Dechra increases its 2019 interim dividend by 29.6%
· Trading in the Period was strong and in line with management expectations.
· Reported Group revenue for the Period increased by 19.1% at Constant Exchange Rate (CER) (19.2% at Actual Exchange Rate (AER)).
· European Pharmaceuticals (EU Pharmaceuticals) revenue growth was 18.9% at CER (18.1% at AER).
· North American Pharmaceuticals (NA Pharmaceuticals) revenue growth was 19.3% at CER (21.0% at AER).
· Underlying operating profit growth was 28.0% at CER (28.2% at AER) with operating margin expansion of 190 bps to 26.3%.
· Reported operating profit declined mainly due to increased amortisation of the acquired intangibles.
· Strong cash conversion of 110.0% driven by the expected unwinding of working capital.
· AST Farma, Le Vet, RxVet and Caledonian acquisitions performing well and in line with our expectations; acquisition of Laboratorios Vencofarma do Brasil Ltda (Venco) completed.
· Underlying diluted EPS growth of 11.4% to 41.76 pence. Interim dividend increased by 29.6% to 9.5 pence.
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