Vetoquinol shares were up on Thursday morning following the announcement of a 7.7% increase in first-quarter sales, to €145.5 million.

At constant exchange rates, sales growth was 7.2%.

In its press release, the animal health specialist points out that its first-quarter sales took account of an "overstocking" effect at its customers in North America and Europe.

The group explains this phenomenon by its desire to ensure continuity of service to its customers in view of the implementation of a new ERP (enterprise resource planning) tool in April.

Excluding this overstocking effect, which will be smoothed out over the first half of the year, the laboratory's sales growth would have been breakeven at constant exchange rates for the quarter.

Vetoquinol, which stresses that its financial structure has continued to strengthen thanks to positive cash flow generation in the first quarter, maintains its objective of "profitable growth" for the full year.

At 10.10 am, the share price was up 2.6%, while the SFB 120 index was down 0.2% at the same time.

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