Dechra sales continue to rise

PET drugs company Dechra Pharmaceuticals is expected to post a five per cent rise in revenues for the last year as the firm continues to grow.

The group develops and makes drugs and food for animals through its pharmaceuticals arm, plus supplies drugs and services to the veterinary industry through its services arm.

In a trading update for the year to June 30, the company said that revenue from its European division increased by approximately nine per cent compared to last year with both specialist pet diets and pharmaceuticals showing solid growth.

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Its manufacturing business, Dales Pharmaceuticals, which employs more than 200 people in Skipton, performed well during the period due to improved efficiency and increased production of both its own and third party products.

Overall revenue in its US division was approximately 36.6 per cent higher than last year. Revenue from its flagship Vetoryl drug in the period was 4.3m.

Its services division revenue grew by approximately 3.3 per cent compared to last year.

The group said that operating cash flow during the period was strong, resulting in a further reduction in net borrowings.

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It added: "Although our markets have experienced slower rates of growth than historical levels, we have demonstrated solid progress compared to last year. The group continues to perform robustly and in line with management expectations; we remain confident about our future growth prospects."