Dechra Pharmaceuticals posts higher annual revenue, despite currency headwinds

7th Sep 2015 08:05

(ShareCast News) - Dechra Pharmaceuticals said its performances in the financial year were in line with expectations, although it remained subject to currency headwinds.In the 12 months to 30 June, the FTSE 250 group posted a 20.5% year-on-year increase in pre-tax profit to £25.8m, while revenue edged 5.1% higher to £203.5m, driven higher by new product launches.However, currency headwinds weighed on revenue growth and Dechra said it would have posted a 10% year-on-year increase in revenue at constant exchange rates.In the group Northern American business, revenue surged 60% compared to the corresponding period in 2014 thanks to the acquisition of PSPC, while revenue in the European division rose 3.9% at actual currency rates.Steady performances in Britain helped offset a decline in revenue in Germany and increase competition in Denmark, the group said, adding that new territories - Italy, Canada and Poland, contributed 16% of total revenue growth."The board believes that our focus on our key therapy areas, the continued rate of adoption of Osphos and sales in our new territories will drive progress in the short term," said group chairman Michael Redmond."In the long-term the delivery of further new products and the integration of potential acquisitions give the board confidence in the group's future prospects."The pharmaceutical group proposed a final dividend of 11.82 pence per share, a 10.9% increase from last year, taking its total dividend for the year to 16.94 pence, a 10% year-on-year increase.Dechra shares were down 0.78% to 938.15p at 0820 BST on Monday.