Growth was driven through further concentration on key products and helped by the company's early decision to enter emerging markets. The growth was almost entirely organic reflecting the strength of Ceva's innovative and broad-based portfolio of products.

The biology business continued to grow, up by an impressive 29 per cent in a market that also grew by an estimated 10 per cent. Following the major success of its innovative, Gumboro vaccine - Transmune® IBD - the company launched Vectormune® ND. The two products can be administered as a single dose in the hatchery giving life-long protection against three major poultry diseases - Newcastle, Gumboro and Marek's disease - a major step forwards for poultry production.

The pharmaceuticals business recorded strong growth of major brands in major markets. Vectra® (companion animal parasiticide) sales grew 34.5 per cent in the US, a remarkable achievement given the intensity of competition in this segment and the company's decision to support 'vet only' sales. Feliway® and Adaptil® continued to drive expansion of the behaviour segment growing 30.4 per cent. Cardalis®, a unique 'double blockade' treatment for dogs with cardiac conditions obtained a centralised market authorisation in 27 European countries.

Ceva's drive into emerging markets was rewarded with exceptional results posted in Russia (+26 per cent), Turkey (+17 per cent), Mexico (+18 per cent), with the majority of countries in Asia also recording double-digit figures.

The group continued to invest significantly in its industrial base, total spending was close to €30 million (+30 per cent) to support the addition of new products and incorporate the latest technologies.

R&D spending was once again equivalent to more than nine per cent of sales. The company also acquired the IP rights to a number of novel technologies and advanced manufacturing techniques that will continue to build innovative products for the future.

Commenting on the results, Ceva Chairman and CEO, Marc Prikazsky, said: "2012 demonstrated how dynamic our innovative business model is. In a challenging global economic climate, our teams were able to continue to deliver some exceptional results. More than ever, there is no 'one fit's all' solution.

"As we enter 2013, we will have to fight hard to maintain our position in markets affected by economic downturn, whilst continuing to drive hard into emerging markets where the growth opportunities are still significant," Mr Prikazsky added.