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Dechra Pharmaceuticals first-half performance meets expectations

StockMarketWire.com

Dechra Pharmaceuticals, which supplies drugs for animals, said trading in the first half of the year was in line with its expectations amid double-digit percentage growth in both its European and North American divisions.

For the half year reporting period from 1 July to 31 December 2018, reported revenue increased by about 18% at constant exchange rates.

Total European pharmaceuticals segment reported net revenue increased by roughly 18% at constant currency, while the North American segment also saw net revenue grow by about 18% at constant currency.

Growth in the US was driven mainly by the expansion of a US direct sales force in 2018, which continued to generate significant sales growth, and was further helped by the temporary absence from the market of a competitor product to Zycortal, the company said.

The acquisition of Venco, completed on 17 December 2018, was expected to contribute to revenue and earnings (EBIT) in the second half of the year as the integration plan got underway, the company added. 'We are pleased with the group's trading in the period; Dechra continues to deliver above market revenue growth in our existing business and in our acquisitions, in line with the board's expectations,' said chief executive Ian Page.

Story provided by StockMarketWire.com