The Probiotec Limited (ASX: PBP) share price is shooting higher as the company presented its annual general meeting. The Probiotec share price is rising despite today’s 1.9% decline in the All Ordinaries Index (ASX: XAO). Shares are currently trading 3.17% higher as the company reaches a price of $1.79.
What Probiotec does
Probiotec is a manufacturer, marketer and distributor of a range of prescription and over-the-counter (OTC) pharmaceuticals, complementary medicines and consumer health products.
It owns 4 manufacturing facilities in Australia and counts a number of major international pharmaceutical companies as customers. As such, it distributes products both domestically and internationally.
How are the financials?
The company highlighted its strong year of growth, telling the AGM:
2020 was a highly successful year for Probiotec in which we successfully met our objectives and achieved strong financial results for shareholders.
The company reported revenue growth of 46% from the year before, bringing in $107.2 million. It was the first time Probiotec has reached more than $100 million in revenue. Furthermore, the company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $16.9 million, up 79% on FY19. This was towards the upper end of its guidance ($16 to $17 million).
Probiotec’s strong financial performance was driven by impressive organic growth and solid acquisitions. This was performed in the face of the coronavirus pandemic that has driven the S&P/ASX 200 Index (ASX: XJO) down 10.5% from this time a year ago.
What’s next for the Probiotec share price?
The company did not provide guidance due to the ongoing uncertainty surrounding COVID-19. However, Probiotec reported that its Q1 FY21 trading performance was ahead of budget. The company announced that sales were up 6.5% with each of its operations performing above expectations.
The Probiotec share price is currently trading 3.75% higher as it looks to bounce of its 52-week low of $1.55.