By Millie Turner
Veterinary business Dechra has its sights set on expansion after setting up a new subsidiary in South Korea and injecting nearly £400m on acquisitions this summer alone.
“We have continued to progress on all aspects of our strategy; the product development pipeline was strengthened, material acquisitions were completed post year-end and a new subsidiary was established in South Korea as we continue our geographical expansion,” CEO Ian Page said in a statement.
The London-listed company enjoyed a revenue jump of nearly 14 per cent to £681.8m in the year to 30 June, up from £608m in 2021.
Dechra has also hiked its full-year dividend by 10.8 per cent to 44.89 pence, according to a preliminary result filing. While underlying diluted earnings per share rose 14 per cent to 120.8p a piece.
Just last week, the group wrapped up its second significant acquisition for the year.
Dechra splashed more than £220m on an American medicine manufacturer Med-Pharmex, a long-term acquisition target for the company.
The Californian firm, which has a workforce of some 130, is expected to bolster Dechra’s manufacturing facilities in North America and provide “attractive financial returns”.
The veterinary group also completed another acquisition of US healthcare firm Piedmont for £175m in July, which brings two products under Dechra’s wing which are expected to launch in between 2024 and 2025, with an expected peak sales potential of at least £34m.
The US is currently the world’s largest animal health market.
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