Dechra Pharmaceuticals Plc (LON:DPH) Half-Yearly Financial Report 2019 for the six months ended 31 December 2018.
“Trading across the Group has commenced well in the second half, with particularly strong growth continuing in the USA. Material synergies from the AST Farma and Le Vet acquisition will increase in the second half and initial indications are that our recent acquisition, Venco, is performing to our expectations.”
Ian Page, Chief Executive Officer
Highlights
· Trading in the Period was strong and in line with management expectations.
· Reported Group revenue for the Period increased by 19.1% at Constant Exchange Rate (CER) (19.2% at Actual Exchange Rate (AER)).
· European Pharmaceuticals (EU Pharmaceuticals) revenue growth was 18.9% at CER (18.1% at AER).
· North American Pharmaceuticals (NA Pharmaceuticals) revenue growth was 19.3% at CER (21.0% at AER).
· Underlying operating profit growth was 28.0% at CER (28.2% at AER) with operating margin expansion of 190 bps to 26.3%.
· Reported operating profit declined mainly due to increased amortisation of the acquired intangibles.
· Strong cash conversion of 110.0% driven by the expected unwinding of working capital.
· AST Farma, Le Vet, RxVet and Caledonian acquisitions performing well and in line with our expectations; acquisition of Laboratorios Vencofarma do Brasil Ltda (Venco) completed.
· Underlying diluted EPS growth of 11.4% to 41.76 pence. Interim dividend increased by 29.6% to 9.5 pence.
Financial Summary
|
Six months ended 31.12.18 £m |
Six months ended 31.12.17 £m |
Growth at actual exchange rate |
Growth at constant exchange rate |
|
|
Revenue |
231.4 |
194.1 |
19.2% |
19.1% |
|
Underlying |
|
|
|
|
|
Operating profit |
60.8 |
47.4 |
28.2% |
28.0% |
|
Operating profit % |
26.3% |
24.4% |
190 bps |
190 bps |
|
EBITDA |
65.3 |
51.0 |
27.9% |
27.7% |
|
Diluted EPS |
41.76p |
37.58p |
11.1% |
11.4% |
|
Reported |
|
|
|
|
|
Operating profit |
17.0 |
26.3 |
(35.5%) |
(35.8%) |
|
Diluted EPS |
15.09p |
28.69p |
(47.4%) |
(47.4%) |
