Dechra Pharmaceuticals lifts interim dividend as profits rise
Dechra Pharmaceuticals
3,866.00p
08:01 16/01/24
Dechra Pharmaceuticals lifted its interim dividend on Monday as it posted a jump in profit and revenue.
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In the six months to the end of December 2021, pre-tax profit rose 59.6% to £53.4m on revenue of £332.4m, up 15.9%. Dechra declared an interim dividend of 12p a share, up 8% on the same period a year ago.
Revenue from the European pharmaceuticals business was up 10.5% to £206.1m, with growth in all countries apart from the UK, where a pre-Brexit inventory build of £7m was included in the comparable period a year earlier.
Meanwhile, revenue from North American pharmaceuticals grew 26.1% to £126.3m. This was ahead of management expectations as Dechra benefited from a strong overall market and new product introductions.
The veterinary pharmaceuticals group said it outperformed a market that has seen strong growth as it continued to benefit in its major international markets from increased spending on pets as a result of Covid restrictions. Dechra said growth was delivered across all product categories and all major therapeutic areas.
It added that towards the end of the period and at the start of the second half, it had seen markets return to more normalised, "robust" levels of historic growth.
Chief executive officer Iain Page said: "Future prospects remain excellent as we strengthen the group's infrastructure, continue to outperform markets and identify and deliver new strategic growth opportunities."