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Pharmaceutical company Dechra Pharm said half-yearly profit more than doubled, led by 'strong' revenue in its European pharmaceuticals business.
For the six months ended 31 December 2019, pre-tax profit more than doubled to £19.5m from £9m as revenue rose by 7.4% to £485m on-year.
Revenue in EU Pharmaceuticals grew 'strongly,' up 13.0% to £159.6m, boosted by acquisitions made in 2018 in Australia and New Zealand and Brazil, the company said.
Underlying gross margin percentage fell by 10 basis points to 57.9% due to 'the less favourable sales mix as a result of the companion animal products supply issues in the period and the dilutive impact of food producing animal products acquisitions,' it added.
'Overall the outlook for the full year remains in line with management expectations, although performance in North America will remain challenging until all supply issues are remedied,' the company said.