(Alliance News) - Dechra Pharmaceuticals PLC on Monday said it benefited from new product acquisitions and customer attitudes as it reported a stronger-than-expected trading performance.
The Chester, England-based veterinary pharmaceutical business said revenue for the financial year that ended June 30 increased by 21% at constant currency rates or by 18% at actual exchange rates.
Revenue for Dechra's European segment rose by around 20% at constant and actual exchange rates. Meanwhile, in North America, revenue was up 22% at constant currencies and 14% at actual rates.
Shares in Dechra were trading up 1.4% at 4,636.00 pence each in London on Monday morning.
Chief Executive Ian Page said: "We are pleased to have continued to outperform a robust market throughout the pandemic affected financial year. We have benefited from above average market growth in the majority of our key [capital] markets."
"Our business has operated well throughout the pandemic; all manufacturing sites and laboratories have remained operational and communication with customers has been excellent through increased use of digital media," Page added.
The company said its year-on-year organic revenue growth was supplemented by the incremental growth of product acquisitions Osurnia and Mirataz.
Osurnia is a cream for external ear canal inflammation in dogs and Mirataz is a treatment for unintended weight loss in cats.
Customer attitudes have also played their part. Regardless of speculation regarding rising pet numbers, Page noted that: "People have been spending more time with their pets and have therefore been more cognitive of their welfare."
By Scarlett Butler; scarlettbutler@alliancenews.com
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