Dechra Pharmaceuticals on track, US sales up 64%

8th Jul 2015 08:05

Vet chemist Dechra Pharmaceuticals said it was on track to meet expectations due to stronger revenues.In a trading update the company said for the year to 30 June, group revenue was up 10% at constant exchange rates.North American revenues were up by 60% at constant exchange rates while European Union growth was up 4% at constant exchange rates, although exchange rates mean reported EU sales will decline slightly.Dechra chief executive Ian Page said trading results, to be released 7 September, would be ahead of last year and in line with management expectations."We have made good progress on two aspects of our strategic plan, namely portfolio focus with good sales growth of our existing products, and geographic expansion with the opening of new subsidiaries. We remain well placed for future growth," Page said.Finncap retained its 'hold' recommendation and 970p target price.Analyst Keith Redpath said a note the trading upgrade implied sales for the year were at £203.2m, above FinnCap's estimate of £202.2m.Shares in Dechra were up 1.18% to 989p at 0817 BST.