Apiam Animal Health has posted a gross profit of $137.3 million in its 2024 full-year results, an increase of 9.6 per cent on the prior comparable period (pcp).
The company stated that a focus on the provision of higher value products and consulting services across all segments of the group drove this result.
Apiam’s revenue grew 6.2 per cent to $204.8 million, supported by a strong revenue performance in Apiam’s beef feedlot business as well as acquisitions executed early in the first half of FY24.
It’s clinical vet services segment, which comprises of a network of 66 veterinary clinics, reported revenue growth of 7.4 per cent in FY24, but on a like-for-like bases was down 1.6 per cent vs the pcp.
“While this like-for-like growth was below prior period trends, this impact is in-line with Company expectations following COVID-related peaks in new pet ownership, and the fact that veterinary input across the life stages of COVID pets hits the lowest part of the life-stage cycle at 2-3 years,” the company stated.
Apiam’s Beef Feedlot and Pigs segments made a strong profit contribution to the group in FY24, with revenues in this segment increasing 2.3 per cent vs the pcp as industry conditions improved after a challenging few years.
“Apiam’s Beef Feedlot and Pigs segments made a strong profit contribution to the group in FY24 as the company’s increasing use of data-lead veterinary and production consultancy services have driven improved margins.
“These segments accounted for 22 per cent of the Company’s revenues in FY24.”
Looking ahead, Apiam expects a ramp-up of greenfield clinics as well as the four clinic locations where significant business restructuring has been undertaken, which will add further growth opportunities in the year ahead.
It’s exposure to a diversified customer base through Apiam’s Clinical Vet Services and Intensive Animal Vet Services model delivers many opportunities for growth. In the year ahead, the company plans to leverage its investment in new product technologies to drive growth across its commercial pig and beef feedlot customer base.
To stay up to date on the latest industry headlines, sign up to the Pet Industry News e-newsletter.