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Veterinary pharmaceutical business Dechra raised its dividend after reporting a jump in profit, driven by performance in its European pharmaceuticals business.
For the year ended 30 June 2020, pre-tax profit rose by 47% to £40.9m on-year as revenue increased 6.8% to £515.1m.
Its European (EU) pharmaceuticals, the company's largest division, reported that revenues increased by 7.8%.
The full year dividend increased by 8.5% to 34.2p a share.
'Trading in the first few weeks of the new financial year has been encouraging,' the company said. 'However, the underlying COVID-19 affected longer term trend cannot yet be ascertained as there is a degree of correction in current sales as markets, such as the UK, return to growth and wholesaler stocks return to more normalised levels. The indications at this stage, however, are positive.'
'A key area of focus over the coming months will be the sales and marketing of our recently acquired brands, Osurnia and Mirataz, which offer solid growth prospects and strengthen our portfolio,' it added.