Interim Management Statement & Board Changes

RNS Number : 0529P

Dechra Pharmaceuticals PLC

19 October 2012

 



Issued by TooleyStreet Communications

Date: Friday, 19 October 2012

Dechra^® Pharmaceuticals PLC

Interim Management Statement

and

Board Changes

Dechra Pharmaceuticals PLC ("Dechra" or the "Group"), which holds its Annual General Meeting today at 10.00am, publishes its Interim Management Statement covering the period from 1 July 2012 to the date of this announcement as required by the UK Listing Authority's Disclosure and Transparency Rules.

Overall trading remains in line with management expectations.  Revenue growth in the first quarter is 21.9% ahead of the same period last year (24.9% at constant currency).  Excluding Eurovet®, the increase was 6.0% (8.9% at constant currency).  There have been no material events or transactions during the period covered by this statement.

European Pharmaceuticals

This segment increased revenues in the first quarter by 3.2% (16.7% at constant currency) excluding Eurovet.  Branded pharmaceutical product revenue continued to grow strongly whilst diets revenue also showed an increase compared to the comparative period last year.

The integration of Eurovet continues to progress well and is delivering expected cost and revenue synergies.

US Pharmaceuticals

Revenue was 24.8% higher than the first quarter last year (21.9% at constant currency).

Services

Services achieved first quarter revenue growth of 6.0%; operating margin continues to be stable.

Board Changes

The Company's Group Finance Director, Simon Evans has informed the Board of his wish to resign from the Board and leave the Company to pursue other interests. During his 15 year tenure, Dechra has developed into a significant veterinary pharmaceutical business in which the challenges and opportunities for a Group Finance Director are considerable.  Simon recognises that following the acquisitions of Eurovet and Vetxx®, and their successful integration within the Group, it is now time for the Company to recruit a new Finance Director with the relevant skills, energy and experience to take the Group to its next strategic level. The Board has therefore agreed to accept his resignation and that he should leave the Board and the Company with immediate effect. 

The recruitment process to appoint a high calibre successor will now commence and a further announcement will be made in due course. In the interim, the Group Finance Director role will be fulfilled by Simon's deputy, the Group Financial Controller, Paul Sandland.

Tony Griffin will be appointed as a Director as from 1 November 2012.  Tony joined the Senior Management team following the acquisition of Eurovet.  His market knowledge and management skills will further strengthen the Executive team.

Neil Warner, Non Executive Director and Senior Independent Director, has agreed to remain on the Board for a further year in order to oversee the induction of his replacement as Chairman of Audit Committee and support the recruitment of a new Finance Director.  Neil will retire at the 2013 AGM.

Summary

The Group has made an excellent start to the year and its financial position remains strong.

Enquiries:
Dechra Pharmaceuticals PLC	TooleyStreet Communications Limited
Ian Page, Chief Executive	Fiona Tooley, Director
Mobile:     [phone] Office:     [phone]	Mobile:    [phone]  Office:    [phone]
Sector: Premium Listing (Pharmaceuticals) DPH
www.dechra.com
[e-mail]

Trademarks appear throughout this release in italics.  Dechra and the Dechra 'D' logo are registered Trademarks of Dechra Pharmaceuticals PLC.

 

END

 

 

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