Dechra Pharmaceuticals Q1 trading below prior year

Dechra Pharmaceuticals

Dechra Pharmaceuticals plc (LON:DPH) has issued the following statement prior to the Annual General Meeting (AGM) which will take place at the Company’s offices at 6 Cheshire Avenue, Cheshire Business Park, Lostock Gralam, Northwich, CW9 7UA at 9.30 am today.

The Board remains confident in the ability of Dechra to continue delivering against its strategic growth drivers and to achieve current market expectations1 for the 2023 financial year, the phasing of which is expected to be second half weighted. Trading in the first quarter of the financial year, relating to the three month period to 30 September 2022 was, as expected, below the prior year against a challenging comparator, which was due to the elevated levels of market growth during the COVID-19 pandemic and the phasing of price increases.

Operationally, integration of the two US acquisitions made in July and August 2022 has been successful and the Group’s cost base and supply chain remain tightly controlled.

No further updates regarding current trading are to be made at the AGM.

Dechra Pharmaceuticals will provide a further Trading Update for the six month period to 31 December 2022 on 12 January 2023 and announce its interim results on 27 February 2023.

  1. The Company-compiled consensus estimate for FY23 Group underlying EBIT is £191m and is based upon the average of 10 analyst estimates that have been updated since announcing FY22 Preliminary results on 5 September 2022.
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