LONDON, September 7, 2015 /PRNewswire/ --
"Delivering our global growth strategy"
"During the financial year, we focused on the execution of our strategic priorities. As a result we consolidated our position within the market, invested in the launch of new products and expanded geographically, delivering underlying operating profit growth of 11.6% at constant exchange rates. Our strong balance sheet gives us the flexibility to pursue strategic opportunities as they arise in the future." Ian Page, Chief Executive Officer
- Strong financial performance with double digit revenue and underlying profit growth (at CER).
- Good progress made on delivering our global growth strategy.
- EU Pharmaceuticals revenue grew by 3.9% (at CER) with a strong performance in Companion Animal Products (CAP) partly offset by a decline in Food producing Animal Products (FAP).
- Excellent performance in North America Pharmaceuticals with a revenue increase of 59.9% (at CER), driven by the growth of our core brands, new product launches and the acquired product, Phycox®.
- Continued geographical expansion with trading commencing in two new subsidiaries in Canada and Poland.
- Advances in the short term pipeline with approval of TAF Spray® and Osphos® in EU, and filing of Zycortal®.
- Investment made in sales resources, infrastructure and manufacturing to support our future growth.
- Conditional offer of €51.4 million made for Genera d.d. announced on 3 August 2015 to enable us to enter the poultry vaccines market.
- Cash conversion of 107.1% and a net cash position of £13.4 million.
To read the annual results in full, go to http://www.dechra.com
Financial Summary Actual Constant exchange exchange 2015 2014 rate rate GBPm GBPm % % Revenue 203.5 193.6 5.1 10.0 Gross profit 116.1 107.7 7.8 13.6 Gross profit % 57.1% 55.6% Underlying operating profit 44.4 42.2 5.2 11.6 Underlying EBIT % 21.8% 21.8% Underlying EBITDA 48.0 46.2 3.9 10.2 Underlying diluted EPS (p) 39.90 36.32 9.9 16.9 Dividend per share (p) 16.94 15.40 10.0 10.0
Michael Redmond, Chairman said: "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. Current trading is in line with management expectations; however, the business continues to be exposed to exchange rate volatility. 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."
Dechra is an international specialist veterinary pharmaceuticals and related products business. Its expertise is in the development, manufacture and sales and marketing of high quality products exclusively for veterinarians worldwide. Dechra's business is unique as the majority of its products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products. For more information please visit: http://www.dechra.com
Stock Code: Full Listing (Pharmaceuticals): DPH
Trademarks appear throughout this document in italics. Dechra and the Dechra 'D' logo are registered Trademarks of Dechra Pharmaceuticals PLC. The Malaseb Trademark is used under licence from Dermcare-Vet Pty. Ltd.
Events after the Reporting Period
On 3 August 2015, Dechra announced that it had signed a conditional share purchase agreement (SPA) to acquire 63.3% of the authorised shares (equivalent to 69% voting rights) in Genera d.d. (Genera), a Croatian listed pharmaceutical business. Under the Croatian Takeover Rules, the conditional offer requires Dechra to make a mandatory offer for the remaining issued share capital of Genera. The SPA is conditional on total aggregate shareholder acceptances reaching 75% of the voting share capital. Dechra has offered HRK179.60 per share, which was equivalent to EUR51.4 million, based on exchange rates in effect on the date of signing, for the entire share capital on a cash free, debt free basis. This will be wholly payable in cash and is to be funded from Dechra's existing debt facilities.
Genera is the oldest and largest manufacturer of animal health products in the Republic of Croatia with a strong market share in its local market and neighbouring countries. It operates three main divisions: Animal Health, which represents the majority of revenue; Agrochemicals; and Human Pharmaceuticals. It operates from one manufacturing location in Kalinovica, Croatia and during 2014 employed 287 people.
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer
Anne-Francoise Nesmes, Chief Financial Officer
TooleyStreet Communications Ltd
SOURCE Dechra Pharmaceuticals PLC