Dechra Pharmaceuticals reported on Monday that the stronger-than-expected trading it outlined in early June had continued for the rest of its financial year, as expected.
The FTSE 250 company said it delivered “excellent” year-on-year organic revenue growth, supplemented by the product acquisitions of ‘Osurnia’ and ‘Mirataz’, both of which delivered good incremental growth.
Reported group revenue for the 12 months ended 30 June increased by 21% at constant exchange rates, or 18% at actual exchange rates.
Of that, Dechra said Europe pharmaceuticals revenue growth was 20%, and North America pharmaceuticals revenue growth was 22%, both at constant currency.
Mirataz was launched in Europe during the year, and globally was performing “strongly”, ahead of expectations, while the board also reported 11 months of strong contributions from Osurnia.
Existing revenue in Europe, excluding third-party contract manufacturing which Dechra was strategically exiting, increased by 16% at constant exchange rates.
In North America, existing net revenues excluding acquisitions rose by 16% at constant currency.
“We are pleased to have continued to outperform a robust market throughout the pandemic affected financial year,” said chief executive officer Ian Page.
“We have benefited from above average market growth in the majority of our key CAP markets.
“The reasons for this growth are not yet fully clear, with evidence of increased companion animal numbers remaining unconfirmed at this point.”
Page said that what was clear was that people had been spending more time with pets, and had therefore been more cognitive of their welfare.
“Thanks to the exceptional effort of our talented people our business has operated well throughout the pandemic; all manufacturing sites and laboratories have remained operational and communication with customers has been excellent through increased use of digital media.”
At 0845 BST, shares in Dechra Pharmaceuticals were up 0.26% at 4,584p.
