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Dechra Pharm profit more than doubles, led European sales growth

By BFN News | 07:57 AM | Monday 24 February, 2020


Veterinary pharmaceuticals company Dechra Pharm said half-yearly profit more than doubled, led by 'strong' revenue in its European business, though it warned of supply challenges in North America. For the six months ended 31 December 2019, pre-tax profit jumped to £19.5m from £9m on-year, as revenue rose 7.4% to £485m. Revenue in the EU business rose 13.0% to £159.6m and the company said sales were also boosted by acquisitions in Australia, New Zealand and Brazil. Dechra, however, said its underlying gross margin contracted 10 basis points to 57.9%. It blamed a less favourable sales mix stemming from companion animal product supply issues, and the dilutive impact of food-producing animal acquisitions. 'Overall the outlook for the full year remains in line with management expectations, although performance in North America will remain challenging until all supply issues are remedied,' the company said. Story provided by StockMarketWire.com

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