Consolidated first semester sales of Ceva Group reached EUR366.5 million (US$493.49 million) at the end of June, representing growth of 18.3 percent when compared to the first six months of 2013. At constant perimeter (excluding the Sogeval acquisition at the end of 2013) and exchange rates, growth was 10.8 percent. Unfavorable exchange rate movements impacted Ceva’s sales by EUR22 million (US$29.2 million).
Sales grew in all zones, with a particularly strong performance from the companion animal sector, where a 12 percent improvement was reported. Vectra, Ceva’s leading topical parasiticide for companion animals, benefited from strong sales in the U.S. and a successful launch across the European Union.
Ceva’s LMBO to help company’s growth
Ceva began its 4th and latest leveraged management buyout (LMBO) on July, 1, following a highly successful reshaping of its capital structure to include a diverse range of new shareholders who will help Ceva to achieve its ambition to become one of the top five global animal health companies by 2020.
Marc Prikazsky, Ceva’s chairman and CEO commented: “To finish the last 6 months of our previous LMBO on such a high note is extremely pleasing. Our new shareholders have placed a lot of confidence in the future of our business, not least the management team who re-invested very significantly to retain majority control. These results demonstrate that we have the right platform in place to deliver future sustained growth.”