Vetoquinol posted Q1 2018 consolidated sales of €87.6 million, up 5.6% like for like and 0.4% as reported, compared to the same period last year. Negative currency impacts of 5.2% were mainly related to the US and Canadian dollars and the Indian rupee.
Essentials product sales amounted to €41.9 million, up 10.5% like-for-like and 6.8% as reported. They accounted for 47.8% of Group sales in Q1 2018, up from 45.0% the previous year. Vetoquinol continues to post solid performances with regard to the Group's strategic driver and intends to step up momentum.
Sales of companion animal products came to €48.1 million, up 1.3% as reported and 6.7% like-for-like, while livestock product sales fell 0.6% to €39.5 million as reported, after taking into account a 5.0% negative currency impact.
Sales generated in Europe increased 5.9% as reported, mainly due to a favorable baseline in the previous year and the strong momentum of Essentials products throughout the continent. The Americas and Asia Pacific posted like-forlike growth of 6.9% and 2.0% respectively. Currency impacts in the two regions were significant, translating into a decline of 5.7% and 4.0% respectively, on a reported data basis.
The Group has applied IFRS 15 "Revenue from Contracts with Customers" since January 1, 2018. In order to present comparable data from one year to the next, the Group restated its reported sales figures, resulting in a €4.4 million increase with respect to 2017. Expenses and other external charges increased by the same amount. This restatement has no impact on the Group's EBIT in 2017 or 2018, expressed in Euros. All of the figures presented in this release have been restated to include the impact of applying IFRS 15.
As of March 31, 2018, no material events had affected the Group’s strong balance sheet.
Vetoquinol CEO Matthieu Frechin said: "Our solid like-for-like growth was fueled by the development of the sales of our Essentials products. This first quarter marks a strong start to the year; we're continuing the roll-out of our multi-specialist strategy geared towards 4 target species and 6 therapeutic domains on our strategic markets".
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