Never miss an issue of Master Investor Magazine – sign-up now for free!
FTSE 250 veterinary drug manufacturer Dechra Pharmaceuticals (LON:DPH) announced that revenues for the first six months of the year rose by 13.3% to £407.1 million. Despite this, shares in the company dropped by 14.23% to 2,676p (as of 11:50 BST) as the firm warned about future taxation and geopolitical risks including a hard Brexit and tighter Iranian sanctions.
Underlying profits rose by 21.7% to £93.7 million as both the European and North American arms performed strongly as the group adjusted to increased corporate consolidation among veterinary practices across the UK and Northern Europe.
Management believe that the company has made a strong start to the current year and said that their strategy and flexibility will allow them to outperform their industry.