Ceva reports 18.5% sales growth for 2010
Company invested in R&D, infrastructure, acquisitions
Ceva Santé Animale has reported growth for the tenth consecutive year, with sales up 18.5% to €468 million (US$664.5 million) including partial sales from the company's latest acquisitions.
“2010 was an impressive year for Ceva as we completed our first 10-year plan ahead of our objectives," said Chairman and CEO Dr. Marc Prikazsky. "We achieved solid growth yet again, aided in part by favorable market conditions."
On a proforma basis, sales passed the €500 million (US$710.1 million) barrier for the first time. The result was favorably impacted by foreign exchange gains, with overall sales growth of 9.3% after adjustment.
Record levels of R&D and industrial investments were made to support the group’s innovation strategy and R&D investments reached €42 million (US$59.7 million), 9% of sales. Two acquisitions, Summit VetPharm in the United States and Nature Vet in Australia, significantly increased Ceva’s position in key segments of the companion animal market. Due to sales seasonality, the late-August acquisition of SVP had marginal impact on 2010 results. Nature Vet, a specialist equine and companion animal business, performed well with strong sales and earnings growth both in Australia and export markets.
At the infrastructural level, Ceva made several investments in its manufacturing and distribution capacity to support existing and anticipated growth. The company completed construction of a new facility at its biotechnology campus in Lenexa, Kan., to produce vector vaccines. A new distribution center and administrative building was added to the headquarters in Libourne, France.