Interim Management Statement

RNS Number : 4871R

Dechra Pharmaceuticals PLC

04 November 2011

 



Issued by Citigate Dewe Rogerson Ltd, Birmingham

Date: Friday, 4 November 2011

Dechra^® Pharmaceuticals PLC

Interim Management Statement

Dechra Pharmaceuticals PLC ("Dechra" or the "Group"), which holds its Annual General Meeting today at 1.00pm, publishes its Interim Management Statement covering the period from 1 July 2011 to the date of this announcement as required by the UK Listing Authority's Disclosure and Transparency Rules.

The Group has started the financial year in line with management expectations with revenue in the first quarter 7.7% ahead of the same period last year.  There have been no material events or transactions during the period covered by this statement.

European Pharmaceuticals

This segment grew revenues in the first quarter by 10.5% (5.2% at constant currency).  Branded pharmaceutical product revenue increased by 10.3% at constant currency compared to the same period last year.  We are benefiting from the in-house marketing of Vetoryl^® and the Genitrix acquisition completed in December 2010.  Diets revenue at constant currency was flat due to phasing of export orders; however, gross margin stabilised in the period.

US Pharmaceuticals

Revenue was 64.1% higher than the first quarter last year (70.0% at constant currency) with DermaPet providing a significant contribution to this growth.  The higher margin products, including Vetoryl and Felimazole^®, performed particularly strongly thereby driving an increase in operating margin.

Services

Services achieved first quarter revenue growth of 5.4% although at a slightly lower margin than last year.

Summary

The Group has made a solid start to the financial year and its financial position remains strong.  The Board believes that the Group is well positioned to maintain growth despite the uncertain global economic conditions.

Enquiries:
Ian Page, Chief Executive	Fiona Tooley, Director
Simon Evans, Group Finance Director	Keith Gabriel, Senior Account Manager
Dechra Pharmaceuticals PLC	Citigate Dewe Rogerson
Tel: [phone]	Tel: [phone]
Mobile: + 44 (0)7775 642222 (IP) or + 44 (0)7775 642220 (SE)	Mobile: + 44 (0)7785 703523 (FMT)
www.dechra.com
[e-mail]

Trademarks appear throughout this release in italics.  Dechra and the Dechra 'D' logo are registered Trademarks of Dechra Pharmaceuticals PLC.

 

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