Dechra Pharmaceuticals plc (LON:CPH) has today announced its audited preliminary results for the year ended 30 June 2019.
“The Group has delivered another strong performance throughout the financial year. We have continued to outperform in almost all markets in which we operate and strategically it has also been an excellent year.”
Ian Page, Chief Executive Officer
Highlights
Strategic progress made:
· Recent acquisitions performing ahead of expectations.
· CAP outperformance in all key markets.
· FAP growth continuing.
· Numerous product registrations achieved, and new development opportunities secured.
Strong financial performance:
· Revenue growth of 17.5% to £481.8 million.
· Underlying operating profit growth of 27.3% to £127.4 million.
· Underlying EBIT margin expansion of 200 bps to 26.4%.
· Underlying diluted EPS increased by 16.6% to 90.01 pence.
· Reported operating profit growth of 13.5%.
· Full year dividend increased by 23.9% to 31.60 pence.
All of the above measures are at constant exchange rate (CER).
| 2019£m | 2018£m | Growth at AER | Growth at CER | |
| Revenue | 481.8 | 407.1 | 18.3% | 17.5% |
| Underlying | ||||
| Underlying Operating profit | 127.4 | 99.2 | 28.4% | 27.3% |
| Underlying EBIT % | 26.4% | 24.4% | 200 bps | 200 bps |
| Underlying EBITDA | 137.2 | 106.6 | 28.7% | 27.7% |
| Underlying diluted EPS (p) | 90.01 | 76.45 | 17.7% | 16.6% |
| Reported | ||||
| Operating profit | 39.0 | 34.1 | 14.4% | 13.5% |
| Diluted EPS (p) | 30.07 | 37.04 | (18.8%) | (19.6%) |
| Cash generated from operations before interest/taxation | 108.3 | 81.2 | 33.4% | |
| Dividend per Share | 31.60 | 25.50 | 23.9% | 23.9% |
Underlying results excludes items associated with areas such as rationalisation, acquisition and disposal related expenses and income (including amortisation and impairment on acquired intangibles, non-cash inventory adjustments, and the remeasurement and other movements on deferred and contingent consideration), Brexit costs, debt refinancing including any loss on extinguishment of debt, impairment of investments and the rationalisation of the manufacturing organisation and tax rate changes.
AER is defined as Actual Exchange Rate.
Results Briefing today
A presentation of the Annual Result’s will be held today at 10.30am at the office of Investec Bank plc, 30 Gresham Street, London,EC2V 7QP.
Dial in: Ref: Dechra – Standard International Access London +44 (0)20 3003 2666.
