Dechra Pharmaceuticals H1 revenues rise

Veterinary drugs group Dechra Pharmaceuticals said on Thursday that interim revenues had grown despite "a very tough" prior year comparator.

Dechra said total group first-half revenues were up 5% at constant exchange rates, while existing revenues ticked up 1%, with EU pharmaceuticals revenues down 2% at constant exchange rates and North American pharmaceuticals revenue up 16% at CER.

Looking forward, the FTSE 250-listed group stated the outlook for the full financial year remained "positive" and said it continues to be "confident" in achieving current market expectations.

Dechra also added that the balance of both revenue and profit will be more second-half weighted.

Chief executive Ian Page said: "Although revenue growth has, as expected, slowed from the extraordinary levels of the past two years, we continue to remain agile in responding to market conditions and our product portfolio is resilient in times of global economic uncertainty.

"We remain confident in our future prospects given our recently expanded pipeline, which is stronger than ever."

As of 0815 GMT, Dechra shares were up 1.56% at 2,740.0p.

Reporting by Iain Gilbert at Sharecast.com