Trading Update

RNS Number : 0115V

Dechra Pharmaceuticals PLC

08 January 2013

 



Issued by TooleyStreet Communications

Date:  Tuesday, 8 January 2013

Dechra^® Pharmaceuticals PLC

("Dechra" or the "Group")

Trading Update

The Board of Dechra issues the following trading update ahead of the publication of the Group's Half-Year Results for the six months ended 31 December 2012 which are scheduled to be announced on Tuesday 26 February 2013.

Trading Update

Trading across the Group in the first half has been in line with management expectations with revenue for the six months ended 31 December 2012 approximately 20.2% (22.9% at constant currency) ahead of the equivalent 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 half by 61.4% (73.7% at constant currency).

The reported performance over the corresponding period last year, excluding Eurovet^® Animal Health ("Eurovet"), declined by 2.4% (an increase of 4.5% at constant currency).  This reflects an exceptional increase last year of £1.2 million in the production of Vetoryl^® for the US market to ensure continuity of supply as we implemented manufacturing changes; this was reversed in the consolidated Group figures.

Planned changes to distribution arrangements in France and Germany also had an adverse effect on reported revenue, the effect of which will be reversed by incremental sales and margin in the second half of the financial year.  However, our own branded pharmaceuticals grew by 10.2% and our Specific^® pet diets by 6.1%.

The integration of Eurovet continues to progress well and is delivering expected cost and revenue synergies.

US Pharmaceuticals

Revenue from US Pharmaceuticals was ahead of the corresponding period last year by 10.0% (10.4% at constant currency), with strong growth from DermaPet^®, Vetoryl and Felimazole^®.

Services

Revenue from this segment for the six months ended 31 December 2012 increased 5.1% on the equivalent period in the prior year.  Operating margin in the period demonstrated a modest improvement over the corresponding period last year.

Summary

The Group has made a strong start to the financial year which is in line with the Board's expectations.

Enquiries:
Dechra Pharmaceuticals PLC	TooleyStreet Communications Limited
Ian Page, Chief Executive Paul Sandland, Group Financial Controller	Fiona Tooley, Director
Mobile:   [phone] (IP)             [phone] (PS)	Mobile:    [phone] (FMT) or              [phone] (GC)
Office: + 44 (0) 1782 771100	Office:    [phone]

[e-mail]

Ticker: Sector: Full Listing (Pharmaceuticals): DPH

About Dechra

Dechra is an international veterinary pharmaceutical business.  Its expertise is in the development, manufacturing, distribution, 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

Trademarks

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

 

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