Swedencare revenue skyrockets by 221%

The Swedish company generated an operating profit of SEK129.7 million (€12.2M / $13.8M), 116% more than the previous year. In 2020, the company reached SEK239.9 million (€22.7M / $25.8M) in revenue.

Despite the good year results, the company said that the earnings in the last quarter of 2021 “still experienced” the effects of the pandemic. In Q4, Swedencare posted net revenue of SEK255.2 million (€24.1M / $27.4M), a 154% increase against the same period of last year.

“Due to the rapidly increasing prices for raw materials, we had anticipated lower margin this quarter, especially for Vetio, the acquisition completed this summer,” said CEO Håkan Lagerberg.

Last July, the company got an investment from Symrise to acquire Vetio, which provides contract drug development and manufacturing for animal health companies worldwide.

Swedencare said that Vetio faced some challenges during the last quarter of 2021, mainly due to significant price increases on raw material and packaging material.

The company also acquired Italian pet healthcare company Innovet, which is focused on the veterinary segment. Access is expected to take place on March 1st.

A few days ago, the corporation also announced the largest transaction in its history with the acquisition of US pet supplements company NaturVet for $447.5 million (€393M). “I hardly would have dared to dream about just one year ago,” admitted CEO Lagerberg. 

He also pointed out that the company is looking forward to delivering high growth and a good result this 2022.

The provider recently set the goal to reach an operating profit of SEK4 billion by 2026.