19th Oct 2005 10:27
Dechra Pharmaceuticals PLC19 October 2005 Issued by Citigate Dewe Rogerson Ltd, BirminghamDate: Wednesday, 19 October 2005 Immediate Release Dechra Pharmaceuticals PLC Annual General MeetingAt the Annual General Meeting held today (19 October), Michael Redmond, Chairmanconfirmed that trading in the first quarter of the financial year was in linewith management expectations and that the Directors remain confident for theyear as a whole. All Resolutions relating to Ordinary and Special Business were duly passed byshareholders. Adoption of International Financial Reporting Standards ("IFRS")Dechra Pharmaceuticals PLC today announces separately the impact of conversionto IFRS on its 2004/05 Financial Statements. The highlights are: • Adjusted pre-tax profit (before goodwill amortisation) increased by 3% from £9.4 million to £9.7 million. • Adjusted earnings per share increased by 2.8% from 13.39p to 13.77p. • Net assets at 30 June 2005 increased from £14.5 million to £17.6 million. • No impact on cash flow or net debt. • No pension scheme deficit. Simon Evans, Group Finance Director commented:"It should be emphasised that conversion to IFRS represents accounting changesonly and has no impact on the economics of our business, its prospects, cashflows or ability to pay dividends. "The increase in adjusted pre-tax profit and earnings per share is principallydue to the capitalisation of development expenditure relating to our successfulproduct, Vetoryl(R) together with a small credit in respect of share-basedpayments. "The increase in net assets at 30 June 2005, is due to the elimination ofgoodwill amortisation, capitalised development expenditure, an increase in thedeferred tax asset and the non-recognition of the final dividend." Enquiries:Ian Page, Chief Executive Fiona Tooley, DirectorSimon Evans, Group Finance Director Katie Dale, Senior Account ManagerDechra(R) Pharmaceuticals PLC Citigate Dewe RogersonTel: 01782 771100 Tel: 0121 455 8370Mobile: 07775 642222 (IP) or 07775 642220 (SE) Mobile: 07785 703523 (FMT)www.dechra.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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