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.