7th Sep 2015 06:44
LONDON (Alliance News) - Dechra Pharmaceuticals PLC on Monday said it is currently trading in line with its expectations, although it warned it is still exposed to exchange rate volatility, as it reported a rise in pretax profit for its recently ended financial year.
For the year to end-June, the veterinary pharmaceutical business posted a pretax profit of GBP25.8 million, up from GBP21.4 million a year before, as a 5.1% rise in revenue to GBP203.5 million from GBP193.6 million was partly offset by an increase in selling, general and administrative expenses as Dechra continued to invest in its products and sales organisations.
Revenue growth was constrained by the volatility of the euro, Dechra said, and would have risen 10.0% at constant exchange rates. Revenue was bolstered by new product launches and the beginning of trading in new subsidiaries.
European Pharmaceuticals revenue rose 3.9% at actual currency rates, driven by a strong performance in the UK which offset lower revenue in Germany due to reduced use of antibiotics and competitive pressure in Denmark.
In Northern American pharmaceuticals, revenue rose 60%, bolstered by the company's acquisition of PSPC Inc.
New territories Italy, Canada and Poland performed well, Dechra said, contributing 16% of total revenue growth.
Dechra proposed a final dividend of 11.82 pence per share, up from 10.65 pence a year before, taking its total dividend for the year to 16.94 pence, up from 15.40 pence a year before.
"The board believes that our focus on our key therapy areas, the continued rate of adoption of Osphos and sales in our new territories will drive progress in the short term," said Chairman Michael Redmond in a statement.
"In the long-term the delivery of further new products and the integration of potential acquisitions give the board confidence in the group's future prospects," Redmond added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
DPH.L