21 February 2012 – half year results

Dechra posted a solid set of results today with sales up 9% to £209.5m (£192.2m 2010) and pre-tax profit up 3% to £14.3m (£13.9m 2010) with the Pharmaceutical division showing strong organic growth and recent acquisitions performing well. This was slightly countered by the margin pressure experienced in the Services division. The interim dividend was raised 10.8% to 4.1p. Although in the short term pressure on the Service divison are likely to remain we feel Dechra are in a good position to maintain strong growth by continued organic growth from existing products, expansion into new territories and the introduction of new products. BUY