DECHRA PHARMACEUTICALS FY23
Interim
Results
Presentation
TheVeterinaryPerspective
®
Dechraisaglobalspecialistinveterinary
pharmaceuticalsandrelatedproductsbusiness.
Ourexpertiseisinthedevelopment,manufacture andsalesofhighqualityproductsexclusively forveterinariansworldwide.
OurPurposeisthesustainableimprovement
of globalanimalhealthandwelfare.
®
1
H1FY23Highlights
Strategic Highlights
- Robust performance against a normalising animal healthcare market
- Existing revenue growth in core markets of Europe and North America
- Strategic changes made in International division to help deliver future growth
- Strengthened portfolio in CAP and Equine
- Pipeline is stronger than ever as we invest in future novelty
- Two material business acquisitions completed with integration progressing well
Financial Highlights
- Group revenue up 5.2% at CER or 13.5% at AER, against a very tough comparator
- Group underlying EBIT of £90.3 million and operating margin of 23.9%
- Increase in R&D expenditure to 7.0% of revenue as planned
- Underlying diluted EPS down (13.4)% at AER to 55.44 pence due to lower underlying PBT and dilutive impact of equity raise in July 2022
- Interim dividend increased 4.2% to 12.50 pence
®
2
Financial Review
TheVeterinaryPerspective
®
3
Underlying Financial Results
Robust performance against challenging comparatives from prior year
Six months ended | |||||
31 December | |||||
2022 | 2021 | Growth | Growth | ||
£m(1) | £m(1) | at AER(1) | at CER(2) | ||
Revenue | 377.4 | 332.4 | 13.5% | 5.2% | |
Underlying gross profit | 219.3 | 189.2 | 15.9% | 7.8% | |
Underlying gross profit % | 58.1% | 56.9% | 120 bps | 150 bps | |
Underlying operating profit(3) pre-R&D expenses | 116.8 | 107.4 | 8.8% | 0.5% | |
R&D expenses | (26.5) | (13.5) | 96.3% | 81.5% | |
Underlying operating profit(3) post-R&Dexpenses | 90.3 | 93.9 | (3.8)% | (11.2)% | |
Underlying EBIT % | 23.9% | 28.2% | (430) bps | (430) bps | |
Underlying profit before tax | 82.3 | 90.5 | (9.1)% | (16.5)% | |
Underlying diluted EPS (pence) | 55.44 | 64.01 | (13.4)% | (20.4)% | |
Dividend per share (pence)(4) | 12.50 | 12.00 | 4.2% |
- Actual Exchange Rate
- Constant Exchange Rate
- Includes £0.3 million of costs relating to cloud computing arrangements which have been expensed through the income statement
- Total number of issued shares at 31 December 2022 was 113,836,581
Underlying results exclude amortisation and impairment of acquired intangibles, acquisition expenses and subsequent integration costs, impairment of assets, transformational cloud computing costs, loss on extinguishment of debt, and fair value and other movements on contingent consideration.
®
4
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Dechra Pharmaceuticals plc published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 11:45:08 UTC.
