7th Sep 2020 08:59
(Alliance News) - Dechra Pharmaceuticals PLC on Monday posted double-digit profit growth in its recently ended financial year and said trading since has been "encouraging".
The FTSE 250-listed veterinary products firm said revenue for the year ended June 30 rose 6.9% to GBP515.1 million from GBP481.8 million the year before, with pretax profit increasing 47% to GBP40.9 million from GBP27.8 million.
Dechra proposed a final dividend of 24.00 pence per share, up from 22.10p paid a year ago. When added to the interim payout of 10.29p, the total dividend for financial 2020 was 34.29p, up 8.5% from 31.60p the year before.
Throughout the pandemic, Dechra said it managed to remain operational. Its said sales have remained robust because of its strategy to focus on essential and chronic prescription medicines, as veterinarians have worked to ensure that sick animals have continued to be treated.
Turning to the year ahead, Dechra said trading in the first few weeks of the new financial year has been "encouraging".
"However, the underlying Covid-19 affected longer-term trend cannot yet be ascertained as there is a degree of correction in current sales as markets, such as the UK, return to growth and wholesaler stocks return to more normalised levels. The indications at this stage, however, are positive," said Dechra.
The stock was trading 7.9% higher in London on Monday at 3,332.00p a share. Dechra is up 15% so far in 2020.
By Evelina Grecenko; [email protected]
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