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Dechra Pharmaceuticals PLC on Monday reported ‘unpredictable’ trading patterns in 2023 so far, with wholesalers destocking. Shares were down 15% at 2,642.50 pence each on Monday morning in London. The veterinary pharmaceutical company said Dechra said revenue in the six months to December 31 rose 14% to £377.4 million from £332.4 million a year before. ‘The global companion animal healthcare market has returned to more normalised levels of growth following the extraordinarily high rates seen during the Covid-19 pandemic, and against that context our performance has been robust,’ the firm said. In European Pharmaceuticals, revenue growth was up 1.3%, total North American Pharmaceuticals revenue was up 35%, but revenue growth in International Pharmaceuticals was down 1.6%. Pretax profit fell sharply to £29.7 million from £53.4 million, as operating profit fell to £44.6 million from £57.4 million a year before. Underlying diluted earnings per share dropped to 55.44 pence each, down 13% from 54.01 pence the year before. Chief Executive Officer Ian Page said: ‘I am pleased with our performance in the first half of our financial year. We have a strong history of delivering organic growth, a proven ability in well executed acquisitions and a stronger than ever product pipeline, which, together with the historical resilience of the animal healthcare market, leaves us well positioned to deliver sustained future growth.’ Dechra declared an interim dividend of 12.50 pence each, up 4.2% from 12.0p a year prior. Looking ahead, Dechra now expects full year underlying operating profit to be at the lower end of analyst expectations. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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