“As we complete our 20th year since inception of the Company, we are pleased to report that the Group has delivered another strong financial performance.” -Ian Page, Chief Executive Officer
Highlights

Strategic progress made:

· Core portfolio growth solid in EU, excellent in NA; major therapeutic sectors continue to grow.

· Strong performance from prior year acquisitions.

· Apex (Australia) completed and integrated, and 33.0% share of Medical Ethics Pty Ltd acquired.

· New geographic territories performing well; new Dechra Veterinary Products International team to create greater focus.

· Significant pipeline delivery with two new FAP EU registrations and numerous international approvals.

· Exploring several new pipeline opportunities.

Strong financial performance:

· Strong revenue growth of 28.3% at constant exchange rates (CER).

· Solid revenue growth in Companion Animal Products (CAP), Food producing Animal Products (FAP), and Equine.

· 36.9% growth at CER in underlying operating profit.

· Strong operational leverage and full year synergies from acquisitions lifts EBIT margin 140 bps to 22.6%.

· Consistently strong cash conversion of 115.9%, driving Net Debt / underlying EBITDA leverage down from 2.0 to 1.4 times.

· Underlying diluted EPS growth of 35.1%; increase in full year dividend to 21.44 pence.