More cash spent on pets, reveals Dechra

Pet drugs firm Dechra Pharmaceuticals has reported a leap in annual revenues as people have spent more money on their pets during lockdown.

A lab technician working at Dechra's Skipton manufacturing facility

The group, which manufactures pharmaceuticals in Skipton, said it has outperformed a robust market over the past year, despite the Covid-19 pandemic.

The firm said the reasons for this market growth are not yet fully defined. In the UK there have been reports of an increased number of dogs. However, recent information from the US indicates that visits to the vet by pet owners have marginally declined.

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Dechra said: “What is clear is that people have been spending more time with their pets and have therefore been more cognitive of their welfare, and with disposable income being higher than normal due to lockdown, expenditure per pet has increased.”

The firm said it operated “exceptionally well” throughout the pandemic. All of its manufacturing sites and laboratories have remained operational and the firm said that communication with customers through digital media has been “excellent”.

Revenue rose 21 per cent to £608m in the year to June 30.

Dechra’s chief executive, Ian Page, said: “Dechra has continued to outperform a robust market throughout the Covid-19 pandemic affected financial year.

“As we start the new financial year trading remains strong with the momentum and market penetration seen in the second half of the prior financial year continuing.”

Dechra said that all of its divisions - Companion Animal Products, Food Producing Animal Products, Equine and Nutrition - have delivered solid growth and the recent acquisitions of Osurnia and Mirataz have delivered good additional growth.

Dechra said it is confident about its future prospects.