Dechra on track despite weaker first quarter

20th Oct 2022 07:02

(Sharecast News) - Dechra Pharmaceuticals said on Thursday it remained on course to meet full-year expectations, despite a slower start to the year.

The veterinary drugs specialist said first quarter trading had, as expected, been below the same period a year earlier. The firm attributed the weaker performance to tough comparatives, after it saw notable growth during the pandemic - when pet ownership boomed - and prices increased.

But the blue chip added it remained confident to deliver against its own "strategic growth drivers", and that it would meet current market expectations for the full year, much of which will be achieved in the second half.

The firm, which was updating on trading ahead of its annual general meeting, added that the integration of two US acquisitions - Piedmont and Med-Pharmex - in July and August had been "successful"".

Last month Dechra reported a 14% jump in annual revenues to £681.8m, with underlying operating profits ahead 9%, which it attributed to strong organic growth across its markets.