12th Jul 2016 06:39
LONDON (Alliance News) - Veterinary pharmaceuticals company Dechra Pharmaceuticals PLC on Tuesday said trading in the year to the end of June was strong, with robust revenue growth boosted by acquisition contributions.
FTSE 250-listed Dechra said revenue growth including acquisitions in the year to June 30 was 21% at both constant and actual currencies. Excluding acquisitions, revenue grew 11%, the company said. European revenue was up 3.0% and up 5.0% in constant currencies, dragged by the weakness of the euro, but North American revenue surged 45% at actual currencies and 37% at constant currencies, helped by the strong dollar.
In Europe, Companion Animal Products and Equine both performed well, but Dechra said its Diets business has yet to recover to previous sales levels following past supply problems. In North America, growth was driven by increased market share for the company in its Endocrinology and Dermatology units and by a full-year contribution from its Canadian subsidiary.
Dechra said the integration of its clutch of acquisitions made in the year has progressed in line with its expectations, providing a good platform for future growth.
"With three acquisitions, pipeline product launches, successful trading in our new subsidiaries and solid growth in our focus portfolio, Dechra has delivered another strong performance in the financial year 2016. We remain confident in our future prospects as we continue to execute our strategy. We believe that the growth opportunities available to us should not be affected by the current market volatility and uncertainty," said Chief Executive Ian Page.
By Sam Unsted; [email protected]; @SamUAtAlliance
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