Dechra Pharmaceuticals PLC
12 January 2005
Issued by Citigate Dewe Rogerson on behalf of Dechra Pharmaceuticals PLC
Date: Wednesday 12 January 2005
Embargoed: 7.00am
Dechra Pharmaceuticals PLC
Dechra Pharmaceuticals PLC ('the Group') issues the following update ahead of
publication of the Group's interim results for the six months ended 31 December
2004 which are scheduled to be announced on Tuesday 1 March 2005.
Trading and Product Development Update
Both our Services and Pharmaceuticals Divisions have shown encouraging growth
with trading in the first half of this financial year continuing to be strong
which has resulted in Group sales being over 10% ahead of the same period last
year, reflecting both improving market conditions and increased market share.
Margin improvements have also been attained with Group operating margin before
goodwill amortisation being in excess of 5% compared to 4.78% for the same
period last year.
Net debt at 31 December 2004 stood at approximately £13.2 million compared to
£17.3 million at the same point last year. As expected, net debt has risen from
the year end position at 30 June 2004, reflecting the normal working capital
cycle of the Group.
During the last six months there have been a number of achievements within
Product Development including:-
•The Group has gained a full EU licence for Felimazole(R) through the
mutual recognition procedure. Felimazole(R) was launched by our marketing
partner, Janssen Animal Health in the key European territories, France and
Germany towards the end of the period. With other territories coming on
stream during 2005, we remain encouraged by the interest in the product.
•In November, we subsequently received a UK licence for a new 2.5mg
Felimazole(R) tablet. This new licence offers increased flexibility and
dosing options with an improved safety profile.
•In December we were also granted a range extension for a 30mg Vetoryl(R)
capsule which is specifically targeted at small breed dogs within the UK.
•The Group continues to make very satisfactory progress in the USA, with
our projects to licence Vetoryl(R) and Felimazole(R) both on track. As
expected, the progression of these products will lead to an increase in
investment in product development in the second half of the current
financial year.
We are pleased with our first half performance and current trading and are
confident that our performance for the financial year ending 30 June 2005 will
be in line with market expectations.
Enquiries:
Ian Page, Chief Executive Fiona Tooley, Director
Simon Evans, Group Finance Director Katie Dale, Account Manager
Dechra Pharmaceuticals PLC Citigate Dewe Rogerson
Tel: 01782 771100 Tel: 0121 455 8370
Mobile: 07775 642222 (IP) or 07775 642220 (SE) Mobile: 07785 703523 (FMT)
www.dechra.com
This information is provided by RNS
The company news service from the London Stock Exchange
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