Dechra revenues up double-digits in 'another record year'

Veterinary pharmaceutical business Dechra said on Monday that revenues had "increased strongly" during a "record" twelve months ended 30 June, up 14% at constant currency and 12% at actual exchange rates.

Dechra stated European pharmaceutical revenues had grown 8% year-on-year, while North American pharmaceutical revenues surged 24%, boosted by contributions from various product rights acquisitions made during the period.

The FTSE 100-listed firm also stated that its cost base normalised during the period, as expected, with Covid-19 restrictions reduced, but later increased further as a result of global inflationary pressures that it believes itself to be "well placed" to proactively manage.

Chief executive Ian Page said: "We are delighted that the financial year just ended was another record year for Dechra and in line with expectations, with group revenue growth slowing to more normal levels as expected in H2 as the impact of the pandemic on our markets unwinds.

"Whilst we expect current macroeconomic uncertainties to continue, the veterinary pharmaceutical market remains resilient and in growth. Our global trading continues to be strong and we continue to outperform the market, particularly in North America."

Reporting by Iain Gilbert at Sharecast.com