Dechra Pharmaceuticals PLC — Earnings Release 2014

Oct 17, 2013

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RNS Number : 7032Q

Dechra Pharmaceuticals PLC

17 October 2013

Thursday, 17 October 2013

Dechra Pharmaceuticals PLC

("Dechra" or the "Group")

Trading Update and Board Changes

The Board of Dechra issues the following unaudited Interim Management Statement covering the period from 1 July 2013 to the date of this announcement.  The financial reporting period covers the first quarter to 30 September 2013.

Overview

Group trading in the first quarter was in line with management expectations.  We are in a strong financial position to deliver our strategy by maximising our existing business, building and delivering our specialist veterinary pharmaceutical pipeline, and expanding geographically.

Trading update

Group revenue on continuing operations for the first quarter ended 30 September 2013 was approximately 5% ahead of last year (approximately -1% at constant currency).  Robust growth in our core products in the EU and USA was offset by the phasing of export sales and by the impact of the US supply issue previously reported.

As announced at our Year End Preliminary Results in September, the disposal of the Services Segment was completed on 16 August 2013 generating proceeds of £87.5 million, of which £81.1 million was used to pay down debt on 30 September 2013.

European Pharmaceuticals

In the first quarter our European Pharmaceuticals Segment increased revenues by approximately 6% (approximately -1% at constant currency).

Trading within our own sales and marketing organisations has been robust with growth of approximately 4% at constant currency compared to the prior year.  However, this was more than offset by export revenues being lower than in the prior year due to the phasing of orders. 

US Pharmaceuticals

Total reported US revenue was approximately 5% down on the same period last year (approximately -7% at constant currency).  After adjusting for the adverse impact of the previously reported Animax supply issue, the remainder of our portfolio performed strongly in the first quarter with reported revenues growing by approximately 12% (approximately 9% at constant currency).

Board Changes

As stated in the 2013 Annual Report, Neil Warner, Senior Independent Non-Executive Director and Chairman of the Audit Committee, retires at the conclusion of today's Annual General Meeting ("AGM").  Neil has served on the Board for over ten years.  The Directors would like to thank Neil for his contribution and guidance to both the Board and Audit Committee during his tenure.

Upon Neil's retirement, Ishbel Macpherson will be appointed as the Senior Independent Non-Executive Director and Julian Heslop as the Audit Committee Chair.

AGM

The AGM is scheduled to take place at 4pm today at the offices of the Company, 24 Cheshire Avenue, Cheshire Business Park, Lostock Gralam, Northwich, CW9 7UA.

Enquiries:
Ian Page, Chief Executive		Fiona Tooley, Director
Anne-Francoise Nesmes, Chief Financial Officer		TooleyStreet Communications
Dechra Pharmaceuticals PLC		Telephone:	+44 (0) 121 309 0099
Telephone:	+44 (0) 1606 814730	Mobile:	+44 (0) 778 570 3523
Mobile:	+44 (0) 777 564 2222 (IP)
Mobile:	+44 (0) 784 176 4864 (AFN)
Ticker: Full Listing (Pharmaceuticals): DPH

About Dechra

Dechra is an international specialist veterinary pharmaceuticals business.  Its expertise is in the development, manufacturing 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: www.dechra.com

Trademarks

Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.

This information is provided by RNS

The company news service from the London Stock Exchange

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