for employment by disabled persons are given full and 
fair consideration when existing employees become disabled every 
effort is made to provide continuing employment wherever possible
the directors recognise the importance of good communications 
with employees and continue to consult and inform them on 
matters affecting them and the performance of the group 
employees are provided with ﬁnancial incentives related to the 
performance of the group in the form of annual bonuses and 
participation in approved sharesave schemes 14
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
substantial shareholdings
on 14
th
 september 2012 the company had been notiﬁed in accordance with chapter 5 of the disclosure and transparency rules of the 
following voting rights as shareholders of the company
signiﬁcant shareholders 3 per cent or more of the ordinary share capital as at 14
th
 september 2012
name of holder
no of
ordinary
shares
percentage of 
holding
investec wealth management limited 2739889 1322
including the beneficial shareholding of s f riddell of 942500 shares 46 per cent
brewin dolphin 2278798 110
including the beneficial shareholding of j s lambert of 1363691 shares 66 per cent
octopus investments 1681691 81
cazenove capital management
‡
1682595 81
liontrust asset management 1531924 74
lord downshire 1420029 69
unicorn asset management 1250500 60
hargreave hale 1199997 58
n r sale 613400 30
 s f riddell’s shareholding includes a nonbeneﬁcial interest in 310000 ordinary shares
†
 lord downshire’s interest includes a nonbeneﬁcial interest in 310446 ordinary shares
‡
 cazenove capital management’s shareholding includes lord downshire’s nonbeneﬁcial interest in 273636 ordinary shares
going concern
the principal risks and uncertainties facing the group are set out on 
page 12
for the purposes of their assessment of the appropriateness of the 
preparation of the group’s accounts on a going concern basis the 
directors have considered the current cash position the availability 
of bank facilities and forecasts of future trading including working 
capital requirements
as previously noted the group continues to be strongly cash 
generative and the yearend cash position has grown from 
£118 million to £231 million in addition the group has an 
undrawn overdraft facility of £100000 which is available for general 
corporate and working capital requirements if required in the 
directors’ opinion the group’s working capital requirements can be 
met from operating cash ﬂow
overall the directors believe the group is well placed to manage its 
business risks successfully despite the current uncertain economic 
outlook the group’s forecasts and projections taking account of 
reasonably possible changes in trading performance show that 
the group should be able to operate within the level of its current 
committed facilities
after making enquiries the directors have a reasonable expectation 
that the company and the group have adequate resources 
to continue in operational existence for the foreseeable future 
accordingly they continue to adopt the going concern basis in 
preparing the ﬁnancial statements
auditor
each of the persons who is a director at the date of this annual 
report conﬁrms that
 — so far as the director is aware there is no relevant audit 
information of which the company’s auditors are unaware and
 — the director has taken all the steps that he ought to have taken 
as a director in order to make himself aware of any relevant 
audit information and to establish that the company’s auditors 
are aware of that information
this conﬁrmation is given and should be interpreted in accordance 
with the provisions of s418 of the companies act 2006
kpmg audit plc have expressed their willingness to continue 
in ofﬁce as auditors and a resolution to reappoint them will be 
proposed at the forthcoming annual general meeting
animalcare group plc
by order of the board
chris brewster
company secretary
4
th
 october 2012
directors’ report our governance our financials our business
15
animalcare group plc
annual report and accounts 2012
statement of directors’ responsibilities
in respect of the annual report and the financial statements for the year ended 30
th
 june 2012
the directors are responsible for preparing the annual report and 
the group and parent company ﬁnancial statements in accordance 
with applicable law and regulations company law requires 
the directors to prepare group and parent company ﬁnancial 
statements for each ﬁnancial year as required by the aim rules of 
the london stock exchange they are required to prepare the group 
and parent company ﬁnancial statements in accordance with ifrss 
as adopted by the eu and applicable law
under company law the directors must not approve the ﬁnancial 
statements unless they are satisﬁed that they give a true and fair 
view of the state of affairs of the group and parent company 
and of their proﬁt or loss for that period in preparing each of the 
group and parent company ﬁnancial statements the directors are 
required to
 select suitable accounting policies and then apply them 
consistently
 make judgements and estimates that are reasonable and 
prudent
 state whether they have been prepared in accordance with 
ifrss as adopted by the eu and
 prepare the ﬁnancial statements on the going concern basis 
unless it is inappropriate to presume that the group and the 
parent company will continue in business
the directors are responsible for keeping adequate accounting 
records that are sufﬁcient to show and explain the parent 
company’s transactions and disclose with reasonable accuracy 
at any time the ﬁnancial position of the parent company and 
enable them to ensure that its ﬁnancial statements comply with 
the companies act 2006 they have general responsibility for 
taking such steps as are reasonably open to them to safeguard 
the assets of the group and to prevent and detect fraud and other 
irregularities
the directors are responsible for the maintenance and integrity of 
the corporate and ﬁnancial information included on the company’s 
website legislation in the uk governing the preparation and 
dissemination of ﬁnancial statements may differ from legislation in 
other jurisdictions 16
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
independent auditors’ report to the  
members of animalcare group plc
we have audited the financial statements of animalcare group 
plc for the year ended 30
th
 june 2012 set out on pages 17 to 48 
the financial reporting framework that has been applied in their 
preparation is applicable law and international financial reporting 
standards ifrss as adopted by the eu and as regards the parent 
company financial statements as applied in accordance with the 
provisions of the companies act 2006
this report is made solely to the company’s members as a body in 
accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the 
company’s members those matters we are required to state to 
them in an auditor’s report and for no other purpose to the fullest 
extent permitted by law we do not accept or assume responsibility 
to anyone other than the company and the company’s members 
as a body for our audit work for this report or for the opinions we 
have formed
respective responsibilities of directors and auditors
as explained more fully in the directors’ responsibilities statement 
set out on page 15 the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give 
a true and fair view our responsibility is to audit and express an 
opinion on the financial statements in accordance with applicable 
law and international standards on auditing uk and ireland those 
standards require us to comply with the auditing practices board’s 
apb’s ethical standards for auditors
scope of the audit of the ﬁnancial statements
a description of the scope of an audit of financial statements is 
provided on the apb’s website at wwwfrcorgukapbscope
privatecfm
opinion on ﬁnancial statements
in our opinion
 the financial statements give a true and fair view of the state of 
the group’s and of the parent company’s affairs as at 30
th
 june 
2012 and of the group’s profit for the year then ended
 the group financial statements have been properly prepared in 
accordance with ifrss as adopted by the eu
 the parent company financial statements have been properly 
prepared in accordance with ifrss as adopted by the eu and 
as applied in accordance with the provisions of the companies 
act 2006
 the financial statements have been prepared in accordance with 
the requirements of the companies act 2006
opinion on other matters prescribed by the companies 
act 2006
in our opinion the information given in the directors’ report for the 
financial year for which the financial statements are prepared is 
consistent with the financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following
under the companies act 2006 and under the terms of our 
engagement we are required to report to you if in our opinion
 adequate accounting records have not been kept by the parent 
company or returns adequate for our audit have not been 
received from branches not visited by us or
 the parent company financial statements are not in agreement 
with the accounting records and returns or
 certain disclosures of directors’ remuneration specified by law 
are not made or
 we have not received all the information and explanations we 
require for our audit
chris hearld senior statutory auditor
for and on behalf of
kpmg audit plc
statutory auditor
chartered accountants
1 the embankment
leeds
ls1 4dw our governance our financials our business
17
animalcare group plc
annual report and accounts 2012
consolidated statement of comprehensive income
year ended 30
th
 june 2012
 note 
underlying 
results before 
exceptional and 
other items
2012
£’000 
exceptional and
other items 
2012
£’000 
t otal 
2012
£’000 
underlying 
results before 
exceptional and 
other items
2011
£’000 
exceptional and
other items 
2011
£’000  
t otal 
2011
£’000 
revenue 7 10856  —  10856  11825  —  11825 
cost of sales  4994 —  4994 5435 —  5435
gross profit  5862  —  5862  6390  —  6390 
distribution costs  262 —  262 292 —  292
administrative expenses   3306 190 3496 3045 118 3163
operating profitloss 6 8 2294  190 2104  3053  118 2935 
finance costs 11 — — — 51 1 52
finance income 11 2  —  2  2  —  2 
profitloss before tax 6 8 2296  190 2106  3004  119 2885 
income tax expensecredit 12 395 18  377 717 52  665
total comprehensive incomeloss for the year 
from continuing operations 1901 172 1729 2287  67 2220 
total comprehensive income for the year from 
discontinued operations 4 —  — —  105  —  105 
total comprehensive incomeloss for the year  1901  172 1729 2392  67 2325
total basic earnings per share 14 93p 84p 118p 115p
total fully diluted earnings per share 14 92p 84p 114p 111p
basic earnings per share from continuing operations 14 93p 84p 113p 110p
fully diluted earnings per share from continuing 
operations 14 92p 84p 112p 108p
total comprehensive incomelossfor the year is attributable to the equity holders of the parent     
 
  in order to aid understanding of underlying business performance the directors have presented underlying results before the effect of exceptional and other items 
these exceptional and other items are analysed in detail in note 6 to these financial statements 18
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
statements of changes in shareholders’ equity
year ended 30
th
 june 2012
group note
share capital
£’000
share premium 
account
£’000
retained earnings
£’000
total
£’000
balance at 1
st
 july 2010  4010  5931 4140 14081 
total comprehensive loss for the year —  —  2325 2325
transactions with owners of the company 
recognised in equity
dividends paid 13 —  —  812 812
issue of share capital 25 65  114  —  179 
sharebased payments —  — 16 16
balance at 1
st
 july 2011 4075  6045  5669  15789 
total comprehensive profit for the year —  — 1729 1729 
transactions with owners of the company 
recognised in equity
dividends paid 13 —  —  926 926
issue of share capital 25 69  128  —  197 
sharebased payments —  —  48  48 
balance at 30
th
 june 2012 4144  6173  6520 16837 
company note
share capital
£’000
share premium 
account
£’000
retained earnings
£’000
total
£’000
balance at 1
st
 july 2010  4010  5931  2286  12227 
total comprehensive profit for the year —  —  3570 3570
transactions with owners of the company 
recognised in equity
dividends paid 13 —  —  812 812
issue of share capital 25 65  114  —  179 
sharebased payments —  —  10  10 
balance at 1
st
 july 2011 4075  6045  5054  15174 
total comprehensive loss for the year —  —  438 438
transactions with owners of the company 
recognised in equity
dividends paid 13 —  —  926 926
issue of share capital 25 69  128  —  197 
sharebased payments —  — 22 22
balance at 30
th
 june 2012 4144  6173 3712 14029
as permitted by section 408 of the companies act 2006 the statement of comprehensive income of the parent company is not presented 
as part of these financial statements our governance our financials our business
19
animalcare group plc
annual report and accounts 2012
balance sheets
30
th
 june 2012
group company
 note
2012
£’000
2011
£’000
2012
£’000
2011
£’000
noncurrent assets
goodwill 15 12711  12711  —  — 
other intangible assets 16 1728  1820  —  —
property plant and equipment 17 83  47  —  —
investments in subsidiary companies 18 —  — 14361  14361
deferred tax asset 24 —  — 31  156
   14522  14578 14392  14517
current assets
inventories 19 1420  1346  —  —
trade and other receivables 20 1297  1681 866 652
cash and cash equivalents 20 2305  1179 1738  207
   5022  4206 2604  859
total assets   19544  18784 16996  15376
current liabilities
trade and other payables 21 1316 1566 2967  202
current tax liabilities  169 320 —  —
deferred income 23 207 182 —  —
current liabilities   1692 2068 2967  202
net current assetsliabilities  3330  2138 363  657
noncurrent liabilities
deferred income 23 844 862 —  —
deferred tax liabilities 24 171 65 —  —
   1015 927 —  —
total liabilities   2707 2995 2967  202
net assets   16837  15789 14029  15174
capital and reserves
called up share capital 25 4144  4075 4144  4075
share premium account  6173  6045 6173  6045
retained earnings  6520 5669 3712  5054
equity attributable to equity holders of
the parent  16837  15789 14029 15174
the financial statements of animalcare group plc registered number 1058015 were approved by the board of directors and authorised for 
issue on 4
th
 october 2012
they were signed on its behalf by
chris brewster
chief financial officer 20
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
cash flow statements
year ended 30
th
 june 2012
group company
 note
2012
£’000
2011
£’000
2012
£’000
2011
£’000
comprehensive incomeloss for the year before tax 12 2106  2936 528  723
adjustments for
depreciation of property plant and equipment 17 19  88 —  35 
amortisation of intangible assets 16 307  317 — 16
finance costs 11 —  55 —  52 
finance income 11 2 2 2 2
sharebased payment award 28 48  16 22  10 
release of deferred income 23 7  53  —  — 
profitloss on disposal of property  
plant and equipment — 2 —
loss on sale of businesses 5 — 94 —  366 
operating cash flows before movements in 
working capital  2485 3555 508 246
increasedecrease in inventories 19 74 596 — 77 
decrease in receivables 20 384  572 1 750
increasedecrease in payables 21 250 471 2765 1745
cash generated by operations  2545  3060 2258  1318
income taxes paidreceived 422 805 —  
interest paid —  110 —  108
net cash flow from operating activities   2123  2145 2258 1426
investing activities
payments to acquire intangible assets 16 215 134 — 1
payments to acquire property plant and 
equipment 17 55 18 — 1
interest received 11 2 2 2 2 
dividends received —  — — 4072 
receipts from sale of property plant and 
equipment — 4 — 1
receipts from sale of businesses 5 —  2705 — 2425 
net cash used ingenerated by investing 
activities 268 2559 2 6498
financing
receipts from issue of share capital 197 179 197 179 
equity dividends paid 13 926 812 926 812
repayment of bank loans — 4456 — 4456
net cash used in financing activities 729 5089 729 5089
net increasedecrease in cash and cash 
equivalents 1126  385 1531  17
cash and cash equivalents at start of year  1179 1564 207  224
cash and cash equivalents at end of year   2305  1179 1738  207 
comprising
cash and cash equivalents 20 2305  1179 1738 207 
   2305  1179 1738 207  our governance our financials our business
21
animalcare group plc
annual report and accounts 2012
notes to the accounts
year ended 30
th
 june 2012
1 general information
animalcare group plc “the company” is a company incorporated in england and wales under the companies act 2006 and 
is domiciled in the united kingdom the group comprises animalcare group plc and its subsidiaries the nature of the group’s 
operations and its principal activities are set out in note 7 and within the directors’ report
the iasb and ifric have issued the following standards and interpretations with an effective date after the date
of these financial statements their adoption where applicable is not expected to have a material effect on the
financial statements of the group
international financial reporting standards
applies to periods 
beginning after
ias 1 presentation of items in other comprehensive income amended july 2012
ifrs 10 consolidated financial statements january 2013
ifrs 12 disclosure of interests in other entities january 2013
ifrs 13 fair value measurement january 2013
ias 19 postemployment benefits january 2013
ifrs 9 financial instruments january 2015
2 signiﬁcant accounting policies
basis of preparation
the group and company financial statements have been prepared and approved by the directors under the historical cost 
convention except for the revaluation of certain financial instruments in accordance with international financial reporting standards 
“ifrs” as adopted by the european union “adopted ifrss” and the companies act 2006 as applicable to companies reporting 
under ifrs they have also been prepared in accordance with the requirements of the aim rules
going concern
the principal risks and uncertainties facing the group are set out on pages 12
for the purposes of their assessment of the appropriateness of the preparation of the group’s accounts on a going concern basis the 
directors have considered the current cash position the availability of bank facilities and forecasts of future trading including working 
capital requirements
the group has an undrawn overdraft facility of £100000 which is available for general corporate and working capital requirements at 
30
th
 june 2012 the group had cash on hand of £231 million 30
th
 june 2011 — £118 million in the directors’ opinion the group’s 
working capital requirements can be met from operating cash flow
overall the directors believe the group is well placed to manage its business risks successfully despite the current uncertain 
economic outlook the group’s forecasts and projections taking account of reasonably possible changes in trading performance 
show that the group should be able to operate within the level of its current committed facilities
after making enquiries the directors have a reasonable expectation that the company and the group have adequate resources to 
continue in operational existence for the foreseeable future accordingly they continue to adopt the going concern basis in preparing 
the financial statements 22
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
2 signiﬁcant accounting policies continued
basis of consolidation
the consolidated financial statements incorporate the financial statements of the company and entities controlled by the company 
its subsidiaries made up to 30
th
 june each year control is achieved where the company has the power to govern the financial and 
operating policies of an investee entity so as to obtain benefits from its activities
the results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive 
income from the effective date of acquisition or up to the effective date of disposal as appropriate
where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with 
those used by the group
all intragroup transactions balances income and expenses are eliminated on consolidation
discontinued operations
the livestock businesses were disposed of during the previous financial year and represented a discontinued operation as defined in 
ifrs 5 noncurrent assets held for sale and discontinued operations
business combinations
the acquisition of subsidiaries and other businesses is accounted for using the purchase method the cost of the acquisition is 
measured at the aggregate of the fair values at the date of exchange of assets given liabilities incurred or assumed and equity 
instruments issued by the group in exchange for control of the acquiree costs directly attributable to the business combination are 
expensed the acquiree’s identifiable assets liabilities and contingent liabilities that meet the conditions for recognition under ifrs 3 
revised are recognised at their fair value at the acquisition date except for noncurrent assets or disposal groups that are classified 
as held for sale in accordance with ifrs 5 noncurrent assets held for sale and discontinued operations which are recognised and 
measured at fair value less costs to sell
exceptional and other items
exceptional items are material items of income or expense which because of their nature and the expected frequency of the events 
giving rise to them merit separate disclosure
other items relate to the amortisation of acquired intangible assets fair value movements on interest rate hedging and impairment of 
goodwill
the separate presentation of exceptional and other items enables the users of the accounts to better understand the elements of 
financial performance during the year and hence to better assess trends in that financial performance
goodwill
goodwill arising on consolidation represents the excess of the cost of acquisition over the group’s interest in the fair value of the 
identifiable assets and liabilities of a subsidiary associate or jointly controlled entity at the date of acquisition goodwill is initially 
recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses goodwill which is 
recognised as an asset is reviewed for impairment at least annually any impairment is recognised immediately in comprehensive 
income and is not subsequently reversed
for the purpose of impairment testing goodwill is allocated to each of the group’s cashgenerating units cgus expected to benefit 
from the synergies of the combination cgus to which goodwill has been allocated are tested for impairment annually or more 
frequently when there is an indication that the cgu may be impaired if the recoverable amount of the cgu is less than its carrying 
amount the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other 
assets of the cgu pro rata on the basis of the carrying amount of each asset in the cgu an impairment loss recognised for goodwill 
is not reversed in a subsequent period
on disposal of a subsidiary associate or jointly controlled entity the attributable amount of goodwill is included in the determination of 
the profit or loss on disposal
goodwill arising on acquisitions before the date of transition to ifrs 1
st
 july 2004 has been retained at the previous uk gaap 
amounts subject to being tested for impairment at that date goodwill written off to reserves under uk gaap prior to 1998 has not 
been reinstated and is not included in determining any subsequent profit or loss on disposal
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
23
animalcare group plc
annual report and accounts 2012
2 signiﬁcant accounting policies continued
intangible assets
the group recognises intangible assets at cost less accumulated amortisation and impairment losses intangible assets arise both 
as a result of applying ifrs 3 which requires the separate recognition of intangible assets from goodwill on all business combinations 
from 1
st
 january 2004 and from the purchase of software that is separable from any associated hardware and development 
machinery and from research and development see below
intangible assets are amortised on a straightline basis over their useful economic lives as follows
customer relationships 10 years
brands 15 years
software useful life of the software
research and development estimated economic life normally 4–7 years
the useful life of software is currently estimated to be 2–4 years
internally generated intangible assets — research and development expenditure
expenditure on research activities is recognised as an expense in the year in which it is incurred
an internally generated intangible asset arising from the group’s product development is recognised only if all of the following 
conditions are met
 — an asset is created that can be identiﬁed such as software and new processes
 — it is probable that the asset created will generate future economic beneﬁts and
 — the development cost of the asset can be measured reliably
internally generated intangible assets are amortised on a straightline basis over their useful lives where no internally generated 
intangible asset can be recognised development expenditure is recognised as an expense in the year in which it is incurred
revenue recognition
revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and 
services provided in the normal course of business net of discounts vat and other sales related taxes
revenue from the sale of goods is recognised when the risks and rewards of ownership are transferred which is generally when goods 
are delivered
income received in relation to longterm service contracts is deferred and subsequently recognised over the life of the relevant 
contracts further details are contained in note 23
interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable which 
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net 
carrying value
leasing
leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to 
the lessee all other leases are classified as operating leases
the group as lessee
rentals payable under operating leases are charged to income on a straightline basis over the term of the relevant lease
assets held under finance leases are recognised as assets of the group at their fair value or if lower at the present value of the 
minimum lease payments each determined at the inception of the lease the corresponding liability to the lessor is included in the 
balance sheet as a finance lease obligation lease payments are apportioned between finance charges and reduction of the lease 
obligation so as to achieve a constant rate of interest on the remaining balance of the liability finance charges are charged directly 
against income unless they are directly attributable to qualifying assets in which case they are capitalised in accordance with the 
group’s general policy on borrowing costs see below 24
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
2 signiﬁcant accounting policies continued
retirement beneﬁt costs
payments to defined contribution retirement benefit schemes are charged as an expense as they fall due payments made to state
managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the group’s obligations under 
the schemes are equivalent to those arising in a defined contribution retirement benefit scheme
foreign currencies
in preparing the financial statements of the individual companies transactions in currencies other than the entity’s functional currency 
foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions at each balance sheet date 
monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet 
date nonmonetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the 
date when the fair value was determined nonmonetary items that are measured in terms of historical cost in a foreign currency are 
not retranslated
exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in 
comprehensive income for the year
segment reporting
an operating segment is a component of the group that engages in business activities from which it may earn revenues and incur 
expenses including revenues and expenses that relate to transaction with any of the group’s other components an operating 
segment’s operating results are reviewed regularly by the chief executive officer to make decisions about resources to be allocated to 
the segment and assess its performance and for which discrete financial information is available
segment results that are reported to the chief executive officer include items directly attributable to a segment as well as those that 
can be allocated on a reasonable basis unallocated items comprise mainly central group administration costs interest taxation and 
bank loans
inventories
inventories are stated at the lower of cost and net realisable value cost comprises direct materials and where applicable direct 
labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition cost is 
calculated using the weighted average method net realisable value represents the estimated selling price less all estimated costs of 
completion and costs to be incurred in marketing selling and distribution
dividends
dividends paid are recognised within the statement of changes in equity only when an obligation to pay the dividend arises prior to 
the year end
sharebased payments
the group has applied the requirements of ifrs 2 sharebased payment in accordance with the transitional provisions ifrs 2 has 
been applied to all grants of equity instruments after 7
th
 november 2002 that were unvested at 1
st
 january 2005
the group issues equitysettled sharebased payments to certain employees equitysettled sharebased payments are measured 
at fair value excluding the effect of non marketbased vesting conditions at the date of grant the fair value determined at the grant 
date of such equitysettled sharebased payments is expensed on a straightline basis over the vesting period based on the group’s 
estimate of shares that will eventually vest and adjusted for the effect of non marketbased vesting conditions with a corresponding 
movement in equity
fair value is measured by use of the black–scholes model the expected life used in the model has been adjusted based on 
management’s best estimate for the effects of nontransferability exercise restrictions and behavioural considerations
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
25
animalcare group plc
annual report and accounts 2012
2 signiﬁcant accounting policies continued
taxation
the tax expense represents the sum of the tax currently payable and deferred tax
the tax currently payable is based on taxable profit for the year taxable profit differs from net profit as reported in the statement of 
comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further 
excludes items that are never taxable or deductible the group’s liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the balance sheet date
deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using 
the balance sheet liability method deferred tax liabilities are generally recognised for all taxable temporary differences and deferred 
tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary 
differences can be utilised such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of 
goodwill or from the initial recognition other than in a business combination of other assets and liabilities in a transaction that affects 
neither the tax profit nor the accounting profit
the carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered
deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised 
deferred tax is charged or credited in the statement of comprehensive income except when it relates to items charged or credited 
directly to equity in which case the deferred tax is also dealt with in equity
deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax 
assets and liabilities on a net basis
property plant and equipment
land and buildings and other assets held for use in the production or supply of goods and services or for administrative purposes 
fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss
other than for land which is not depreciated depreciation is charged so as to write off the cost of assets less their estimated residual 
value over their estimated useful lives as follows
straightline
freehold buildings 50 years
leasehold improvements 10 years
plant and equipment 4 to 7 years
office furniture and equipment 3 to 5 years
motor vehicles 4 years
assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or where 
shorter over the term of the relevant lease
the gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sales proceeds and 
the carrying amount of the asset and is recognised in the statement of comprehensive income as incurred
provisions
provisions are recognised when the group has a present obligation as a result of a past event and it is probable that the group will 
be required to settle that obligation provisions are measured at the directors’ best estimate of the expenditure required to settle the 
obligation outstanding at the balance sheet date and are discounted to present value where the effect is material 26
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
2 signiﬁcant accounting policies continued
impairment of tangible and intangible assets excluding goodwill
at each balance sheet date the group reviews the carrying amounts of its tangible and intangible assets to determine whether there 
is any indication that those assets have suffered an impairment loss if any such indication exists the recoverable amount of the asset 
is estimated in order to determine the extent of the impairment loss if any where the asset does not generate cash flows that are 
independent from other assets the group estimates the recoverable amount of the cashgenerating unit cgu to which the asset 
belongs an intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the 
asset may be impaired
recoverable amount is the higher of fair value less costs to sell and value in use in assessing value in use the estimated future cash 
flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of 
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted
if the recoverable amount of an asset cgu is estimated to be less than its carrying amount the carrying amount of the asset cgu is 
reduced to its recoverable amount an impairment loss is recognised as an expense immediately
where an impairment loss subsequently reverses the carrying amount of the asset cgu is increased to the revised estimate of 
its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been 
determined had no impairment loss been recognised for the asset cgu in prior years a reversal of an impairment loss is recognised 
as income immediately
financial instruments
financial assets and financial liabilities are recognised in the group’s balance sheet when the group becomes a party to the 
contractual provisions of the instrument
trade receivables
trade receivables are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective 
interest rate method appropriate allowances for estimated irrecoverable amounts are recognised in comprehensive income when 
there is objective evidence that the asset is impaired the allowance recognised is measured as the difference between the asset’s 
carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial 
recognition
investments
investments in group companies are stated at cost less provisions for impairment losses
cash and cash equivalents
cash and cash equivalents comprise cash on hand deposits repayable on demand and other shortterm highly liquid investments 
that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value
financial liabilities and equity
financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into an 
equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities
trade payables
trade payables are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate 
method
derivative ﬁnancial instruments
the group uses derivative financial instruments including interest rate swaps to hedge its exposure to interest rate risks arising from 
operational and financial activities the group does not hold any derivative financial instruments for trading purposes however 
derivative financial instruments that do not qualify for hedge accounting are accounted for as trading instruments
hedge accounting is not adopted and therefore the movement on remeasurement to fair value is recognised immediately as part of 
finance income or finance costs in the consolidated statement of comprehensive income derivatives not designated into an effective 
hedge relationship are classified as a current asset or current liability fair value movements on interest rate hedging are included within 
“exceptional and other items” on the face of the statement of comprehensive income
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
27
animalcare group plc
annual report and accounts 2012
3 critical accounting judgements and key sources of estimation uncertainty
critical judgements in applying the group’s accounting policies
in the process of applying the group’s accounting policies which are described in note 2 management has made the following 
judgements that have the most significant effect on the amounts recognised in the financial statements apart from those involving 
estimations which are dealt with below
capitalised research  development expenditure
it is the group’s policy to capitalise development expenditure and to amortise this expenditure over the estimated life of the asset 
expenditure incurred to date relates primarily to the following
 — certain costs associated with preparing regulatory dossiers in support of applications for generic veterinary medicine marketing 
authorisations
the directors have adjudged these costs to meet the relevant criteria of ias 38 “intangible assets”
capitalised software expenditure
the group has historically capitalised software projects and developments expenditure on a bespoke web based system designed 
to facilitate online ordering of its products is currently capitalised in the group’s financial statements as the directors have adjudged it 
to meet the relevant criteria
the rate of depreciation on capitalised software is set so as to reflect the pattern of usage and the level of pace of change within the 
global information technology market
key sources of estimation uncertainty
impairment of noncurrent assets
determining whether a noncurrent asset is impaired requires an estimation of the “value in use” andor the “fair value less costs to 
sell” of the cashgenerating units “cgus” to which the noncurrent asset has been allocated the value in use calculation requires an 
estimate of the future cash flows expected to arise from the cgu and a suitable discount rate in order to calculate present value the 
key assumptions for these value in use calculations are those regarding discount rates growth rates and expected changes to selling 
prices and direct costs the directors estimate discount rates using pretax rates that reflect current market assessments of the time 
value of money and the risks specific to the individual cgu in the current year the directors estimated the applicable rate to be 
113 per cent 2011 — 12 per cent the directors’ sensitivity analysis indicates that the headroom in the impairment test of  
113 per cent is robust to significant changes in discount factors
the group prepares cash flow forecasts derived from the most recent financial budgets and projections approved by management 
for the next three years thereafter assuming an estimated growth rate of 19 per cent 2011 — 1 per cent the growth rates for the 
three year period covered by financial budgets and projections prepared by management are based on the current performance of the 
existing product portfolio and the contribution from new products currently in development which will be launched in the short term 
the directors believe that the longterm growth rate does not exceed the average longterm growth rate for the relevant markets
impairment of slowmoving and obsolete inventory
the group performs an annual stockholding review to determine any slowmoving or obsolete lines and accordingly makes provision 
in its financial statements for writing down or writing off the value of such lines in order to reflect the true value of its stock 28
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
4 consolidated statement of comprehensive income – discontinued operations
on 17
th
 september 2010 the company disposed of the business and assets of its trading division ritchey and the shares of its wholly 
owned subsidiary fearing international stock aids limited on 17
th
 november 2010 the group sold the trade and certain assets of its 
loss making subsidiary travik chemicals limited now naychem limited these sales comprised the whole of the group’s livestock 
division
 note
2012
£’000 
2011
£’000 
revenue —  2038
cost of sales —  923
gross profit — 1115 
distribution costs — 84
administrative expenses  — 883
operating profit 6 8 — 148
finance costs — 3
profit before tax 6 8 —  145
income tax expense — 7 
profit after tax for the period from discontinued operations —  138
loss on sale of discontinued operations 5 —  94 
income tax credit on loss on sale of discontinued operations —  61
total comprehensive profit for the period from discontinued operations — 105
5 disposal of businesses
total
2012
£’000
total
2011
£’000
consideration and costs
cash consideration —  2819 
costs — 114
  —  2705 
assets and liabilities sold
goodwill —  316 
other intangible assets —  102 
property plant and equipment —  1034 
inventories —  1065 
trade and other receivables —  1165 
trade and other payables —  733
income tax payable —  29
deferred taxation — 121
net assets sold —  2799 
loss on sale of businesses  —  94
net cash flow from operating activities — 136
net cash used in investing activities — 3
net cash used in financing activities — 180
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
29
animalcare group plc
annual report and accounts 2012
6 exceptional and other items
 note
2012
£’000 
2011
£’000 
executive severance payments 71 —
amortisation of acquired intangible assets 16 119  118
fair value movements on interest rate hedging 11 —  1 
total exceptional and other items  190 119
on 11
th
 november 2011 peter warner resigned from the board on termination of this contract he received a compensation package 
totalling £71000 including associated employers national insurance 
7 revenue and operating segments
ifrs 8 requires operating segments to be identified on the basis of internal reports about components of the group that are regularly 
reviewed by the chief operating decision maker to allocate resources and assess performance the chief operating decision maker 
is considered to be the chief executive officer of animalcare group plc performance assessment is based on underlying operating 
profit
following the disposal of the livestock business during september 2010 the group solely comprises one reportable segment being 
companion animal
during 2011 the group comprised two segments companion animal and livestock discontinued
2012 note
companion animal
2012
£’000
revenue 10856
gross profit 5862
underlying operating profit 2294
other items 6 119
exceptional items 6 71
operating profit 2104
finance income 11 2
profit before tax 2106 30
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
7 revenue and operating segments continued
2011 note
companion
animal
continuing
2011
£’000
livestock
discontinued
2011
£’000
eliminations
2011
£’000
segment
t otal
2011
£’000
unallocated
2011
£’000
t otal
2011
£’000
revenue
external sales  11812  2038  —  13850  —  13850 
intersegment sales   13  —  13 —   — 
total revenue   11825  2038  13 13850  —  13850 
gross profit  6390  1115  —  7505  —  7505 
underlying operating profitloss 3426  148  —  3574  373 3201 
other items 6 118 —  —  118 —  118
operating profit — discontinued 
operations 4 148
operating profit 2935
finance income 11 2
finance costs 11 52
profit before tax   2885
2012 note
companion animal
continuing
2012
£’000
products and services
licensed veterinary  5972 
animal identification  2338 
animal welfare  2546 
   10856 
other information
intangible asset additions 16 215
property plant and equipment additions 17 55 
depreciation and amortisation 16 17 326 
consolidated assets 19544
consolidated liabilities  2707
consolidated net assets  16837
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
31
animalcare group plc
annual report and accounts 2012
7 revenue and operating segments continued
2011 note
companion
animal
continuing
2011
£’000
livestock
discontinued
2011
£’000
eliminations
2011
£’000
segment
t otal
2011
£’000
unallocated
2011
£’000
t otal
2011
£’000
products and services
licensed veterinary  5784  —  — 5784 —  5784
animal identification  3232  907  13 4126  —  4126
animal welfare  2809  916  3725  —  3725 
other   —  215  —  215 —  215 
   11825 2038  13 13850  —  13850
other information
intangible asset additions 16 134   —  134   134
property plant and equipment 
additions 17 16  3  —  19  —  19
depreciation and amortisation 16 17 333  72  —  405  —  405 
consolidated assets 18784  — — 18784 —  18784
consolidated liabilities  2995 —   2995 2995
consolidated net assets  15789 —  —  15789  15789
2012
£’000 
2011
£’000 
key customers
number 3 3
percentage of total revenue 74 86
key customers all within the companion animal segment are those responsible for 10 per cent or more of segmental revenue
 
2012
£’000 
2011
£’000 
geographical market
united kingdom 10023 12879
other european countries 833 984
10856 13863
all the group assets are wholly located in the united kingdom and accordingly no geographical analysis of assets and liabilities is 
presented
an analysis of total group revenue is as follows
 
2012
£’000 
2011
£’000 
revenue from sale of goods 10052 12873
revenue from provision of services 804 990
10856 13863 
finance income 2 2
10858 13865 32
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
8 total comprehensive incomeloss for the year
 
2012
£’000 
2011
£’000 
total comprehensive incomeloss for the year has been arrived at after chargingcrediting
cost of inventories recognised as expense 4911 6309
depreciation of tangible assets 19 88
amortisation of intangible assets 307 317
research and development 89 86
operating lease rentals 206 185
profit on disposal of tangible assets — 2
loss on sale of businesses — 94
foreign exchange lossesgains 2 12
decrease in provision for receivables — 13
decrease in provision for inventories — 143
the above items are those chargedcredited to total comprehensive income only full details on items chargedcredited to 
exceptional and other items are contained in note 6
the analysis of remuneration paid to the company’s auditors is as follows
 
2012
£’000 
2011
£’000 
fees payable to the company’s auditors for the audit of the company’s annual accounts 25 18 
fees payable to the company’s auditors for other services to the group 3 15 
the audit of the company’s subsidiaries pursuant to legislation 28 16 
total audit fees 56 49 
tax services 26 9 
other services 4 12 
total nonaudit fees 30 21 
total auditors’ remuneration 85 70 
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
33
animalcare group plc
annual report and accounts 2012
9 directors’ remuneration and interests
emoluments
the various elements of remuneration received by each director were as follows
year ended 30
th
 june 2012
salary
£’000
bonus
£’000
company pension 
contributions
£’000
benefits
£’000
compensation for 
loss of office
£’000
t otal
£’000
j s lambert 31 — — — — 31
lord downshire 21 — — 2 — 23
r b harding
 appointed 11
th
 november 2011 13 — — — — 13
s m wildridge 151 34 11 — — 196
p o r warner
 resigned 11
th
 november 2011 29 5 4 — 66 104
dr i d menneer appointed1
st
 july 2011 71 8 9 6 — 94
c j brewster appointed 21
st
 june 2012 8— — — — 8
total 324 47 24 8 66 469
year ended 30
th
 june 2011
j s lambert 30  —  —  —  —  30 
lord downshire 20  —  —  2  — 22
s m wildridge 143 26 16 —  — 185
p o r warner
 appointed 13
th
 october 2010 61 18 5 1 — 85
g c rhodes
 resigned 30
th
 november 2010 9 —  — 1 — 10
j tobin resigned 31
st
 december 2010 43 — 21 — 35 99
total 306 44 42 4 35 431
 indicates nonexecutive directors
all company pension contributions relate to defined contribution pension schemes benefits consisted of private medical insurance 
compensation for loss of office was paid in cash 34
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
9 directors’ remuneration and interests continued
share options
the directors had the following beneficial options
s m wildridge
scheme emi unapproved unapproved unapproved emi unapproved total
exercise price £0575 £0575 £0575 £0975 £1675 £1675  
date of grant 2
nd
 july 2008 2
nd
 july 2008 3
rd
 july 2008 9
th
 july 2009 14
th
 oct 2011 14
th
 oct 2011 
outstanding at 30
th
 june 2011 89500  100000  100000  100000 — — 389500
granted during the year — — — — 71600 28400 100000 
exercised during the year 89500 100000 100000 — — — 289500
outstanding at 30
th
 june 2012 — — — 100000 71600 28400 200000
i d menneer
scheme emi emi total
exercise price £0975 £1675
date of grant 9
th
 july 2009 14
th
 oct 2011
outstanding at 30
th
 june 2011 5000 — 5000
granted during the year — 60000 60000
outstanding at 30
th
 june 2012 5000 60000 65000
c j brewster
scheme emi total
exercise price £130  
date of grant 22
nd
 june 2012 
granted during the year 30000 30000
outstanding at 30
th
 june 2012 30000 30000 
p o r warner
scheme emi saye emi emi total
exercise price £0575 £0440 £0975 £1675 £0575 
date of grant 2
nd
 july 2008 19
th
 aug 2008 9
th
 july 2009 14
th
 oct 2011 2
nd
 july 2008
outstanding at 30
th
 june 2011 — 1709  5000 — 6709 
granted during the year — — — 30000 30000
exercised during the year — 1709 5000 6709
lapsed during the year — — — 30000 30000
outstanding at 30
th
 june 2012 — — — — —
the directors’ interests in the shares of the company as at 30
th
 june are set out below
ordinary shares of 20p ordinary shares of 20p
j s lambert 1363691 1286691
lord downshire 1109583 1109583
s m wildridge 200068 129068
i d menneer 9381 na
in addition to the above lord downshire had a nonbeneficial interest in 310446 shares
p o r warner who resigned as director on 11
th
 november 2011 had interests in 10000 shares of the company at 30
th
 june 2012 
2011 — 5000 shares
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
35
animalcare group plc
annual report and accounts 2012
10 staff costs
 
2012
£’000 
2011
£’000 
number of employees
the average monthly number of employees including directors during the year was
production and distribution 4  13 
selling and administration 54  70 
 58  83
 
2012
£’000 
2011
£’000 
related costs
wages and salaries 1511 2015 
social security costs 176 196 
other pension costs 71 99 
 1758 2310 
11 finance costs and finance income
 
2012
£’000 
2011
£’000 
interest expense on financial liabilities held at amortised cost
bank interest — 54
fair value losses on financial instruments — 1
finance costs — 55
other net finance income
interest income on bank deposits 2 2
finance income 2 2
net finance incomecosts 2 53
finance costs above include the following amounts relating to discontinued operations
bank interest — 3
  finance costs arising from derivatives held at fair value through profit and loss relate to fair value movements on the group interest rate swap the costs are 
included within “other items” on the face of the statement of comprehensive income 36
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
12 income tax expense
 note
2012
£’000 
2011
£’000 
the income tax expensecredit comprises
current tax expense 470 728 
adjustment in the current year in relation to prior years  199 53
271 675
the deferred tax expensecredit comprises
origination and reversal of temporary differences 24 81 64
adjustment in the current year in relation to prior years 24 25 — 
 106  64
total tax expense for the year 377  611 
the total tax expense for the year comprises  
income tax expense in the statement of comprehensive income 377 665
income tax expensecredit on discontinued operations 4 — 7
income tax credit on loss on sale of discontinued operations 4 — 61
total tax expense for the year 377 611
the total tax charge can be reconciled to the accounting profit as follows
total comprehensive incomeloss for the year 1729  2325 
total tax expense 377 611
profit before tax 2106 2936
income tax calculated at 255 2011 — 275 537  807
effect of expenses not deductible 3  3 
effect of sharebased deductions 28  80
change in uk tax rate 13  32
effect of unprovided temporary differences —  2 
effect of writeback of deferred tax assetsliabilities 4 32
effect of adjustments in respect of prior years 174  53
377 611
the tax credit of £18000 2011 £52000 shown within “exceptional and other items” on the face of the statement of comprehensive 
income relates to the amortisation of acquired intangibles fair value movements on interest rate hedging and severance costs details 
of which are contained in note 6
during the year the group has reflected the reduction in the enacted uk corporation tax rate from 26 per cent to 24 per cent which 
is effective from 1
st
 april 2012 a further reduction to 23 per cent effective from 1
st
 april 2013 was substantively enacted on 3
rd 
july 
2012
the future 1 per cent standard tax rate reduction to 22 per cent effective from 1
st
 april 2014 is not expected to have a material impact 
on the financial statements
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
37
animalcare group plc
annual report and accounts 2012
13 dividends
 
2012
£’000 
2011
£’000 
ordinary final dividend paid in respect of prior year 615 609
ordinary interim dividend paid 311 203 
926 812
the final dividend paid during the year ended 30
th
 june 2012 was 30 pence per share 2011 30 pence per share the interim 
dividend paid during the year ended 30
th
 june 2012 was 15 pence per share 2011 10 pence per share
the proposed final dividend was approved by the board of directors on 27
th
 september 2012 and is subject to approval of 
shareholders at the annual general meeting the proposed dividend has not been included as a liability as at 30
th
 june 2012 in 
accordance with ias10 “events after the balance sheet date”
14 earnings per share
basic earnings per share amounts are calculated by dividing the total comprehensive income for the year attributable to ordinary equity 
holders of the company by the weighted average number of fully paid ordinary shares outstanding during the year
the following income and share data was used in the basic earnings per share computations
 
underlying 
earnings before 
exceptional and
 other items
2012
£’000 
underlying 
earnings  before 
exceptional and
 other items
2011
£’000
total
earnings
2012
£’000
total
earnings
2011
£’000
total comprehensive income attributable to equity holders of 
the company 1901 2392 1729 2325
total comprehensive income from continuing operations 
attributable to equity holders of the company 1901 2287 1729 2287
total comprehensive incomeloss from discontinued 
operations attributable to equity holders of the company — 105 — 10
 
2012
no
2011
no
2012
no
2011
no
basic weighted average number of shares 20546961 20225635 20546961 2022563
dilutive potential ordinary shares 58085 239891 58085 239891
20605046 20465526 20605046 20465526
total earnings per share
basic 93p 118p 84p 115p
fully diluted 92p 117p 84p 114p
earnings per share from continuing operations
basic 93p 113p 84p 110p
fully diluted 92p 112p 84p 108p
earnings per share from discontinued operations
basic — 05p — 05p
fully diluted — 05p — 05p 38
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
15 goodwill
 
group
£’000 
company
£’000 
cost
at 1
st
 july 2010 15947 715 
disposals 3238 715
at 1
st
 july 2011 and 30
th
 june 2012 12711 —
accumulated impairment losses
at 1
st
 july 2010 2922  715 
disposals 2922 715
at 1
st
 july 2011 and 30
th
 june 2012 — —
net book value 
at 30
th
 june 2012 12711 —
at 30
th
 june 2011 12711 — 
the carrying amount of group goodwill is allocated to the companion animal segment
the recoverable amount of goodwill is determined from value in use calculations
the group prepares cash flow forecasts derived from the most recent financial budgets and projections approved by management for 
the next three years and thereafter assuming an estimated annual growth rate of 19 per cent 2011 — 10 per cent
the financial budgets and projections are based on past experience and actual operating results the growth rates for the three 
year period are based on current performance of the existing product portfolio and the contribution from new products currently 
in development which will be launched in the short term the directors consider the growth rate to be modest based on historical 
performance the directors believe that the longterm growth rate does not exceed the average longterm growth rate for the uk 
economy
the directors estimate the discount rates using the posttax rates that reflect the current market assessments of the time value of 
money and the risks specific to the cashgenerating unit “cgu” in the current year the directors estimated the applicable pretax 
rate to be 114 per cent 2011 — 121 per cent
the directors modelled a range of different scenarios by applying sensitivities to both the cash flow assumptions and the discount 
rate based on this sensitivity analysis there is significant headroom between the value in use calculation and the carrying value of the 
cgu
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
39
animalcare group plc
annual report and accounts 2012
16 other intangible assets
group 
acquired
brands and
customer
 relationships
£’000
new product
 development
 costs
£’000
capitalised
 software
£’000
total
£’000
cost
at 1
st
 july 2010 1361  1336  209  2906 
additions  —  92  42  134 
sale of business — 200 210 410
at 30
th
 june 2011 1361  1228  41  2630 
additions —  161  54  215 
at 30
th
 june 2012 1361  1389  95  2845 
amortisation
at 1
st
 july 2010 297  350  154  801 
charge for the year  118  188  11  317 
sale of business —  145  163 308 
at 30
th
 june 2011 415  393  2  810 
charge for the year  119  169  19  307 
at 30
th
 june 2012 534  562  21  1117 
carrying value
at 30
th
 june 2012 827  827  74  1728 
at 30
th
 june 2011  946  835  39  1820 
veterinary medicine product development costs are amortised over 4 to 7 years acquired brands are amortised over 15 years and 
acquired customer relationships are amortised over 10 years the amortisation period for capitalised software relating to the bespoke 
online ordering system is 4 years 
company 
product
 development
 costs
£’000
capitalised
 software
£’000
total
£’000
cost
at 1
st
 july 2010 145  264  409 
additions —11
sale of business 145 265 410
at 1
st
 july 2011 and 30
th
 june 2012 — — —
amortisation
at 1
st
 july 2010 138  154  292 
charge for the year 79 16
sale of business 145 163 308
at 1
st
 july 2011 and 30
th
 june 2012 — — —
carrying value
at 30
th
 june 2011 and 30
th
 june 2012 —  —  —  40
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
17 property plant and equipment
group 
freehold land 
and buildings 
£’000
leasehold 
improvements
£’000
plant and
equipment
£’000
office
 furniture and 
equipment
£’000
motor 
vehicles
£’000
total
£’000
cost
at 1
st
 july 2010 1268  73  1874  550  51  3816 
additions  —  —  10  8  —  18 
sale of businesses 1268 73 1821  480  19  3661 
disposals  —  — — — 9 9
at 1
st
 july 2011 — — 63  78  23  164 
additions  —  —  —  55  —  55 
at 30
th
 june 2012 —  —  63  133  10  219 
depreciation
at 1
st
 july 2010 609  46  1583  387  38  2663 
charge for the year 8  1  36  35  8  88 
sale of businesses  617  47  1589  357  17 2627 
on disposals — — — — 7 7
at 1
st
 july 2011 — — 30  65  22  117 
charge for the year — — 10  8  1  19 
at 30
th
 june 2012 —  —  40 73 10 136
net book value
at 30
th
 june 2012 —  —  23  60 — 83 
at 30
th
 june 2011 — — 33  13  1 47 
company 
freehold land 
and buildings 
£’000
plant and
equipment
£’000
office
 furniture and 
equipment
£’000
motor 
vehicles
£’000
total
£’000
cost
at 1
st
 july 2010 718  1581  409  8  2716 
additions ——1—1
sale of business 718 1581 410 8 2717
at 1
st
 july 2011 and 30
th
 june 2012 —  —  —  —  — 
depreciation
at 1
st
 july 2010 289  1342  282  8  1921 
charge for the year 3 15 17 — 35
sale of business 292 1357 299 8 1956
at 1
st
 july 2011 and 30
th
 june 2012 —  —  —  —  — 
net book value
at 30
th
 june 2011 and 30
th
 june 2012 — — — — —
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
41
animalcare group plc
annual report and accounts 2012
18 investments in subsidiaries
subsidiary undertakings
company
 
2012
£’000 
2011
£’000 
cost
at 1
st
 july 2011 and 2010 14361  17384 
disposals — 3023
at 30
th
 june 14361  14361 
accumulated impairment losses
at 1
st
 july 2011 and 2010 —  2108 
impairment losses for the year —  — 
disposals — 2108
at 30
th
 june —  — 
net book value 14361  14361 
the disposal during 2011 relates to fearing international stock aids limited which was sold in september 2010 the estimate of 
fair value less costs to sell for this business was substantiated by reference to the disposal proceeds as disclosed in note 5 the 
impairment charge related to the company’s investments in fearing international stock aids limited and naychem limited formerly 
travik chemicals limited the impairments were calculated based on the recoverable amount determined as estimated fair value less 
costs to sell
the principal subsidiary undertakings of the company are summarised below the companies listed include all those which principally 
affected the earnings and assets of the group
 
country of
registration or
incorporation class
shares held

animalcare ltd england ordinary 100
naychem limited england ordinary 100
the principal activity of these undertakings for the last financial year was as follows
  principal activity 
animalcare ltd sale of companion animal products and services
naychem limited nontrading
on 17
th
 september 2010 the company disposed of the shares of fearing international stock aids limited on 17
th
 november 2010 
the company disposed of the trade and certain assets of naychem limited
19 inventories
group
 
2012
£’000 
2011
£’000 
finished goods and goods for resale  1420 1346
   1420 1346 
in the directors’ opinion the replacement cost of inventories is not materially different from their balance sheet value 42
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
20 other financial assets
trade and other receivables
group company
 
2012
£’000
2011
£’000
2012
£’000
2011
£’000
trade receivables  1134  1520  —  
amounts receivable from subsidiaries  —  — 423 420 
corporation tax – group relief — — 431 216
other receivables 66 35 4 8 
prepayments and accrued income 97 126 8 8 
  1297 1681 866 652 
the directors consider that the carrying amount of trade and other receivables approximates to their fair value
movement in allowance for doubtful debts
group company
 
2012
£’000
2011
£’000
2012
£’000
2011
£’000
balance at 1
st
 july 5 20 — 15
impairment losses recognised  5 15 — 15
balance at 30
th
 june — 5 — —
ageing of past due but not impaired receivables
group
 
2012
£’000
2011
£’000
1–30 days past due 31 61
31–90 days past due — 8
91 days and more — 5
 31 74
the group has not provided for these as there has not been a significant change in the credit quality and the directors consider that 
the amounts are still recoverable
cash and cash equivalents
group company
 
2012
£’000
2011
£’000
2012
£’000
2011
£’000
cash and cash equivalents 2305 1179 1738 207
cash and cash equivalents comprise cash and shortterm bank deposits with an original maturity of three months of less
the carrying amount of these assets approximates their fair value
credit risk
the company’s principal financial assets are bank balances and cash and trade and other receivables the company’s credit 
risk is primarily attributable to its trade receivables the amounts presented in the balance sheet are net of allowances for doubtful 
receivables an allowance for impairment is made where there is an identified loss event which based on previous experience is 
evidence of a reduction in the recoverability of the cash flows the allowance for doubtful debts represents the difference between the 
carrying value of the specific trade receivables and the present value of the expected recoverable amount
the average credit period on sales of goods is 31 days 2011 — 40 days no interest has been charged on overdue receivables
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
43
animalcare group plc
annual report and accounts 2012
21 other financial liabilities
group company
 
2012
£’000
2011
£’000
2012
£’000
2011
£’000
trade payables 702 958 70 49 
amounts payable to subsidiaries — — 2821 61 
other taxes and social security costs 338 273 40 45 
other creditors 227 213 27 40 
accruals 49 123 9 7 
 1316 1566 2967 202 
the directors consider that the carrying amount of trade and other payables approximates their fair value
22 financial instruments
capital and liquidity risk management
at 30
th
 june the group was contractually obliged to make repayments of principal and payments of interest as detailed below
 
within one year
 or on demand
£’000 
1–2 years
£’000 
3–5 years
£’000 
more than
5 years
£’000 
total
£’000 
2012
trade and other payables 1316——— 1316
2011
trade payables and leases  1566  —  —  —  1566
categories and fair value of financial instruments
carrying value
 
2012
£’000 
2011
£’000 
financial assets
trade and other receivables including cash and cash equivalents 3505 2734
financial liabilities
trade and other payables 1316 1566
the fair values of the group’s financial assets and liabilities are not materially different from their carrying values
foreign currency risk management
the group undertakes transactions denominated in foreign currencies which gives rise to the risks associated with currency exchange 
rate fluctuations exposures are managed by a combination of matching foreign currency income and expenditure maintaining foreign 
currency deposits and the use of forward exchange contracts the carrying value of the group’s foreign currency assets and liabilities 
at the reporting date was
assets liabilities
 
2012
£’000
2011
£’000
2012
£’000
2011
£’000
euro 54 245 9 175 
us dollar — 29 53 234 
nz dollar — 24 — —  44
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
22 financial instruments continued
foreign currency sensitivity analysis
at 30
th
 june 2012 the group is mainly exposed to the euro and the us the following table details the effect of a 10 per cent 
increase and decrease in the exchange rate of these currencies against sterling when applied to outstanding monetary items 
denominated in foreign currency as at 30
th
 june 2012 a positive number indicates that an increase in profit which would arise from a 
10 per cent strengthening of sterling against these currencies a negative number indicates that a decrease would arise
 
strengthening
£’000 
weakening
£’000 
euro 4 5
us 5 6
interest rate sensitivity analysis
this sensitivity analysis was not performed as the group had no exposure to interest rates for either derivatives and nonderivative 
instruments at the balance sheet date
forward foreign exchange contracts
the group had no 2011 — five open foreign exchange contracts at 30
th
 june 2012 the values are shown below
 
2012
£’000 
2011
£’000 
principal value — 245
fair value —  — 
capital management
in line with the disclosure requirements of ias 1 presentation of financial statements the company regards its capital as being the 
issued share capital together with its banking facilities used to manage shortterm working capital requirements note 25 to the 
financial statements provides details regarding the company’s share capital and movements in the period there were no breaches of 
any requirements with regard to any relevant conditions imposed by the company’s articles of association during the periods under 
review
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
45
animalcare group plc
annual report and accounts 2012
23 deferred income
deferred income arises from certain services sold by the group’s subsidiary animalcare ltd in return for a single upfront payment 
animalcare ltd commits to a fixed term contract to provide certain database pet reunification and other support services to 
customers there is no contractual restriction on the amount of times the customer makes use of the service at the commencement 
of the contract it is not possible to determine how many times the customer will make use of the services nor does historical evidence 
provide indications of any future pattern of use as such income is recognised evenly over the term of the contract currently 
eight years
movements in the group’s deferred income liabilities during the current and prior reporting period are as follows
 
2012
£’000 
2011
£’000 
balance at the beginning of the period 1044 991 
income deferred to future periods 189  231 
release of income deferred from previous periods 182 154
 1051 1044
the deferred income liabilities fall due as follows
 
2012
£’000 
2011
£’000 
within one year 207 182 
after one year 844 862 
 1051 1044 
income recognised during the year is set out below
 
2012
£’000 
2011
£’000 
income received 203 220 
income deferred to future periods 189 207
release of income deferred from previous periods 182 154 
income recognised in the year 196 167  46
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
24 deferred tax liabilities
the following are the major components of the deferred tax liabilitiesassets recognised by the group and the movements thereon 
during the current and prior reporting period
 
property plant and 
equipment
£’000
share based
 payments
£’000
other
£’000
intangible fixed assets
£’000
total
£’000
balance at 1
st
 july 2010  55  94 3 292  250 
chargecredit to income 13 28 3 52 64
disposal of businesses 127 — — 6 121
balance at 30
th
 june 2011 59 122 246 65
creditcharge to income 45 111 2 48 106
balance at 30
th
 june 2012 14 11 2 198 171
as set out in note 12 the rate of corporation tax will be reducing to 23 per cent on 1
st
 april 2013 a reduction of 1 per cent would 
reduce deferred tax liabilities if applied at 30
th
 june 2012 to £164000
the following are the major components of the deferred tax liabilitiesassets recognised by the company and the movements 
thereon during the current and prior reporting period
 
accelerated
tax depreciation
£’000
sharebased
payments
£’000
other
£’000
total
£’000
balance at 1
st
 july 2010 58  93 — 35
credit to income — 7 — 7
disposal of businesses 114 — — 114
at 30
th
 june 2011 56 100 — 156
charge to income 35 92 2 125
at 30
th
 june 2012  21 8 2 31
as set out in note 12 the rate of corporation tax will be reducing to 23 per cent on 1
st
 april 2013 a reduction of 1 per cent would 
reduce deferred tax assets if applied at 30
th
 june 2012 to £164000
25 share capital
 
2012
no 
2011
no 
allotted called up and fully paid ordinary shares of 20p each 20720204 20373711
 
2012
no 
2011
no 
allotted called up and fully paid ordinary shares of 20p each 4144 4075
during the year £69000 2011 — £65000 of ordinary shares were issued for proceeds of £197000 2011 — £179000 resulting in a 
share premium of £128000 2011 — £114000
notes to the accounts
year ended 30
th
 june 2012 our governance our financials our business
47
animalcare group plc
annual report and accounts 2012
26 contingent liabilities
cross guarantees were in place at 30
th
 june 2012 in respect of bank borrowing facilities between the group companies
27 operating lease arrangements
the group as lessee
 
2012
no 
2011
no 
lease payments under operating leases recognised as an expense in the year 206 185
at the balance sheet date the group had outstanding commitments for future minimum lease payments under noncancellable 
operating leases which fall due as follows
 
2012
£’000 
2011
£’000 
within one year 120 108 
in the second to fifth years inclusive 69 39 
after five years — 5 
 189 152 
operating lease payments represent rentals payable by the group for certain of its office properties vehicles and office equipment
28 sharebased payments
details of the movement in share options during the year are as follows
emi saye unapproved
 options
price
£ options
price
£ options
price
£
outstanding at beginning of year 144500 0727 50240 0440 300000 071
granted during the year 276500 1556 75337 1340 28400 1675
lapsed during the year 935000 1640 6470 1340 — 058
exercised during the year 99500 0615 46993 0440 200000 —
open at 30
th
 june 2011 286600 1455 72114 0440 128400 1130
exercisable at the end of the year — — — — — —
the weighted average inputs into the black–scholes model at the time of grant were as follows
 
emi
scheme 
saye
scheme 
unapproved
scheme 
weighted average share price 133p 88p 85p
weighted average exercise price 136p 69p 90p
expected volatility 44 40 35
expected life 30 years 3years 32 years
riskfree rate 07 38 24
expected volatility was determined by calculating the historical volatility of the group’s share price over the previous two years the 
expected lives used in the model were estimated based on management’s best estimate for the effects of nontransferability exercise 
restrictions and behavioural considerations
the aggregate estimated fair value of the options granted during the year was £nil 2011 — £nil
the group recognised total expenses of £48000 2011 — £16000 within administrative expenses 48
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
29 related party transactions
trading transactions
during the year ended 30
th
 june the following trading transactions took place between the company and its subsidiaries listed in note 18
2012 
animalcare ltd
£’000 
total
£’000 
management charges levied 192 192
2011
animalcare ltd
£’000
fearing international 
stock aids limited
£’000
naychem limited formerly 
travik chemicals limited
£’000
total
£’000
sale of goods —  62  —  62 
purchase of goods —  13  98  111 
management charges levied 187  7  21  215 
dividends received 3892  180  —  4072 
remuneration of key management personnel
the remuneration of the directors who are the key management personnel of the group is set out in aggregate for each of the 
categories specified in ias 24 related party disclosures further information about the remuneration of directors is provided in note 9
the directors’ interests in the shares of the company are contained in note 9
notes to the accounts
year ended 30
th
 june 2012 officers and professional advisors
directors j s lambert
s m wildridge
lord downshire
i d menneer
c j brewster
r b harding
secretary c j brewster
company number 1058015
registered ofﬁce common road
dunnington
york
yo19 5ru
auditors kpmg audit plc
1 the embankment
neville street
leeds
ls1 4dw
bankers barclays bank plc
po box 190
1 park row
leeds
ls1 5wu
solicitors langleys
queens house
micklegate
york
yo1 6wg
nominated advisor and broker n1brewin
34 lisbon street
leeds
ls1 4lx
registrars capita registrars ltd
34 beckenham road
beckenham
kent
br3 4tu animalcare group plc
common road 
dunnington
york  
yo19 5ru
uk
t 44 0 1904 487687
f 44 0 1904 487611
e infoanimalcaregroupcouk
wwwanimalcaregroupcouk


Summary:
 04
animalcare group plc
annual report and accounts 2012
wwwanimalcaregroupcouk
stock code ancr
chairman’s statement
introduction
this has been a difﬁcult year for animalcare but i 
believe the measures the board has taken will see it 
beginning to grow again during the current ﬁnancial 
year animalcare is currently made up of three 
product groups licensed veterinary medicines 
companion animal identiﬁcation and animal welfare 
products that are all sold mainly through veterinary 
practices whilst the licensed veterinary medicines 
have continued to grow albeit slower than 
anticipated there has been a marked reduction in 
sales of both identichip and animal welfare products 
during the year your board is refocusing the 
management on these two areas plus the continued 
development of new licensed veterinary products 
and this should return your company to growth 
during the current year
financial trading
sales during the ﬁnancial year fell by 82 per cent 
from £118 million to £109 million this resulted 
in a reduction in underlying proﬁt before tax from 
£23 million to £18 million and fully diluted 
earnings per share from continuing operations fell 
18 per cent from 112p to 92p however your 
company continues to be strongly cash generative 
and the yearend cash position has grown from 
£118 million to £231 million which helps improve 
the strength of our balance sheet the reduction of 
sales was mainly caused by the delay to relaunch 
a replacement “single dose buprecare ampoule” 
in the veterinary medicine market a 28 per cent 
fall in sales in our companion animal identiﬁcation 
business and a 9 per cent reduction in sales in 
animal welfare products to reverse this trend your 
board promoted dr iain menneer from marketing 
director to managing director animalcare ltd in 
charge of all sales and marketing in the uk this 
allows stephen wildridge chief executive ofﬁcer to 
concentrate on increasing and delivering our product 
development pipeline and sales of our licensed 
veterinary medicines through our european partners
dividend
with the increase in cash and the strong underlying 
cash ﬂow of your business the company increased 
the interim dividend from 10 pence per share to 
15 pence per share which was paid on 4
th
 may 
2012 with this in mind the board proposes to 
maintain the ﬁnal dividend at 3 pence per share 
this gives a total dividend for the year of 45 pence 
per share an increase of 125 per cent over the 
previous ﬁnancial year and is covered 21 times 
by earnings the dividend which is subject to 
shareholders’ approval at our annual general 
meeting to be held on 6
th
 november 2012 will be 
paid on 16
th
 november 2012 to the shareholders on 
the register on 19
th
 october 2012
“this has been a difﬁcult year for animalcare but i believe 
the measures the board has taken will see it beginning to 
grow again during the current ﬁnancial year”
buprecare multi dose 
vial launched during 
the financial year our governance our financials our business
05
animalcare group plc
annual report and accounts 2012
the board
your board has been considerably strengthened 
during the year with the appointment to the board of 
dr iain menneer managing director of animalcare ltd 
and also ray harding as a nonexecutive director 
until 2010 ray was an owner and managing director 
of cyton bioscience ltd a leading company in 
multiservice consultancy to both the animal health 
and pharmaceutical industries and he remains as a 
parttime consultant to it chris brewster also joined 
the board towards the end of the ﬁnancial year as 
chief financial ofﬁcer and company secretary 
he gained considerable commercial experience as 
group accounting manager at findus group prior to 
this chris was a senior manager in the kpmg audit 
department in the leeds ofﬁce i would like to thank 
on behalf of the board all our customers suppliers 
and colleagues who have helped support and develop 
animalcare during the year
prospects
the board believes with the focus on growing our 
companion animal identiﬁcation business the 
resumption of supply of buprecare ampoules and 
the planned launch of four new licensed veterinary 
products during the ﬁnancial year animalcare should 
return to growth 
your board is encouraged by current trading for the 
beginning of the ﬁnancial year
james lambert
chairman