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Dechra Pharmaceuticals PLC on Monday reported higher full-year profit and revenue, though it warned that growth rates are normalising as pandemic tailwinds ease.
Shares in the veterinary products firm were down 7.8% to 3,222.00 pence each in London on Monday morning.
In the financial year that ended June 30, Dechra reported revenue of £681.8 million, up 12% from £608.0 million the year before.
Consolidated pretax profit increased 4.9% to £77.6 million, compared to £74.0 million in 2021.
With financial year 2022 revenue and profit rising, Dechra lifted its annual payout by 11% to 44.89p from 40.50p a year earlier.
The Northwich, Cheshire-based credited this to ‘strong’ organic growth in all key markets and across all therapeutic segments.
However, Dechra also noted that revenue in the second half of the year normalised to historic levels of growth, as the benefit of increased spending on pets seen during the Covid-19 restrictions slowed down.
In financial 2021, the company saw pretax profit climb 81% to £74.0 million from £40.9 million in 2020, whilst revenue jumped 18% to £608.0 million from £515.1 million.
Looking ahead, Dechra Pharmaceuticals said the veterinary pharmaceutical market is ‘resilient and in growth.’
It added that the acquisition of Med-Pharmex Inc will strengthen its position in the US market. At the end of August, Dechra said it had bought the California-based veterinary pharmaceutical manufacturer for $260.0 million.
Chief Executive Ian Page said: ‘We have continued to progress on all aspects of our strategy; the product development pipeline was strengthened, material acquisitions were completed post year-end and a new subsidiary was established in South Korea as we continue our geographical expansion.’
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