Profits soar by 27% at Cheshire animal products firm
Operating profits soared by 27.3% to £127.4m at Cheshire based veterinary products firm Dechra over the last 12 months.
The firm, which is based in Northwich, released its preliminary results this morning.
It said recent acquisitions were performing ahead of expectations and growth is continuing.
As a result, revenue grew by 17.5% to £481.8m and the full year dividend increased by 23.9% to 31 pence.
Chief executive Ian Page said: “I am pleased to report that the group has delivered another strong performance throughout the financial year.
“Financially we have continued to outperform in almost all markets in which we operate, especially in the USA where we have delivered another year of exceptional organic growth.
“Strategically it has also been an excellent year; our pipeline has delivered new products and has been significantly enhanced with new technology; geographically we have extended our footprint through the acquisition of Laboratorios Vencofarma do Brasil Ltda (Venco) and we have successfully integrated the acquisitions completed in the previous financial year.”
He added: “Our strong growth, both organic and through acquisition, and our broadening product portfolio and increasing geographic reach positions us well for continued growth in this new financial year and beyond.
“Despite the challenges from the supply chain issues the outlook for the year ahead remains in line with management expectations.
“We continue to identify and deliver opportunities for growth in line with our strategy and remain confident in our current and future prospects.”
The process of replacing chief financial officer Richard Cotton is ongoing and Paul Sandland, who has been with the firm for nine years, has been acting chief financial officer.
The company has also been making preparations for a hard Brexit.
Dechra has changed the ownership of all UK marketing authorisations to a newly established subsidiary in the Netherlands.
The firm has also transferred all the analytical testing methods for products manufactured at our Skipton site to a new laboratory in Zagreb, Croatia.
Dechra has also increased inventory in the supply chain to mitigate the potential delays at ports.
