22nd Feb 2016 07:25
LONDON (Alliance News) - Veterinary drugs company Dechra Pharmaceuticals PLC on Monday said its pretax profit rose in the first half of its financial year on stronger revenue, with good growth in its existing portfolio and encouraging signs from its pipeline.
The FTSE 250-listed company said its pretax profit for the six months to the end of December was GBP14.2 million, up from GBP12.6 million a year earlier, as revenue increased to GBP110.7 million from GBP100.9 million.
Dechra said it saw good growth in its European franchise, led by its Genera business, though this was offset by the weak euro, which wiped out the vast majority of revenue growth in the region. In North America, revenue rose significantly, up 59% thanks to the investments made by the group in expanding in the region in recent years.
Dechra said it saw significant growth in all its key therapeutic sectors in the half and said it secured a range of new approvals for its pipeline too, strengthening its outlook. It said the second half had started in line with its expectations for the year to the end of June and said it remains confident on its prospects.
It declared an interim dividend for the half of 5.55 pence per share, up 8.4% year-on-year.
"We are pleased to report a strong performance in the first half. All our business units are performing well, we are in the process of launching several new products, our international expansion plans are progressing as expected and we have made two strategic acquisitions. We remain in a strong position to continue to grow the business and deliver returns to our shareholders," said Chief Executive Ian Page.
By Sam Unsted; [email protected]; @SamUAtAlliance
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