13th Jan 2022 09:39
(Alliance News) - Dechra Pharmaceuticals PLC on Thursday reported strong revenue growth for the first half of its current financial year, and kept a confident outlook for the year as a whole in spite of continued Covid disruption.
For the six months that ended December 31, the Northwich, Cheshire-based veterinary products firm posted net revenue growth of 15% on a constant currency basis.
European Pharmaceuticals net revenue increased 10% on a constant currency basis, driven by the acquisitions of Osurnia in July 2020, as well as Tri-Solfen in February 2021. Meanwhile, North American Pharmaceuticals posted net revenue growth of 26%.
During the period, Dechra acquired four additional Equine products and two anaesthetic products for USD29 million in total.
Looking ahead, Dechra's annual outlook remains in line with the upper end of management expectations, it said, and is on-track to benefit from growth in the Companion Animal market.
"Group performance in the first half has been excellent. Global trading continues to be strong and our supply chain has been robust despite Covid-19 related challenges. As expected, group revenue growth slowed slightly from the extraordinary levels experienced in the prior year as markets return to more normal levels, albeit from a higher base. We are delighted to have executed a number of product acquisitions which complement and strengthen our existing portfolio and also, through Laverdia, take us into a new specialist therapeutic area," said Chief Executive Officer Ian Page.
Dechra Pharmaceuticals will publish its interim results on February 21.
Shares in Dechra were up 0.7% at 4,496.00 pence on Thursday morning in London. The company was promoted to the FTSE 100 index from the FTSE 250 in the quarterly review back in December.
By Dayo Laniyan; [email protected]
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