Dechra Pharma H1 Profit Down; Now Sees FY23 Profit At Lower End Of Market View

Dechra Pharmaceuticals Plc. (DPH.L) reported Monday that its first-half profit before tax was 29.7 million pounds, down from 53.4 million pounds last year.

Earnings per share decreased 46.9 percent to 19.86 pence from 37.38 pence a year ago.

Underlying earnings per share were 55.44 pence, compared to 64.01 pence a year ago.

Operating profit was 44.6 million pounds, down 22.3 percent, and underlying operating profit was 90.3 million pounds, down 3.8 percent. Group underlying operating margin declined 430 basis points to 23.9 percent.

EBITDA was 98.9 million pounds, down 2.4 percent from last year.

Group revenue increased 13.5 percent to 377.4 million pounds from 332.4 million pounds a year ago. Group revenue increased 5.2 percent at Constant Exchange Rate.

Further, the Board declared an interim dividend of 12.50 pence per share, a growth of 4.2 percent on the prior period. The dividend will be payable on April 13 to shareholders on the Register at March 10.

Looking ahead, Dechra Pharma said its Board now expects full year 2023 underlying operating profit to be at the lower end of analyst expectations, based on the recent US de-stocking and current exchange rates.

The company previously said its outlook for the full year remained positive and was confident to achieve then market expectations.

Trading patterns at the start of 2023 have been unpredictable in the US, where wholesalers have been reducing inventory levels.

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