12th Jan 2005 07:00
Dechra Pharmaceuticals PLC12 January 2005 Issued by Citigate Dewe Rogerson on behalf of Dechra Pharmaceuticals PLCDate: Wednesday 12 January 2005 Embargoed: 7.00am Dechra Pharmaceuticals PLC Dechra Pharmaceuticals PLC ("the Group") issues the following update ahead ofpublication of the Group's interim results for the six months ended 31 December2004 which are scheduled to be announced on Tuesday 1 March 2005. Trading and Product Development UpdateBoth our Services and Pharmaceuticals Divisions have shown encouraging growthwith trading in the first half of this financial year continuing to be strongwhich has resulted in Group sales being over 10% ahead of the same period lastyear, reflecting both improving market conditions and increased market share. Margin improvements have also been attained with Group operating margin beforegoodwill amortisation being in excess of 5% compared to 4.78% for the sameperiod last year. Net debt at 31 December 2004 stood at approximately £13.2 million compared to£17.3 million at the same point last year. As expected, net debt has risen fromthe year end position at 30 June 2004, reflecting the normal working capitalcycle of the Group. During the last six months there have been a number of achievements withinProduct Development including:- •The Group has gained a full EU licence for Felimazole(R) through the mutual recognition procedure. Felimazole(R) was launched by our marketing partner, Janssen Animal Health in the key European territories, France and Germany towards the end of the period. With other territories coming on stream during 2005, we remain encouraged by the interest in the product. •In November, we subsequently received a UK licence for a new 2.5mg Felimazole(R) tablet. This new licence offers increased flexibility and dosing options with an improved safety profile. •In December we were also granted a range extension for a 30mg Vetoryl(R) capsule which is specifically targeted at small breed dogs within the UK. •The Group continues to make very satisfactory progress in the USA, with our projects to licence Vetoryl(R) and Felimazole(R) both on track. As expected, the progression of these products will lead to an increase in investment in product development in the second half of the current financial year. We are pleased with our first half performance and current trading and areconfident that our performance for the financial year ending 30 June 2005 willbe in line with market expectations. Enquiries:Ian Page, Chief Executive Fiona Tooley, DirectorSimon Evans, Group Finance Director Katie Dale, Account ManagerDechra 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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