THE share price for a global veterinary products company headquartered in Northwich has dropped despite the firm reporting higher pre-tax profits in the last financial year.
Lostock Gralam-based Dechra Pharmaceuticals PLC reported revenue of £681.8 million for the financial year ending on June 30 - up 12 per cent from £608 million the year before.
The business' consolidated pre-tax profit increased by 4.9 per cent to £77.6 million, compared to £74 million in 2021.
But shares in the firm were down 7.8 per cent to 3,222 pence each in London on Monday morning (September 5).
The company credited the rise in pre-tax profit to 'strong' organic growth in all key markets and across all therapeutic segments.
However, Dechra also noted revenue in the second half of the year normalised to historic levels of growth, as the benefit of increased spending on pets seen during the Covid-19 restrictions slowed down.
Looking ahead, Dechra Pharmaceuticals said the veterinary pharmaceutical market is 'resilient and in growth'.
It added the acquisition of Med-Pharmex Inc will strengthen its position in the US market. At the end of August, Dechra said it had bought the California-based veterinary pharmaceutical manufacturer for $260 million.
Chief executive Ian Page said: "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."
With financial year 2022 revenue and profit rising, Dechra lifted its annual payout by 11 per cent to 44.89 pence from 40.50 pence a year earlier.
In financial year 2021, the company saw pre-tax profit climb 81 per cent to £74 million from £40.9 million in 2020, whilst revenue jumped 18 per cent to £608 million from £515.1 million.
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