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Vet group Dechra sales jump as pets live longer

Its not just people living longer, but pets too, according toFTSE 250 veterinary group Dechra.
Long-living dogs and cats that need more healthcare as they get older are helping boost sales at the global pet medicine group, which posted a 45pc leap in half-year revenues. Sales hit ?359.3m, up from ?247.6m the previous year.
Even with the impact of takeoversin the US and Europe stripped out which accounted for ?89.7m of the jump organic sales were up 19pc to ?269.6m.Pre-tax profits almost doubled to ?28.6m, up from ?14.5m.
Ian Page, Dechra chief executive, told The Telegraph that increasing animal longevity was helping underpin expansion as dogs and cats enjoy better diets.
Vet group Dechra sales jump as pets live longer

Dechra chief executive Ian Page

Credit:
Lorne Campbell / Guzelian
The number of animal companions in Europe is largely static, although its growing slightly in the US. Whats happening is they are living longer, he said.
Other trends helping lift sales include vets prescribing more and superior medicines.
Its shares briefly hit an all-time high of ?19.95 in early trading this morning, up 2pc on the previous days close, before losing its gains over the day, closing down 0.16pc at ?19.56.
Despite the dip, Dechra has been one of Londons most consistent gainers since it debuted on the stock exchange in September 2000, with its market value up more than 14-fold over the period to ?1.65bn.
Mr Page said the firm would look to make further acquisitions in the coming months to help support organic growth.
Vet group Dechra sales jump as pets live longer

Dechra's manufacturing facility in Skipton, North Yorkshire

Credit:
Lorne Campbell / Guzelian
We would like to acquire more businesses as weve proven to be very successful at delivering value from acquisitions," he said.
Recent takeovers have seen the business move into Mexico, Australia and New Zealand and have included picking up a farming drugs-focused business in Croatia. Further back it opened in Poland two years ago and in Canada three years back.
Dechras medicines includeVetoryl, which treats Cushings Diseases in dogs, and Felimazole, which treats hyperthryoidism in cats. Its products span endocrinology, dermatology, anaesthetics and pain management in pets and horses.
Mr Page said the companys efforts to help educate vets was helping increase sales of its existing products.
The companyis Britains largest animal drugs manufacturer, with its main factory on the outskirts of the Yorkshire town of Skipton. It is around the tenth largest in the world by profit.
Mr Page is one of the longest-serving FTSE chief executives, having led the group since a boardroom coup in November 2001.
He left school at the age of 16 with no qualifications and started work as a lab assistant, before becoming a van driver and then a veterinary wholesaler.
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