U.K.-based veterinary drug maker Dechra Pharmaceutical ($DPH) reported sharp gains in its full-year annual profits as revenue growth remained modest.
For the year-ending in June, the company said pre-tax profit rose to £21.44 million ($34.6 million) from £12.48 million ($20.1 million) recorded the year earlier. Pre-tax profit, excluding certain items, was £39.86 million ($64.3 million) versus £33.55 million ($54.1 million) a year ago, the company said in a release.
Due mainly to a £39.6 million ($63.9 million) profit from the 2013 sale of Dechra's services unit, after-tax profit increased to £59 million ($95.2 million) from £17.9 million ($28.9 million).
"Following a difficult start to the year, predominantly due to a disappointing performance in the Netherlands and continuing supply issues in the U.S., we experienced positive momentum in the second half with improved revenue growth of 4% compared to a decline of 0.7% in the first half," Ian Page, Dechra's chief executive, said in a statement.
Depressed sales in the Netherlands due a decline in the use of antibiotics and increased competition was cited for a nominal 2.3% gain in annual revenues from continuing operations of £193.6 million ($312.4 million) up from £189.2 million ($305.3 million) the previous year. Overall sales in Europe rose 1% and U.S. revenues increased 6.8%.
- read the release