Issued by TooleyStreet Communications
Date: Wednesday, 8 May 2013
Dechra® Pharmaceuticals PLC
Interim Management Statement
Dechra Pharmaceuticals PLC ("Dechra" or the "Group"), publishes its unaudited Interim Management Statement covering the period from 1 January 2013 to the date of this announcement
Trading Update
Group revenue for the three months ended 31 March 2013 was 14.6% (13.7% at constant currency) ahead of last year. For the nine months ended 31 March 2013, Group revenue increased by 18.4% (19.8% at constant currency) over the corresponding period in the prior year.
There have been no material events or transactions during the period covered by this statement.
European Pharmaceuticals
In the third quarter our European Pharmaceuticals segment grew revenues by 69.8% (67.1% at constant currency). For the nine months to 31 March 2013 this segment's revenues increased by 69.7% (77.3% at constant currency) compared to the previous year. This increase predominantly relates to the acquisition of Eurovet®Animal Health B.V. acquired in May 2012. On a like-for-like basis, companion animal products for the nine months ended 31 March 2013 grew by 11.0%. Farm animal products, which, as previously reported, continue to be affected by a focus on the reduction of antibiotics in Europe, grew by 1.0%. Pet diet's growth was 2.0%
US Pharmaceuticals
Revenue from US Pharmaceuticals was below last year by -14.4% (-15.3% at constant currency) in the third quarter although ahead in the nine months ended 31 March 2013 by 0.5% (2.1% at constant currency). The quarterly performance was adversely affected by supply problems from a third party manufacturer; customer back orders are now in excess of US$1.0 million.
Services
Revenue in the Services segment decreased in the third quarter by -2.5%. This decline reflects the overall performance of the UK veterinary market which has been affected by abnormal weather conditions resulting in significantly reduced footfall through veterinary practices. Revenue for the nine months ended 31 March 2013 was 2.7% ahead of the equivalent period last year.
Summary
The strong performance reported in the first half of the financial year has been partly offset by a weaker than expected third quarter which was affected by poor weather in Northern Europe and third party supply problems within the US. Following good trading in April the Board does not anticipate that the third quarter's performance will materially impact its expectations for the full year.
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Enquiries:
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Dechra Pharmaceuticals PLC
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TooleyStreet Communications Limited
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Telephone: + 44 (0) 1606 814730
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Fiona Tooley, Director
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Ian Page, Chief Executive
Paul Sandland, Group Financial Controller
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Mobile: +44 (0) 7785 703523
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Mobile: +44 (0) 777 564 2222 (IP)
Mobile: +44 (0) 7507 845130 (PS)
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Office: +44 (0) 121 309 0099
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www.dechra.com
corporate.enquiries@dechra.com
Trade Marks appear throughout this release in italics. Dechra and the Dechra 'D' logo are registered Trade Marks of Dechra Pharmaceuticals PLC.
