The Swedish company of pet health care products, Swedencare, published its net sales of 2021 to the amount of SEK770.4 million (€72.8M / $82.7M). Swedencare could increase its operating profit by 116% (SEK129.7 million (€12.2M / $13.8M)).
According to the company, it “still experienced” the effects of the pandemic in the last quarter of 2021 with a revenue of SEK239.9 million (€22.7M / $25.8M).
“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.
In summer 2021, Symrise invested in Swedencare to acquire Vetio. Vetio is specialised in drug development and producing for companies all over the world. According to Swedencare, Vetio have had some struggles in the last year because of the price increase of raw and packaging materials.
Additionally, the company made the acquisition of Italian Pet Health Care company Innovet. Regarding to its largest transaction by acquiring the US pet supplements company NaturVet for $447.5 million (€393M) so far, Lagerberg admitted, “I hardly would have dared to dream about just one year ago.”
He also forecasted another growth and even better results in 2022. According to the company, it plans to achieve an operating profit of SEK4 billion by 2026.