Full Year 2018 Virbac SA Earnings Call Transcript
Hello, everybody. Thank you for attending the session, either physically or through the webcast which has been open. So it's our pleasure to present you the 2018 financial results and to give you some updates on the journey of Virbac and some elements regarding the perspectives. So as usual, I'm going to cover the first section, which is the financial highlights of the group for 2018 and then I will hand over to Sébastien, who will cover some more qualitative elements regarding achievements as well as some updates on the business and priorities for 2019 and the years to come.
So couple of slides to highlight the main achievements and the first message is back to growth. We have delivered in 2018 a solid organic growth of 4.5%, driven by all areas. The sales growth has been aligned with market growth despite distribution stock decreasing in the USA, and we'll come back to that. And the good thing is that we've also improved significantly the margin of the group higher than the sales growth at 7.7%.
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