Virbac : Group's perspectives for 2015 impacted by the industrial situation in the United-States
(Thomson Reuters ONE) -
Group's perspectives for 2015
impacted by the industrial
situation in the United-States
Public release - June 23rd, 2015
During the Annual Shareholders Meeting to be held on June 24th, Virbacs'
management will provide the following update on 2015 perspectives.
Virbac reminds that early this year, its U.S. affiliate has interrupted
manufacturing and deliveries from its St. Louis (Missouri) facility, in order to
implement in the best conditions the Quality System Improvement Plan
("Q.S.I.P.") submitted to the F.D.A. following the inspection completed by this
authority end of 2014. As mentioned with the release of Group's first quarter
revenue, the action plans initiated are progressing according to expectation.
The teams have been strengthened with the recruitment of a very experienced
vice-president, Manufacturing, which was publicly announced recently, as well as
a vice-president, Quality Assurance also very experienced, who will join Virbac
US on the 1(st) of July. Manufacturing of some ranges has resumed gradually in
the course of the second quarter.
Nevertheless, the validation process followed at all steps necessary to fully
secure the resumption of manufacturing, product by product, is slowing down the
rate of recovery of production globally. As a result, the recovery will spread
over a longer period than initially contemplated, delaying the return to market
of an important number of products to the second half of the year.
Consequently, the U.S. affiliate will ultimately suffer in 2015 from a
significant drop in revenue generated by its historical range, i.e. excluding
the Sentinel range acquired in the beginning of this year. The very positive
contribution from Sentinel will largely exceed such decline but will not allow
to offset the resulting impact: loss of margin, under-absorption of fixed
operating costs and one-time expenses incurred in St. Louis. Thus the current
operating result of this affiliate in 2015 is now expected to decrease despite
the integration of Sentinel.
The evolution of business in the other regions of the world cannot compensate
for the erosion of results in the United-States; at consolidated level this
situation might result in a decrease of the Group's current operating profit in
2015, despite the favorable impact of exchange rates. For the first half-year,
current operating profit is already expected to show a significant decrease as
compared to the same period of 2014.
Virbac : Group?s perspectives for 2015 impacted by the industrial :
http://hugin.info/136717/R/1930581/693910.pdf
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originality of the information contained therein.
Source: Virbac via GlobeNewswire
[HUG#1930581]
Unternehmensinformation / Kurzprofil:
Datum: 23.06.2015 - 17:46 Uhr
Sprache: Deutsch
News-ID 402522
Anzahl Zeichen: 3513
contact information:
Town:
Carros
Kategorie:
Business News
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