Trading Update and Notice of Preliminary results

RNS Number : 0834U

Dechra Pharmaceuticals PLC

10 July 2018

 

Tuesday, 10 July 2018

Dechra^® Pharmaceuticals PLC

(Dechra, Group, Company)

Trading Update

The Board of Dechra issues the following unaudited Trading Update covering the Group's financial year ended 30 June 2018 (the Period) ahead of the announcement of its preliminary financial results.

Highlights

·     Trading in the year was strong and in line with management expectations

·     Reported Group revenue for the Period increased by c.14% at constant exchange rate (CER) (c.13% at actual exchange rate (AER))

·     European Pharmaceuticals revenue growth was c.11% at CER (AER c.14%)

·     North America Pharmaceuticals revenue growth was c.18% at CER (AER c.11%)

·     Acquisition of AST Farma, Le Vet in the EU and RxVet Limited in New Zealand

Ian Page, Chief Executive Officer, said:

"We are pleased to have delivered another year of strong revenue growth.  This has been driven from our core portfolio, good market penetration and recent pipeline launches.  In addition the acquisition of the AST Farma, Le Vet and RxVet Limited businesses have all grown strongly in the year, and since acquisition."

Operational Review

European Pharmaceuticals

In the Period, our European Pharmaceuticals segment reported revenue increased by c.11% at CER (c.14% at AER).  Excluding third party contract manufacturing, treating Apex on a like for like basis¹, and excluding the acquisitions of RxVet and AST Farma / Le Vet, revenues increased by c.4% at CER (c.7% at AER).

The integration of AST Farma, Le Vet and RxVet Limited, now Dechra Veterinary Products New Zealand Limited, is proceeding well and trading is in line with expectations.

North American Pharmaceuticals

In the Period, our North American segment reported revenue increased by c.18% at CER (c.11% at AER). This is an excellent performance, leveraging our recent investments in expanding our commercial team.

Banking Facilities

The Group has obtained a six month extension of the availability period of its £350m multi-currency term loan facility, from 30 June 2018 to 31 December 2018.  The maturity date remains unchanged at 31 December 2020.

Notice of Results

Dechra will announce its Preliminary Results for the Period on 3 September 2018.

¹ Apex was acquired in October 2016

Enquiries:
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer	Office:  [phone]
Richard Cotton, Chief Financial Officer e-mail: [e-mail]	Office:  [phone]
TooleyStreet Communications Ltd
Fiona Tooley, Director e-mail: [e-mail]	Mobile: [phone] Office:  [phone]

Notes:

1) Foreign Exchange Rates:

FY2018 Average: EUR 1.1286: GBP 1.0; USD 1.3465: GBP 1.0

FY2018 Closing: EUR 1.1286: GBP 1.0; USD 1.3157: GBP 1.0

FY2017 Average: EUR 1.1681: GBP 1.0; USD 1.2735: GBP 1.0

FY2017 Closing: EUR 1.1372: GBP 1.0; USD 1.2978: GBP 1.0

About Dechra

Dechra is an international specialist veterinary pharmaceuticals and related products business.  Our expertise is in the development, manufacture and sales and marketing of high quality products exclusively for veterinarians worldwide.  Dechra's business is unique as the majority of its products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products. 

For more information, please visit: www.dechra.com

Stock Code: Full Listing (Pharmaceuticals): DPH

LEI: 213800J4UVB5OWG8VX82

Trademarks

Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.

Forward Looking Statement

This document may contain certain forward-looking statements.  The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document.  By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involve a degree of uncertainty.  Therefore, nothing in this document should be construed as a profit forecast by the Company.

Market Abuse Regulation (MAR)

The information contained within this announcement may constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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