Dechra says profit rises 54 pct, warns of weak services sales
Feb 26 (Reuters) - Animal health company Dechra Pharmaceuticals Plc said its first-half pretax profit grew 54 percent, but warned that its core services unit had weak sales in January caused by a significant decline in footfall at veterinary practices.
Dechra, which makes and markets animal drugs in Europe and North America, said underlying pretax profit rose to 21 million pounds ($31.7 million) in the six months ended Dec. 31, helped by its acquisition of Netherlands-based Eurovet Animal Health, and strong performance at its core services division.
Profit at its services unit grew 5 percent to 167.7 million pounds. The unit supplies animal drugs, laboratory services and pet products and accounted for about three quarters of overall revenue in 2012.
Revenue rose about 24 percent to 252.2 million pounds at constant currency.
Sales at European pharmaceuticals, the company's second largest business, grew 83 percent to 81.9 million pounds with its acquisition of smaller animal drug company Eurovet in May, and only 8 percent without it.
Shares of the company closed at 692 pence on the London Stock Exchange on Monday, just shy of their life-high.
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