8th Jun 2021 08:28
(Alliance News) - Dechra Pharmaceuticals PLC on Tuesday said it expects full-year revenue to be ahead of current consensus expectations after strong year-to-date trading.
The Cheshire, England-based veterinary products firm reported a strong performance in the first seven months of the financial year ending June 30. The company said it expects trading to be more evenly distributed between the first and second halves of the financial year than it initially indicated.
Dechra noted that strong market fundamentals, as well as lower costs due to Covid-19, contributed to its positive recent results. This, combined with the completion of the UK pre-Brexit inventory unwind and further easing of lockdown restrictions, means the board is "increasingly confident" that this strong performance will continue for the remainder of the financial year.
The company said expects to issue a pre-close trading statement on July 12, which will offer more detailed financial results for the year ending June 30.
For the first half of the current financial year, the six months that ended December 31, Dechra reported pretax profit of GBP35.4 million, up 82% from GBP19.5 million the year before. This was on revenue that increased to GBP299.8 million from GBP248.5 million.
In financial 2020, Dechra booked GBP40.9 million in pretax profit on GBP515.1 million in revenue.
Dechra Pharmaceuticals shares were trading up 1.7% at 4,228.00 pence each in London on Tuesday morning.
By Scarlett Butler; [email protected]
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