Dechra Pharma lifts dividend as FY profits rise

Veterinary drugs firm Dechra Pharmaceuticals reported higher full year profits and raised its dividend as it made an “encouraging” start to the new fiscal year.

The company on Monday said pre-tax profits rose 47.1% to £47.3m on revenue 7% higher at £502m. The total dividend was increased by 8.5% to 34.29p a share.

“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 company said in a statement.

“The indications at this stage, however, are positive. A key area of focus over the coming months will be the sales and marketing of our recently acquired brands, Osurnia and Mirataz, which offer solid growth prospects and strengthen our portfolio. We believe in the capability of our people and our ability to execute our strategy and therefore remain confident in our future growth prospects.”